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RFID market to post 14% CAGR by 2015

Posted: 12 Mar 2010     Print Version  Bookmark and Share

Keywords:RFID  UHF tag  e-ID 

Despite the economic setbacks, RFID is set for steady growth through the next five years and is expected to post a CAGR of 14%, according to new market data by ABI Research.

Practice director Michael Liard reported, "We expect the overall RFID market to exceed $8.25 billion [Rs.38,096.03 crore] in 2014, or approximately [Rs.34,448.04 crore] $7.46 billion with automobile immobilisation excluded. That would represent a 14 per cent compound annual growth rate (CAGR) over the next five years."

Automobile immobilisation is the largest single RFID application and has a low growth rate which impacts overall market size, so it is often excluded when examining market trends.

This year alone, the RFID market appears set to reach a size of Rs.20,641.12 crore ($4.47 billion) (without automobile immobilisation), 15 per cent more than the adjusted 2009 figure.

"Not all segments of the RFID market are created equal," adds Liard. "To 2014, the greatest growth will be found in RTLS (Real Time Location Systems), baggage handling, animal ID, and item-level tagging in fashion apparel and retail."

Other key opportunities include electronic vehicle registration, continued penetration of RFID-enabled e-ID/e-government documents (including health cards), and continued expansion of library systems. Also worth watching: slowed but continued progress in retail CPG supply chain management, and multiple flavours of asset management that leverage RFID technologies, including speciality passive UHF tags.

"Modernising" applications for RFID will grow more rapidly than their "traditional" predecessors such as access control, automobile immobilisation, electronic toll collection and others that account for slightly more than 61 per cent of the total market today. These applications are expected to grow 6 per cent compounded annually from 2010 through 2014. In contrast, modernising applications—animal ID, asset management, baggage handling, cargo tracking and security, POS-contactless payment, RTLS, supply chain management, and ticketing—are forecast to grow roughly 19 per cent in the same time period.

For more statistics and forecasts, click here.





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