Market in RFID technology set to expand

The world market in radio frequency identification (RFID) technology for retail generated revenues of more than $400m (£2,265m) last year and are expected to increase to more than 10 times that figure by 2011, new research has revealed.

The world market in radio frequency identification (RFID) technology for retail generated revenues of more than $400m (£2,265m) last year and are expected to increase to more than 10 times that figure by 2011, new research has revealed.

A report by analysts Frost & Sullivan predicts that the market for the up-and-coming technology, which generated $400.2m revenues in 2004, will expand at a compound annual growth rate of 39.8% to reach nearly $4.17bn by 2011.

The report says that transition to an RFID-enabled supply chain in retail “is expected to take time”. North America accounts for nearly 40% of the total retail RFID market. But more than 70% of retailers with revenues of more than $5bn in the Europe and Middle East area are either involved in or considering investment in RFID, Frost & Sullivan said.

The report added that demand for RFID products and services in the rest of the world region “is clearly led by a few countries, such as Korea, China and Japan”, where demand is expected to increase.

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