The year 2024 was important for RFID technology as it saw major improvements and widespread use across different industries. Lets have an easy-to-understand look at how RFID made an impact globally.
1.Retail and Apparel: RFID's Resurgence in 2024 :
RFID technology, once a breakthrough innovation in retail, has made a significant comeback in 2024. Retailers are using RFID to tackle two key challenges: preventing losses and simplifying the checkout experience
For loss prevention, RFID offers unmatched real-time tracking of products, helping retailers monitor inventory movements with pinpoint accuracy. Levi Strauss, for example, uses RFID to detect missing items from shelves instantly. As Kirsten L’Orange, Vice President at Levi Strauss, noted, “It’s really hard to figure out what’s missing in a stack of black jeans, and RFID gives us the insight to say we know what’s been pulled from our floor.”
In checkout processes, RFID has made transactions faster and more smoother. With RFID-enabled kiosks, customers can complete their purchases swiftly, reducing wait times and improving their satisfaction. Highlighting its growing significance, Bill Hardgrave, President of the University of Memphis, said, “If you do not have RFID and serialized data on your products, you cannot compete.”
Retail leaders agree that RFID, while not new, is redefining operations. As Matt Redwood, VP of Retail Technology at Diebold Nixdorf, explained, “A lot of fashion retailers are now deploying RFID for stock management. This means we can utilize the technology at checkout to provide a faster, more seamless, frictionless experience in the fashion world.”
RFID is proving once again that it’s a powerful tool for reshaping the retail field, combining innovation with practicality to meet modern demands.
Source : Rethink Retail - Key Takeaways from NRF 2024
2. Aviation :
In 2024, the aviation industry saw a significant increase in the use of RFID technology, particularly for tracking baggage. This surge comes after the International Air Transport Association (IATA) mandated RFID for baggage handling under Resolution 753. The mandate, which will see RFID implemented for 80% of checked baggage is aimed at improving baggage identification accuracy, particularly during transfers between flights. To support this, 74 airports worldwide will need to implement RFID reader infrastructure.
The IATA mandate followed successful pilot programs like Delta Airlines, where RFID technology has improved baggage tracking accuracy to over 99.9%, reducing mishandling and delays. With RFID, airlines can track luggage in real-time, automating the process and without relying on human intervention.
By increasing tracking accuracy, RFID is not only improving customer satisfaction but also optimizing airport operations. The IATA’s Resolution 753 is expected to streamline baggage handling worldwide, making air travel smoother.
3. Widespread Adoption of India’s Fastag :
The widespread adoption of India's FASTag system in 2024 is a great example of RFID technology being used in government projects. In 2024, India's FASTag system saw nearly 97% of vehicles adopting RFID for toll collection, marking a significant milestone in the country's efforts to enhance infrastructure with RFID technology.FASTag, which uses RFID technology for automated toll collection, has been significantly expanded to cover nearly all national highways in India. The system provides cashless toll payments, reduces traffic congestion at toll plazas, and ensures faster, transportation management. The Indian government has aggressively pushed for the installation of FASTag readers at toll booths and even mandates it for all vehicles, enhancing toll collection process and driving digital payment adoption across the country.
This widespread use of RFID technology in FASTag is also paving the way for future infrastructure advancements, including the integration of RFID in other sectors like smart cities and transportation management. By reducing operational costs and improving traffic flow, RFID systems like FASTag are setting the stage for more large-scale government RFID applications in the coming years.
More Details on Fast tag can be read from : https://www.news18.com/india/fastag-in-full-speed-monthly-toll-collection-at-rs-5000-crore-for-2023-24-makes-up-98-5-electronic-payment-9013906.html
4. RFID’s rise in Pharmaceutical Sector :
In 2024, the pharmaceutical sector saw a significant rise in RFID adoption, particularly in hospitals, where the technology is used to track medical equipment and verify the authenticity of drugs. This growth is largely driven by the increasing issue of counterfeit drugs and the need for enhanced safety protocols. RFID technology is becoming crucial in ensuring accurate inventory management, improving patient safety, and reducing medical errors. Additionally, the RFID in pharmaceuticals market, valued at USD 3.8 billion in 2023, is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2032. This growth is propelled by the increasing need to optimize supply chains and advancements in RFID technology.
Source : https://www.gminsights.com/industry-analysis/rfid-in-pharmaceuticals-market
5. RFID ‘s Market growth in Asia Pacific region :
In 2024, the RFID market experienced substantial growth, with the Asia-Pacific region emerging as the fastest-growing market. This growth reflects widespread adoption across diverse sectors including manufacturing, retail, healthcare, and more. The increasing demand for efficiency, real-time tracking, and automation in these industries has been a key driver for the rise in RFID adoption. In particular, sectors like manufacturing and retail are using RFID for inventory management and operational optimization, while healthcare is leveraging the technology for tracking medical equipment and pharmaceuticals. This growth in the Asia-Pacific region highlights the transformative impact RFID is having globally, making it an essential tool for modern industries looking to improve productivity and reduce costs.
Source : Market Growth Insights - Global RFID Market 2024