Industry figures predicted to go up from US $1.95 billion in 2005 to $26.9 billion in 2015.
Research and Markets has released a new study titled “RFID Industry–A Market Update”, providing an in-depth analysis of the RFID Industry. According to industry statistics, the worldwide market for RFID technology was US $1.49 billion in 2004. The growth prospects for the RFID market are very bright. The report discusses the RFID Industry figures to go up from US $1.95 billion in 2005 to $26.9 billion in 2015. The RFID vendors are increasingly gaining from the sale of RFID hardware components.
The applications of RFID include security/access control, toll collection, animal tracking, automobile immobilization, and many others. Organizations who already use RFID include: Wal-Mart, Metro AG, Target, Tesco, and the US Department of Defense. As the technology matures, it is predicted to gain market share in the consumer level as well.
