Across the globe, Radio Frequency Identification (RFID) industry has witnessed an unprecedented growth in almost each sector in the recent years. Despite the economic problems, 2009 witnessed a significant progress in the application of RFID technology. According to our latest report, entry of new players, technological advancements, mergers and acquisitions, and growing government support will continue to benefit the RFID industry in the coming years. As per our anticipation, the global RFID market will grow at a CAGR of around 18% during 2011-2014 to reach approximately US$ 19.3 Billion.
The "Global RFID Market Forecast to 2014" observed that the phenomenal growth in the various emerging RFID applications under different verticals will outpace the other automatic identification technologies, like barcode. We studied various established and emerging RFID applications under different verticals government, transportation, retail, healthcare and automotive to understand the current and future market outlook for the technology in these sectors. The vertical analysis revealed that in 2011, the maximum demand for the RFID came from the transportation sector, while retail emerged as the fastest growing vertical. With the rising interest of end-users and increasing awareness about the applications of the technology in different sectors, we expect the RFID market to continue growing in the coming years.
Our comprehensive report provides detailed analysis and forecast for the market, which has been segmented into the world's major regions: America, Europe and Asia Pacific. The region-level analysis, carried out in the study, divulged that the RFID market in Asia-Pacific is growing at a faster rate than those of Europe and America. The study also gives a brief analysis and outlook for the market of chipless RFID, which is expected to find an increased adoption in applications in the coming years.
The research also includes statistical tables and charts providing country-level data for the RFID market. Our study analyzes RFID tags, reader and software/services market and presents the forecasts for these product segments. The report also discusses in detail the key drivers that will help clients analyze the growth opportunities and prospects of the RFID industry in both short and long-run. Moreover, with a view to presenting the industry's balanced outlook to the clients, we have included in our study the major issues constraining the growth of the global RFID deployments.
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