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RFID apps mkt to grow twice by 2017

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CIOL Bureau
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BANGALORE, INDIA: In order to modernize operations and enable quicker and convenient service, companies, governments and industries are turning to RFID. The traditional uses of RFID within the automotive sector are continuing to grow and are projected to increase by $2.8 billion from 2012 to 2017.

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As per market research firm, ABI Research, modernizing RFID applications will grow twice as fast with annual revenues derived from these jumping by $4.5 billion in the same time frame.

Businesses are willing to operate in areas like asset tracking, supply chain management, baggage and cargo tracking, RTLS, contactless payment and ticketing. ''Despite the general economic malaise affecting much of the world, solutions and technologies that can deliver savings and provide wider benefit will attract investment. 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,'' said John Devlin, Practice Director at ABI Research.

The growing market segments are looking forward to improve manufacturing and supply chain efficiencies, as well as track and identify components, products, and assets. Another factor driving the adoption of RFID in newer applications is the ability to add and implement greater security.

''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. 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,'' added Devlin of ABI Research.

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