The Global RFID Market Containing System and Services is Estimated to Go Up from $2.7 Billion in 2006 to $12.3 Billion through 2010

Research and Markets: ( The Global RFID Market Containing System and Services is Estimated to Go Up from $2.7 Billion in 2006 to $12.3 Billion through 2010 and by 2016 is Slated to be about $26.2 Billion).

Over the past few years the RFID industry has witnessed a meteoric rise in growth. Increasing Worldwide production and trade have caused the supply chain management, tracking items from the warehouse to store shelves, to become the largest segment of RFID. Given the huge potential of this technology, there has been a huge emergence of RFID in various specialty companies. RFID appears to be a production and distribution technology, but immediately beneath the surface is an ocean of IT system for data collection, storage, analysis, and distribution.

Despite the adoption RFID by major retailers like Wal-Mart and government agencies like the Department of Defense, the projected rapid expansion RFID market did not happen, though it is expected to gain momentum in the near future. As per IDtechEx the Global RFID market containing system and services is estimated to go up from $2.7 billion in 2006 to $12.3 billion through 2010. The value of this sector by 2016 is slated to be about $26.2 billion. Investments are expected to skyrocket to $1.3 billion by 2008, an increase from $91.5 million in 2003. The reduction in the price of tags and readers will further push up the sales.

The RFID technology is already successful in the traditional application segments such as security/access control, animal identification, automobile immobilization, and toll collection. There has been a customary rise in the RFID market over the past few years which is set to grow consistently in the near future, following the rising product awareness among end users.

There demand for RFID is expected to rise further following its increasing applications in other newer areas coupled with product innovations. The bevy of advantages ushered in by the technology including improved safety; reduced crimes, growing sales and an enhanced customer service are enough to attract prospective customers such as manufacturers and suppliers. RFID is being hailed as the breakthrough technology, that will transform retail supply chains, helping them rake in investment returns from within their own supply chain.

RFID? Wikipedia Red Viking

RFID Industry Analysis 2006

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