The world market for RFID technology is projected to reach USD $18.7 billion by the year 2017, according new research announced by Global Industry Analysts Inc..
RFID offers many advantages – production efficiency, inventory updates in real-time, shipping and importing economies, greater product security and curbing of counterfeit products are among others. It is due to these and other benefits such as declining tag prices, greater end-user responsiveness and technological advancements that RFID is expected to gain widespread acceptance among various businesses for a wide range of applications.
While growth in the RFID market will continue to be driven mainly by security and access control applications and other government sponsored security projects, growing penetration of RFID technology into other application areas in manufacturing, transport, animal tracking, aviation and commercial segments such as retail and textile is expected to secure the future of the RFID market.
Tagging of animals is expected to grow strongly, as laws and regulations governing livestock, wildlife, aquaculture and pet care become more stringent. Additionally, RFID devices will also make strides into food safety industry. With consumer awareness on food safety on the rise, RFID devices, which can provide traceability of food product over the entire food supply chain is expected to see considerable growth in demand in food safety applications.