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New research: RFID market will exceed $70B in 2015

The burgeoning item level tagging market is expected to drive the retail sector to become the single largest user of RFID in 2015. The overall forecast, provided by ABI Research, says that the market for RFID transponders, readers, software, and services will generate $70.5 billion in sales  from 2012 to the end of 2017.

The market was boosted by growth of $900 million in 2011. ABI predicts that the overall market will grow by 20 percent annually during the next five years. ABI says that government, retail, and transportation and logistics are the top four most lucrative spots, accounting for 60 percent of revenues over the next five years.

The ABI research reflects a slowdown in the automotive market for use cases like immobilization and keyless entry.

“To date, the automotive sector has been a strong proponent of RFID, largely for immobilization and keyless entry,” says ABI group director John Devlin. “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.”

Better inventory accuracy and improved operational capability are the overriding drivers for retail adoption. RFID will also cross over into customer-facing services with NFC for product information and smart marketing.

Government remains 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.

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