(RFIDWorld.ca) ABI Research said in a news report that the RFID (radio frequency identification) market is set to bounce back up in the next few years. Regardless of the realities or recession, the RFID market is forecasted to be very successful this year.
Based on the research groups studies, the RFID market is expected to reach $5 billion dollars this year with a higher increase in the next five years after that hitting a predicted amount of up to $8.25 billion with a steady upward movement.
Automobile immobilization is the biggest market at this time for RFID technology according to the ABI’s recent Semi-Annual RFID Market Date report. Almost 20% of the RFID market makes up for the car industry.
Many new areas aside from the automobile immobilization industry are noticing potential growth for the near future.
ABI’s practice director, Michael Liard said “”Not all segments of the RFID market are created equal.” He estimates that the greatest increase will occur in 2014 when Real Time Location Systems (RTLS), baggage handling, item level tagging, and animal ID’s are made up of RFID technology.
The research also foresees an increase in the usage of RFID technology in the areas of drivers licence issuing, e-ID and e-government documents as well as RFID enabled documents on library shelves.