U.S. RFID Tags Market Growth Driven By Increasing Application of RFID in Healthcare Sector

RFID has made a significant impact on the healthcare industry over the past few years. The technology has been instrumental in reducing manual efforts in maintaining, tracking and managing inventory in hospitals and promises to reduce losses and misplacement of supplies.

U.S. RFID tags market growth is driven by increasing application of RFID in the healthcare sector. In August 2020, Germany-based Fresenius Kabi introduced plans to add a portfolio of medicines with RFID embedded into their labels. RFID tags are tags that can be attached to various objects and are used to track assets, inventory, and people. They come in many shapes and forms and are often tied to industrial devices, bicycles, or forklifts. They are also used in buildings for access control.

Various benefits of RFID tags aid in growth of the U.S. RFID tags market. RFID tags have many benefits. For example, they can be used to track the returnable containers and pallets of a company. These containers and pallets can represent millions of dollars in capital investment. With RFID technology, you can avoid unnecessary loss of assets, which can cut down on capital costs. If you are in the business of shipping or receiving goods, you should consider using RFID tags to track your assets.

Moreover, RFIDs can be integrated with other technologies that can enhance a company's security. It is possible to track a person's location remotely with the help of an RFID tag. Consequently, an RFID tag can also be used to monitor the condition of an asset. RFID tags can be easily integrated with sensors, GPS technology, and wireless LAN to ensure a secure asset. It can be incorporated into a security system that helps identify and track a particular asset.

However, there are several disadvantages of RFID tags. Since these tags operate on radio frequency, they are susceptible to interference. This can disrupt their functionality, causing longer wait times and less productivity. Various environmental conditions can cause the signals to get jammed, which will reduce the accuracy of the tracking. These issues can cause problems with the tags' functionality. Generally, active RFID tags are used in harsh environments, where the signals are susceptible to interference.

Smart Factory; a Concept for Expressing the End Goal of Digitization in Manufacturing

Smart factory is a concept used to describe the application of different combinations of modern technologies to create a hyper-flexible, self-adapting manufacturing capability. A smart factory is nothing but a digital version of a manufacturing facility/plant that uses modern technologies and connected machinery, devices, and production systems to continuously collect and share data. This collected data is then used to inform decisions to improve manufacturing processes as well as address any problems that may arise.

Smart factory boosts both the quality and the productivity of the facility/plant, as well as cuts down the operational cost compared to traditional production systems. The term describes a highly digitalized and connected environment where machines and equipment are capable of improving procedures through automation and self-optimization. Benefits of smart factory also extend to the physical production of goods/functions, such as supply chain logistics, planning, and even product development.

Moreover, the concept of smart factory is considered a crucial outcome of the fourth industrial revolution, i.e. Industry 4.0. Industry 4.0 is a current trend of automation and data exchange in manufacturing technologies, including the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), cloud computing, big data, robotics, and cyber-physical systems. The smart factory can run without human intervention. Smart industry is a synonym for Industry 4.0 within which smart manufacturing de facto fits.

Industry 4.0 technology helps you manage and optimize all aspects of manufacturing processes and supply chain. US manufacturers have been one of the most ardent adopters of Industry 4.0. Moreover, several governments are supporting the use of Industry 4.0. For example, the federal government and the private sector in the U.S. are investing in Industry 4.0 IoT technologies, to increase the American industrial base. Furthermore, the outbreak of COVID-19 (pandemic) has forced the manufacturing industries to re-evaluate their traditional production processes.

Peer-to-Peer Lending; Practice of Lending Money to Individuals or Businesses through Online Services

Peer-to-peer lending, or P2P lending, is a way for people to lend money to businesses and/or individuals, with the help of online services. But P2P lending can be much riskier than a savings account. Peer-to-peer lending services allow an individual to borrow money directly from some other person. This eliminates the financial institution as the middleman. Online channels make the entire process of money lending easier, which has led to an increase in the usage of these services through these channels.

The key objective of peer-to-peer lending is to boost returns for the lenders and reduce interest rates for borrowers. Moreover, it helps provide quick and convenient loans, as the process of P2P lending is entirely online. Other forms of P2P lending include commercial and real estate loans, student loans, payday loans, and secured business loans, among others. In short, peer-to-peer lending is one of the most simple and effective ways to make passive income. But peer-to-peer lending is a risky investment.

P2P lending enables individuals to obtain loans directly from other individuals, cutting out the financial institution as the middleman. Peer-to-peer lending brings investors (both individuals and companies) directly to people who need to borrow money. It connects individuals in need of credit with others willing to lend. Money lending platforms purely acts as marketplace or an intermediary that connects borrowers and lenders. P2P lending boosts returns for individuals who supply capital and reduces interest rates for those who use it.

Several governments worldwide are supporting P2P lending platforms by providing a suitable and specific framework to protect lenders from any potential risk. For instance, in the U.S., peer-to-peer lending is treated legally as investment; however, the federal government does not guarantee repayments like bank deposits. The Securities and Exchange Commission (SEC) is responsible for the investing side of these platforms, while the Consumer Financial Protection Bureau and the Federal Trade Commission regulate the borrowing side.