World Radio Frequency Identification (RFID) Technology Market to Exceed $24 Billion by 2015, According to New Report by Global Industry Analysts
Driven by the growing sophistication in automatic identification and data capture technologies, and the acute need for real-time tracking of inventory, and assets, the world market for radio frequency identification (RFID) technology is projected to cross $24 billion by the year 2015.
San Jose, California (PRWEB) November 12, 2008
The world RFID technology markets stands enthused by the rapid replacement of bar codes with smart tags in the consumer goods packaging industry. Adoption of cutting edge tracking techniques in supply chain management, manufacturing and logistics offer numerous opportunities for growth. Expansion into new end-use market such as, animals and farming, leisure, books, laundries, library book checkout, bus terminal management, airport baggage routing, and container pooling, is expected to result in expanded market opportunities.
With technology moving up the learning curve, cost of RFID systems is on a downward spiral, and this is forecast to fuel deeper market penetration. Emergence of international standards will help encourage mass adoption of RFID tags. Continuous innovations, and technology upgradations are expected to encourage the use of RFID in advanced, high-end applications such as, medical diagnosis, and military. The top five application sectors which are likely to register highest growth rates in the next few years are: point of sale, tracking of rental goods, baggage handling, real-time location systems and supply chain management. Healthcare and pharmaceuticals is projected to emerge into a lucrative end-use market for RFID technology. The need for patient tracking, call up records, waste management, asset, document, record tracking, medicine disposals, drug tracking, prevention of counterfeiting prescription drugs, is helping the deployment of RFID in pharmaceuticals and healthcare. The robust market for high-end automotive technologies is expected to lead to increased use of RFID in applications like anti-theft immobilizer.
Europe and the US account for nearly 75% of the global RFID technology market (http://www. strategyr. com/Radio_Frequency_Identification_RFID_Equipment_Market_Report. asp), as stated by Global Industry Analysts, Inc. Posting a CAGR of close to 32% over the period 2000-2010, US emerges as the fastest growing market for RFID technology. RFID Tags market (http://www. strategyr. com/Radio_Frequency_Identification_RFID_Equipment_Market_Report. asp) in the US is projected to cross US$3.9 billion by 2010. Sales from use of RFID technology in security and access control (http://www. strategyr. com/Radio_Frequency_Identification_RFID_Equipment_Market_Report. asp) in Asia-Pacific are expected to reach US$469 million by 2010. Germany represents the largest European market for RFID technology, accounting for a share of nearly 29%.
Leading global and regional players operating in the industry include Alanco Technologies Inc., Technology Systems International, Inc., Brady Corporation, Checkpoint Systems Inc, Gemalto NV, Hitachi Ltd., Intermec Inc., Precision Dynamics Corporation, HID Corporation, ASSA ABLOY Identification Technologies, Savi Technology, Motorola Inc., NXP Semiconductors, Sirit Inc, TagMaster AB, TagSys RFID, Texas Instruments Inc., TransCore, Wavetrend Technologies Limited, and Zebra Technologies Corporation.
The report titled "Radio Frequency Identification (RFID) Technology: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, product profile, end-use applications, players, competition, recent developments, mergers, acquisitions, and other strategic industry activities. Analysis is presented for major geographic markets including the United States, Canada, Japan, France, Germany, Italy, the UK, Spain, Russia, the Netherlands, Sweden, Denmark, Switzerland, Ireland, Malaysia, Singapore, Australia, Latin America, and Middle East/Africa for the period 2000-2015. Analytics are provided in terms of product segments including RFID Tags (Active, and Passive), RFID Readers (Low Frequency, and High Frequency), RFID Software and RFID Services. End-use markets analyzed in the report include Security & Access Control, Transportation, Manufacturing & Logistics, and Animal Tracking.
For more details about this research report, please visit
Http://www. strategyr. com/Radio_Frequency_Identification_RFID_Equipment_Market_Report. asp (http://www. strategyr. com/Radio_Frequency_Identification_RFID_Equipment_Market_Report. asp)
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (http://www. StrategyR. com/) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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