TechNavio: Global RFID Market to Increase at a 22.4% CAGR Through 2018
The global RFID market is forecast to increase at a 22.4% compound annual growth rate (CAGR) through 2018, according to TechNavio.
RFID tags are used in many industries to track assets, processes and personnel. The tag is attached to an asset to be tracked, and an RFID reader reads the wireless signal emitted by the tag. For example, the automotive industry uses RFID tags to track automobiles throughout the assembly process, and the oil and gas industry uses them to keep track of personnel on off-shore oil rigs.
In addition, RFID technology is being incorporated into mobile payment systems using smartphones equipped with NFC technology.
Key factors contributing to market growth are the efficiency of RFID tags in tracking assets and the increasing use of RFID technology in retail, TechNavio notes.
Major vendors in the RFID market are Alien Technology, Honeywell’s Intermec, Impinj and NXP Semiconductor. Other vendors in the space include Motorola Solutions, RF Code, RFID4U, UPM raflatac and Zebra Technologies.
“In recent years, the vendors in the global RFID market have been increasing their expenditure on the R&D [research and development] of RFID semiconductors…This focus on R&D has helped vendors introduce RFIDs that are increasingly cost-effective as well as effective. Thus, the improved accuracy and reduced prices of RFID devices are leading to increased adoption among several major end-users in the market,” comments TechNavio.