(RFID World Canada) Reaching roughly a dollar amount of almost $53 billion in total sales, the RFID market has continued to grow since 2010 after some economic setbacks in the years of 2008 and 2009. The growth rate is approximately 14% according to ABI Research’s ongoing studies. Future projections state that by 2011 it is expected that the RFID market will reach and potentially surpass a total in sales of approximately $6 billion. These results will reflect just over another 11% growth.
According to ABI Research the demand for RFID applications will vary across a number of sectors including verticals, technologies and regions. The retail apparel sector showed a slight slowdown of growth this year but overall there has still been an increase in total growth across the RFID market.
Michael Liard, the research director says the product with the highest potential for growth between now and 2016 will be item-level tracking in supply chain management. This area of RFID is expected to exceed 37% in growth between now and 2016.
Passive UHF systems are the cause for the high volume growth expected. These tags systems will support retail apparel tagging in the U.S. and across Europe, as well as a few other countries. Pharmaceutical tagging in Korea will create a demand for the UHF systems due to the stricter rules enforced on government compliance. Anti-counterfeiting efforts will also use RFID tags at an increased level, especially in China and finally other items such as cosmetics, consumer electronics, and hotel linens will increase the usage of RFID systems.
The RFID tag distribution has been divided into two groups for comparing sake: traditional and modernizing types. The traditional group consists of animal ID, automotive immobilization, AVI, access control, and e-ID documents. In the modernizing group there are baggage handling, asset management, cargo tracking and security, Point of sale contactless payment as well as supply chain management and ticketing.