RFID Talk Blog

RFID market worth $30B by 2024

RFID is on its way to becoming ubiquitous in many industries, including retail. Full deployment by retailers and other industries is expected to drive the RFID market to a $30 billion industry by 2024. New research conducted by IDTechEx says that the total RFID market for 2013 is worth $7.9 billion, up from $7 billion in 2012, and is expected to grow to $9.2 billion in 2014. This includes tags, readers and software/services for RFID cards, labels, fobs and all other form factors.

RFID in retail

The RFID market will reach nearly $8 billion in 2013 and is expected to reach $30 billion in 2024.

The ID TechEx report provides the key data and analysis of extensive research including interviews with RFID adopters and solution providers in the various applicational RFID markets, giving an unprecedented level of insight into the total RFID industry and what is really happening.

In retail, RFID is seeing rapid growth for apparel tagging, an application that consumed 2.25 billion RFID labels in 2013. RFID in the form of tickets used for transit will use 600 million tags in 2013, while the tagging of animals (such as pigs, sheep and pets), now a legal requirement in many countries, will use 375 million tags in 2013.

Altogether, 5.9 billion tags will be sold in 2013, up from 4.8 billion in 2012. Most of that growth is from passive UHF RFID labels, with UHF tag sales overtaking HF and LF tag sales by volume in 2012. However, in 2013 UHF tag sales by value will only be 11 percent of the value of HF tag sales.

RFID 24-7 is pleased to offer the full IDTechEx report to its subscribers. Click on the payment button below to order.

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