The latest forecast from market research firm ABI Research predicts the global market for RFID technology will reach $5.3 billion in 2008, with a continued rapid increase in value over the next five years.
Excluding the area of automobile immobilization, ABI predicts that the RFID market will experience a 15% compound annual growth rate between now and 2013, for a market value of $8.2 billion. Including the automobile immobilization sector brings the value of the 2013 market to $9.8 billion. Other areas of predicted rapid growth include supply chain management, ticketing and ID documents.
ABI researchers believe it is still too early to predict how the woes of the global economy may impact the RFID market. By the end of the year, there should be a clearer picture of how RFID adoption and spending may effected by an economic slowdown.