Despite the economic problems, 2009 witnessed significant progress in the application of RFID technology. With the rising interest of end users and awareness about technology in different applications and verticals, the RFID technology is gradually turning into an authentic and reliable option for identification. Besides, the entry of new players, re-positioning of some companies as RFID-focused, new product and service launches, technology upgradation, standards evolution, partnerships and alliances, mergers and acquisitions and general market awareness benefit the RFID industry.
According to our new research report “Global RFID Market Analysis till 2010”, the RFID market is expected to grow at a CAGR of around 17% in the period 2011-2013 to a value of approximately US$ 9.7 Billion. The overall growth in RFID is expected to outpace other automatic identification technologies like barcode. The reason behind this phenomenal growth is that the various applications in different verticals have emerged around this technology.
At the regional level, we have found that Asia-Pacific will witness the highest growth in terms of revenue. The region is anticipated to account for 27% of the entire RFID market by 2013. Other regions like Europe and North America are also focusing on improving their business processes with the RFID technology. For instance, the RFID market in Germany is expected to grow at a CAGR of around 19% during the forecast period.
According to our analysis, maximum enterprises in the European countries are using RFID for person identification/access control, while in the Asia Pacific countries logistics and retail are the emerging sectors using RFID technology. Other verticals like transportation, consumer packaged goods will continue to use the technology in almost all the regions in near future. Application segments such as security-based solutions, pharmaceuticals and healthcare are in the emerging stage and are expected to drive growth in the market.
Our report provides an extensive research and prudent analysis of the RFID market worldwide. Various established and emerging RFID applications in different verticals have been covered in the report to understand the current and future market outlook of RFID in these verticals. The report also discusses the global RFID market rationally and helps clients to analyze the opportunities and factors critical to the success of global RFID industry both in short and long-term. Besides, the report includes the RFID market trends and developments in various key countries across the world.