Global RFID market doubled last year, says study

The global industry for RFID technology has been growing steadily for the last 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”. Countries 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 expanded at over 115 percent in 2007 over the previous year, with future major growth anticipated for countries like the US, UK, Japan, China, and Thailand and the market is forecast to grow at a moderate CAGR of around 21 percent during 2008 to 2016.

A major part of RFID growth has come from established applications such as access control, automobile immobilization, animal tracking, and toll collection. However, emerging application segments such as securitybased solutions, contactless payments, and supply chain management are in their last test stage, driving growth in new markets and presenting new market opportunities.