RFID Market Overview
The RFID (radio frequency identification) market is expected to witness substantial growth through 2025 due to rising interest in value chain management, expanding IoT infrastructure, and increasing government initiatives to integrate RFID technologies across various applications. On the contrary, the higher cost of RFID implementation, dip in demand for RFID sensors, and ethical issues increase challenges for companies operating in the global RFID market. To succeed in the long-run, companies operating in the RFID market are in the need to focus on keeping costs low while delivering enhanced value.
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Business Challenges
The client is an RFID sensor manufacturing firm based out of Australia. High initial costs for setting-up RFID systems, uncertainty on the future of the most promising technologies, the lack of well-established standards, and organizational costs of training labor made it difficult for small and mid-sized businesses to adopt RFID technologies. Also, due to insufficient privacy and security safeguards, the social acceptance of RFID technology was quite low in Australia. Besides, the use of RFID applications raised various security and privacy concerns for businesses. As a result, the client encountered a huge decline in the demand for RFID sensors, which subsequently impacted the company’s profit margins. The RFID market client, therefore, sought to collaborate with Infiniti Research to address business complexities and gain a leading edge in the market.
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Our Integrated Approach
To help the client tackle the above-mentioned challenges, the experts at Infiniti Research recommended industry mapping analysis. With Infiniti’s help, the RFID market client conducted a detailed industry analysis to obtain granular insights into industry developments, RFID market size, market opportunities, and supply chain constraints. The experts also measured the effectiveness of the client’s existing technologies and supply chain processes in comparison to key market players and identified business gaps. Also, they performed a technology assessment study to identify industry innovations and RFID market trends, understand their impact on the business operations, and identify technology areas that provide the best commercial opportunity.
Besides, the experts conducted a risk assessment study to identify the security risks in the RFID market and provided the client with the recommendations to address these risks. The experts also helped the client to identify the third-party service providers to support them in production and inventory needs.
Business Outcome
The experts at Infiniti Research recommended the RFID market client to implement improved technological design, taking into account security and privacy throughout the value chain and also by judging the sensitivity of the case to security and privacy issues. This helped the client to enhance security and increase social acceptance of leveraging RFID technologies.
By conducting technology assessment, the experts helped the client to identify cost-effective technologies, understand their implementation costs, and identify competitors leveraging similar technologies. This helped the client to efficiently invest into the right technologies and save huge in operational costs. Besides, by thoroughly analyzing the RFID market client’s financial data for the past five years, the experts helped the client to identify cost-saving opportunities.
By investing hugely into cost-effective technologies, the client was able to enhance operational efficiency and reduce RFID manufacturing costs. Within one year of leveraging our industry mapping analysis, the client was able to achieve savings of over $7.7 million in operating costs and enhance profits by 35%.
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