RFID to be Worth More Than $70 Billion Across Next Five Years, According to Research

  • Apr 18, 2012

The market for RFID transponders, readers, software, and services will generate $70.5 billion from 2012 to the end of 2017. The market was boosted by a growth of $900 million in 2011 and the market is expected to grow 20 percent YOY per annum. Government, retail, and transportation and logistics have been identified as the most valuable sectors, accounting for 60 percent of accumulated revenue over the next five years.

Group director John Devlin comments, “To date, the automotive sector has been a strong proponent of RFID, largely for immobilization and keyless entry. However, penetration is already high and it will be constrained by the slower rise in automotive production volumes. As a result, it will lose status as a leading RFID market due to other established markets for RFID retaining excellent potential for further adoption. Retail in particular is set to experience very strong growth; in fact, it will become the single largest RFID sector in 2015.”

Efficiency and improved operational capability are the overriding goals behind this adoption. Retail growth is driven by the proven returns that item level tagging can deliver. Stock is less likely to get lost, shop floors better stocked, and the ordering process will get smarter. RFID will cross over into customer-facing services with NFC for product information and smart marketing.

Government is a high-value sector, with strong uptake of contactless/RFID in documents and credentials. However, the drive for increased efficiency in applications such as asset tracking, fleet management, personnel location, and security are increasing the sector’s acceptance and uptake of RFID solutions.

Transportation and logistics increasingly make use of the ability to accurately track and trace items and goods at item, pallet, and container level as service providers look to generate more detailed data for themselves and their customers. Also, smarter public transit systems are utilizing contactless ticketing as the basis for better managed and cost effective services.

Featured

  • Maximizing Your Security Budget This Year

    7 Ways You Can Secure a High-Traffic Commercial Security Gate  

    Your commercial security gate is one of your most powerful tools to keep thieves off your property. Without a security gate, your commercial perimeter security plan is all for nothing. Read Now

  • Surveillance Cameras Provide Peace of Mind for New Florida Homeowners

    Managing a large estate is never easy. Tack on 2 acres of property and keeping track of the comings and goings of family and visitors becomes nearly impossible. Needless to say, the new owner of a $10 million spec home in Florida was eager for a simple way to monitor and manage his 15,000-square-foot residence, 2,800-square-foot clubhouse and expansive outdoor areas. Read Now

  • Survey: 72% of CISOs Are Concerned Generative AI Solutions Could Result In Security Breach

    Metomic recently released its “2024 CISO Survey: Insights from the Security Leaders Keeping Critical Business Data Safe.” Metomic surveyed more than 400 Chief Information Security Officers (CISOs) from the U.S. and UK to gain deeper insights on the state of data security. The report includes survey findings on various cybersecurity issues, including security leaders’ top priorities and challenges, SaaS app usage across their organization, and biggest concerns with implementing generative AI solutions. Read Now

  • New Research Shows a Continuing Increase in Ransomware Victims

    GuidePoint Security recently announced the release of GuidePoint Research and Intelligence Team’s (GRIT) Q1 2024 Ransomware Report. In addition to revealing a nearly 20% year-over-year increase in the number of ransomware victims, the GRIT Q1 2024 Ransomware Report observes major shifts in the behavioral patterns of ransomware groups following law enforcement activity – including the continued targeting of previously “off-limits” organizations and industries, such as emergency hospitals. Read Now

Most   Popular

Featured Cybersecurity

Webinars

New Products

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities 3

  • A8V MIND

    A8V MIND

    Hexagon’s Geosystems presents a portable version of its Accur8vision detection system. A rugged all-in-one solution, the A8V MIND (Mobile Intrusion Detection) is designed to provide flexible protection of critical outdoor infrastructure and objects. Hexagon’s Accur8vision is a volumetric detection system that employs LiDAR technology to safeguard entire areas. Whenever it detects movement in a specified zone, it automatically differentiates a threat from a nonthreat, and immediately notifies security staff if necessary. Person detection is carried out within a radius of 80 meters from this device. Connected remotely via a portable computer device, it enables remote surveillance and does not depend on security staff patrolling the area. 3

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises. 3