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Magazines Archives - 2008 May
Annual growth for RFID market at
20.7%
Story 12
THE global RFID
(radio-frequency identification) market is expected to grow
about 20.7% annually over eight years starting this year. A
report by market-research company RNCOS,
entitled Global RFID Market Analysis till 2010, reveals that
countries such as the US, the UK, Japan, China and Thailand are
likely to lead in the growth, with corporate funding and
government
support among major drivers.
The report identified security and access controls, animal
tracking and toll collection as some of the areas where RFID
will play a key role. It also highlighted that the contactless-payment
sector and supply-chain management might soon incorporate the
technology, opening new market opportunities. A separate report
by global technology researcher IDTechEx has projected
the value of global RFID market this year at US$5.29 billion,
largely due to developments in RFID schemes for contactless,
transportation and national identification cards.
With more retailers tagging pallets and cases of products, the
growing demand for goods tracking will see the use of an
estimated 325 million RFID labels this year.
According to the report, the RFID market value in the next
decade is expected to be five times its present value, with the
volume of tags about 300 times more than the current quantity,
driven
by developments in the technology and lower RFID costs.
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