Global RFID Market Doubled Last Year, says Study

The global industry for RFID technology has been growing steadily since past few years and is expected to grow rapidly before stabilizing and settling on a steady growth path, according to a Research and Markets report, "Global RFID Market Analysis till 2010". The countries that have been analyzed in the report include the US, Canada, UK, Germany, The Netherlands, Italy, Japan, China, Taiwan, Korea, Malaysia, Singapore, Thailand and India.

The report also estimated the RFID market to have grown at over 115 percent in 2007 over the last year. The report further claims future major growth will be seen in countries like the US, UK, Japan, China, and Thailand and the market is forecasted to grow at a moderate CAGR of around 20.7 percent during 2008 to 2016.

Research and Markets also claims that within the RFID industry, a major part of the growth has come from established applications such as security/access control, automobile immobilization, animal tracking, and toll collection. However, emerging application segments such as security-based solutions, contactless payments, and supply chain management are in their last test stage, driving growth in new markets and presenting new market opportunities.