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Navigating Troubled Waters
RFID is helping companies worldwide prepare for smoother sailing ahead.
Oct 01, 2012—As I write this note, the world is marking the fourth anniversary of the collapse of financial services firm Lehman Brothers, which triggered a global financial crisis. Capital markets seized up. Lending stopped. The world teetered on the brink of a second Great Depression.
While the fast response of governments, central banks and businesses averted the worst-case scenario, the global economy still hasn't recovered from the events of four years ago. The U.S. economy creeps along with meager growth. Europe struggles with the financial fallout in Greece, Spain, Italy and other countries.
Europe Is Rolling Out RFID). Frost & Sullivan, a technology research firm, estimates the European RFID market hovered at around $1.2 billion to $1.5 billion in 2011 and will likely surge to $3.7 billion to $4 billion by 2018.
RFID continues to attract new adopters because European businesses are starting to view the technology as an immediately available solution rather than as a promising technology, says Michael Liard, RFID analysis director at VDC Research.
Several years ago, European governments subsidized a wide variety of RFID projects. Funding has dried up due to the current euro crisis, but those investments are paying off. How so? Companies such as Gerry Weber International learned about the value of RFID from them and are now investing their own funds to deploy the technology more broadly. Today, many European aerospace and automotive companies, construction and energy firms, manufacturers, and logistics and transportation businesses have completed RFID pilots and are rolling out the technology to increase productivity and reduce costs.
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