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The total worth of the RFID industry is expected to grow from US$1.95 billion in 2005 to some US$26.9 billion in 2015, according to a new report available from Research and Markets.
The report, ''RFID Industry: A Market Update'', analyses the industry and highlights the latest trends and future forecasts. The RFID market in different geographical locations is also identified and segregated, revealing a bright future in many key regions. 116.30.151.81 This article is copyright 2005 UsingRFID.com.
According to the authors, the demand for RFID systems is ever increasing, and RFID vendors are gaining specifically from the sale of RFID hardware components for those systems.
Applications
RFID applications monitored by the report include security and access control, toll collection, animal tracking, automobile immobilisation, among others. The report sees new application areas developing quickly, particularly in the innovation-hungry United States.
In the present and near future a wide variety of end users in vertical markets will be able to derive direct benefits from RFID systems integrators, with major systems and plans being implemented by the likes of Wal-Mart, Metro Group, Target, Tesco, and the US Department of Defense.
Item level growth
An increasing amount of consumer goods item-level tagging will open new leads in the RFID market. This can lead to reduced vendor costs and labour, and a reduction in stock shrinkage due to shop-lifting. The authors also note that increased customer satisfaction is likely to be a direct result of item-level tagging, as out-of-stock situations are more easily addressed.
The report discusses the issues that have helped in shaping the current demand of the RFID industry, revenue generation, future estimates, costs, future opportunities, market insights, and the issues that impact the industry. It includes: market estimates and forecast from 2003 to 2008 for RFID hardware, software, services, applications, and vertical sectors; geographical segregation of the market; market trends; profiles of major players; demand projections; and recent developments.
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