Results of a customer survey conducted by CYBRA Corporation, the developer of EdgeMagic® Integrated RFID Control Software and award-winning MarkMagic™ Bar Code Labels was recently released showing promising results for the future of the RFID market.
Since 2008, when the last study was completed by CYBRA there is definite evidence of an upward trend with the RFID market. More and more companies are adopting RFID technology to monitor and track company assets. In 2008, when the first survey was conducted, only 21% of companies stated that they use RFID technology whereas the 2012 survey shows a drastic increase. In the recent study completed, 54% of organizations are using, piloting or are in the process of implementing and RFID system. In just four years, this is an unbelievable 157% increase in adoption. Of the companies using RFID technology 81% of the respondents expect to achieve their return on investment (ROI) in less than 3 years while only 72% of users expected the same in 2008. These results show evidence of a growing number of companies investing in RFID technology while expecting returns within a shorter period of time.
Only a minute 19% of individual representatives of companies surveyed have shown no interest in RFID technology. These companies are worried of no ROI and high associated costs.
Of the many companies adopting RFID technology 74% of respondents have admitted to not only using RFID for Electronic Product Code (EPC) compliance but also to improve product tracking and trace capabilities.
RFID adoption will improve customer service and satisfaction, inventory accuracy and efficiency.
“This year’s RFID survey results are a clear indication that businesses are beginning to understand the benefits that RFID technology can bring to their organizations,” commented Harold Brand, President and CEO of CYBRA Corporation. “They also reflect a growing realization that RFID investments result in a shortened return cycle than was previously believed.”