RFID Talk Blog

New “modernizing” apps will drive RFID market to $14B by 2017

New markets and applications are expected to drive most of the growth in RFID over the next five years, according to new research from ABI Research. While traditional use cases such as animal and people ID and automotive access will increase by $2.8 billion by 2017, new use cases like asset tracking will experience much stronger growth.

As enterprises and governments turn to RFID to modernize operations and become more efficient, “modernizing RFID applications” are expected to grow twice as fast. Asset tracking, supply chain management, baggage and cargo tracking, RTLS, contactless payment, and ticketing are all areas in which businesses are looking to operate in a quicker, smarter, and more secure manner. As a result, those categories will grow by $4.5 billion during the same time frame, driving the total market to $14 billion by 2017.

“Despite the general economic malaise affecting much of the world, solutions and technologies that can deliver savings and provide wider benefit will attract investment, says ABI RFID practice director John Devlin. “The business model and use case for RFID is now being better understood and real-world ROI can be demonstrated in a growing number of instances.”

The need to be able to improve manufacturing and supply chain efficiencies, as well as track and identify components, products, and assets is now being considered in a growing range of market sectors. The ability to add and implement greater security is another factor driving the growing adoption of RFID in both traditional and new applications.

“There will be an increasing need for companies and, in particular government organizations, to be able to track and authenticate their in-house assets and equipment as well as items and products provided and sold,” says Devlin.

“Think of the supply of food and pharmaceutical products, as well as consumer electronics and automotive, from the farm or point of manufacture and onto consumption and use.  Similarly the installation and maintenance of large projects, e.g. transportation and utilities, are of critical importance.  We expect to see increasing use of RFID ahead of alternative solutions to provide this audit trail.”

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