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IoT and RFID: What's the Connection?
The Internet is allowing for more hardware and human connectivity. How should industry respond to balance efficiency with privacy?
Sep 11, 2019—
The rate at which businesses are connecting through Internet of Things (IoT) technologies in 2019 is rapidly exceeding even the most aggressive forecasted projections. With broadband Internet continuing to be more available and the cost of technology and connecting online decreasing in general, a growing number of devices with Wi-Fi capabilities and IoT connectivity will be an ongoing trend. From the automobile industry and the public sector to wearable technologies and in-home personal use, the world is becoming more digitally connected with each passing day. The additional advancement of 5G technology, which is already leaving its footprint in Asia and Europe and has begun to reach consumers in the United States, will only accelerate IoT functionality and accessibility.
The increased efficiency of downloading data that 5G now provides IoT-connected devices (for example, movies can be downloaded to mobile phones within a matter of seconds with 5G) will continue to drive greater demand. This, combined with the speed at which data can be analyzed and transmitted into cloud networks, is fueling massive investments in technology.
One recent survey found that the average organization managed 9.7 petabytes of data in 2018, up from 1.45 petabytes only two years prior (see Data Protection: Top 3 Business Challenges). But as more devices collect more information from consumers, RFID executives will have to learn how to balance the sheer volume of data for logistical and other business-related means while considering privacy implications and how to protect customers. Taking advantage of this data delivery and other IoT-connectivity benefits appropriately will make the difference between those businesses that balance today's sophisticated technology with the ongoing privacy rights and expectations of the public at large, especially as the IoT market continues to mature.
The Growing IoT Market
Other countries, however, are catching up and, in some cases, are soon projected to exceed IoT utilization compared to the Americas. Spending on the IoT in the Asia Pacific region, for example, is expected to exceed $503.4 billion by 2023 compared to the $341.6 billion to be spent in the Americas. In Europe, the Middle East and Africa, investments in the IoT over the next four years will reach an estimated $279.6 billion. Worldwide, the largest amount of spending on the IoT is seen through connected vehicles, smart homes and cities (public safety, emergency response, etc.), remote health monitoring, personal wellness and freight monitoring (see Internet of Things: Market Spending and Trend Outlook for 2018 and Beyond). The U.S. connected car market, said to be the "world's largest and most mature," is expected to grow by double digits during the coming year (see ISG Provider Lens).
Additionally, more U.S. hospitals are utilizing RFID for the monitoring of bandages and other supplies, and to monitor patients by replacing barcode ID bracelets with RFID-enabled bracelets that allow for tracking patients as they move around a facility, potentially into harmful environments. Hospitals are also reducing check-in times, sometimes by several minutes, by placing RFID tags on ID cards for patients who have previously visited. In all, the global RFID market is projected to reach $27.56 billion by 2025, according to a recent RFID market report by Energias Market Research.
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