Report: RFID Market to Surpass $26B in 2022
The RFID market reached $74.6 billion in 2011, a 17% increase compared to 2010. Photo via Flickr (Ti.mo)
CAMBRIDGE, Mass — The radio frequency identification (RFID) market will reach more than $26 billion by 2022, according to research firm IDTechEx.
In its report, “RFID Forecasts, Players and Opportunities 2012-2022,” the research firm notes that the RFID market reached $7.46 billion last year compared to $6.37 billion in 2010, a 17% increase. The analysts credit the growth to the rise in RFID orders, which are up 10% this year, because of the surge in passive ultra-high frequency (UHF) systems for tagging apparel and many closed loop applications. Additionally, government spending has driven the market. For example, in Europe and New Zealand authorities require RFID tags on animals. Other national governments are using the technology for ID cards and passports. However, the research finds that military spending on the technology is down from previous years.
In the retail sector, high demand for apparel tagging will fuel sales for one billion RFID labels in 2012, and an estimated 1.35 billion in 2013. This year the transportation market will also require 500 million RFID tags in the form of passenger tickets.
Overall, the RFID market will sell nearly four billion tags in 2012 compared to 2.93 billion in 2011. Most of that growth is from passive UHF RFID labels.
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