Monday, 26 May 2008

RFID Market to Reach $9.7 Billion by 2013

The market for Radio Frequency Identification (RFID) technology is expected to reach 9.7 billion by 2013. According to ABI Research the RFID business has been forecasted to grow...

The market for Radio Frequency Identification (RFID) technology is expected to reach 9.7 billion by 2013.

According to ABI Research the RFID business has been forecasted to grow at a compound annual growth rate of 15% which represents a “market that is growing robustly”.

“Across all product categories and flavors of RFID technology, market trends continue to be positive. We saw a strong finish to 2007, which continued into a healthy 1Q 2008,” said Michel Liard, research director for ABI in a statement.

A lot of enthusiasm has been shown in the RFID space of late. Aerospace manufacturer Airbus recently announced that it has committed to deploying RFID in several of its supply chain and assembly operations.

In Europe and Asia, Metro AG has expressed interest in RFID supply chain applications and even retail giant Wal-Mart said many of its top suppliers today use the technology to “some degree” and looks to increase its usage.

According to ABI, RFID’s strength can be exploited in many other verticals as well including energy and utilities, healthcare, and transportation--for asset management--as well as the fashion apparel and footwear sector, for item-level tagging.

“Future RFID market growth will come from many sources and applications. ABI Research sees growing strength across many industries, including those applications that are unique to particular verticals, as well as those – such as asset tracking, security/access control, and supply chain management – that are common to a range of verticals,” said Liard.