Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which predicts that the Radio Frequency Identification (RFID) market will grow annually at about 20.7% from 2008 to 2016.
The report, “Global RFID Markest Analysis till 2010” analyses the factors driving the RFID market globally. It finds that major growth in the industry will be seen in countries like the US, UK, Japan, China, and Thailand and that corporate funding and government support are among the major market drivers.
The study finds that within the RFID industry, a major part of the growth has come as a result of established applications such as security/access control, automobile immobilisation, animal tracking, and toll collection.
Authors of the report point out that emerging application segments such as security-based solutions, contactless payments, and supply chain management are in the final stages of testing and will be instrumental in driving growth in new markets. These will present new market opportunities, they say.
Industry analysts forecast that although the US remains the RFID leader in the North American region, the percentage market share will soon decline as the RFID market booms in Canada. They predict that East Asian countries like China, which has the world's largest low cost manufacturing industry, will see large market growth, with the supply chain being the main application field of Ultra High Frequency RFID.
The report addresses the future prospects of the global RFID industry, while outlining country-specific trends for the U.S, U.K, Japan and China.
"Global RFID Market Analysis till 2010" is available from Report Buyer. For more information, see website.
Report Buyer product ID: RCS00194
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