Despite the depressed state of the economy, especially in the crucial retail and automotive sectors, new data from ABI Research has found that the RFID market is not contracting but instead growing at a slow but steady rate.
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ABI believes positive signs are beginning to appear in the market and forecasts in Semi-Annual RFID Market Data that, the ailing automotive market notwithstanding, the RFID market will experience 11% growth between 2009 and 2010. Moreover, without what ABI says is a deeply depressed automotive market, the growth rate rises to almost 16%.
“Transponders, readers, software, and services are all showing healthy growth,” commented ABI practice director Michael Liard. “The most robust applications include contactless ticketing, contactless payments (particularly in North America and
Even though e-ID documents experienced some decline in 2008-2009, as a result of the winding down of
Again, despite the credit crunch, ABI expects retail RFID to blossom thanks to a boom in contactless payment cards in the US, followed soon afterwards by Europe. Asset tagging is predicted to show strong uptake particularly in corporate finance and banking, healthcare, and manufacturing environments, as well as in new areas such as energy, utilities and gaming, ABI sees continuing expansion in traditional rental asset management in areas such as library books and media.
“Based on sales growth pipeline conversations, our end user research, and RFID revenues reported to ABI, 2009 will likely not be as bad as many thought,” adds Liard. “Key economic and industry indicators point to stronger growth in 2010, especially the second half.”