Report: RFID Industry to Grow 17% in 2014 and be Worth $30.2 Billion by 2024
New research conducted by IDTechEx called “RFID Forecasts, Players and Opportunities 2014-2024,” finds that the RFID market—including tags, readers, software and services, for passive and active RFID—will grow from $7.88 billion in 2013 to $9.2 billion in 2014. Most growth is due to active RFID/RTLS systems, interrogators, and then tags, in terms of total money spent.
Passive UHF tags see rapid growth, from a total of just over 3 billion tags in 2013 to 3.9 billion tags in 2014. IDTechEx find that 2.48 billion passive HF tags will be sold in 2014, although at a much higher average sales price than passive UHF tags, so the money spent on HF tags will be almost ten times more. The highest volume sector for passive UHF systems is retail apparel, which still has some way to go with RFID penetrating only about 7 percent of the total addressable market for apparel in 2014.
After extensive interviews with suppliers, IDTechEx find that there are now emerging or established leaders in most positions of the value chain across the different technologies—yet still very few companies have sales of more than $100 million.
IDTechEx expects that the RFID market will reach $30.2 billion in 2024. This research was conducted for the report RFID Forecasts, Players and Opportunities 2014-2024 which provides the key data and analysis in all the main applications, giving an unprecedented level of insight into the total RFID industry and what is really happening. With over 90 tables, the report provides granular insight into the sector.
RFID and the “Internet of Things” will also be addressed at the IDTechEx event, Internet of Things & WSN Europe 2014Opens in a new window, taking place on April 1-2, in Berlin. The problems, opportunities and technical developments are covered in presentations from companies such as Arup, Volvo, ABB, Bosch, Disney, IBM, Intel, ARM, Cisco and many others. Attendees will also learn how wearable technology and printed electronics are part of the big picture enabling the “Internet of Things”—but of course always from the angle of what is needed by end-users.