The economic recession has affected many industries such as manufacturing, retail, logistics, automotive, etc; however, the growth of RFID will continue in industries such healthcare, pharmaceuticals, airline, manufacturing etc. This can be attributed to the fact that the RFID suppliers will continue to invest in RFID technology for these sectors. Also, they are likely to explore new markets and applications for their expansion; thus, creating new opportunities for the RFID players. The RFID market has gone through a transition, with focus on meeting compliances with regulations. Also, the focus is on revenue generation and innovation. Innovation in the RFID applications comprises tracking inventory on a real time basis and using it for production, storage, shipping, and distribution.
The RFID technology buyers are driven by greater functionality features and return on investment. Another driving force for the RFID market is that the governments of different countries are focusing on allocation of frequency and harmonization of RFID bands. This is likely to ensure greater interoperability and credibility to the market. For example, the Chinese government had invested in RFID for the national identification card scheme; the US government for military; and the British government for passports. Moreover, the government of different countries is looking for RFID to combat terrorism, crime, and threatened epidemics of disease.
The report by TechNavio Insights forecasts the size of the Global RFID Market over the period 2008-2012. It segments the market into various geographic regions. It also provides RFID market segmentation by frequency and by technology. Further, it discusses the key market drivers by industry, market trends, challenges and growth prospects of the Global RFID Market, and profiles some of the key vendors of this market.
To read more on this report please visit the following link:
http://www.technavio.com/content/global-rfid-market-2008-2012
