Radio Frequency Identification technology is finding fascinating opportunities. But high cost and privacy aspects are hindering its growth. So, in the light of this what has the future in store for RFID?

Radio Frequency Identification (RFID) has been around since the late 1960s, but it is only recently that companies have begun large-scale experimental projects to investigate benefits they could gain from it. Many of the initiatives have come from the retailers, who recognized the potential benefits of RFID in the form of reduced inventories and faster inventory turn.

They opined that RFID has the potential to replace the present bar coding technology used in supply chain. Industries took notice of its usefulness when in 2003 the world's largest retailer, Wal-Mart, announced that it would require its suppliers to move to a new RFID system of tagging cases and pallets of goods by 2005. It is expected that the present $1 bn market for RFID specific hardware, software and services could rise to $3.2 bn by 2008.

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