RFID Market Growing, Becoming Important Security Tool
This week, Business W
ire announced that the RFID market is projected to reach $5.35 billion in profit this year, and as much as $8.25 billion in 2014. RFID (radio frequency identication), represents a growing technology that can be used in RTLS (real-time location systems) for baggage handling, animal IDing and item-level tagging in fashion 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. Child location products also represent a growing sector.
Radio-frequency identification is the use of an object (typically referred to as an RFID tag) applied to or incorporated into a product, animal, or person for the purpose of identification and tracking using radio waves. Some tags can be read from several meters away and beyond the line of sight of the reader.
“Modernizing” applications for RFID will grow more rapidly than their “traditional” predecessors such as access control, automobile immobilization, electronic toll collection and others that account for slightly more than 61% of the total market today. These applications are expected to grow 6% compounded annually from 2010 through 2014. In contrast, modernizing 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% in the same time period.
(Via Business Week)
