The radio frequency identification (RFID) market is poised to bounce back strongly over the next few years, says ABI Research in a new report.
Despite a global economic recession, the research group anticipates the RFID market will reach $5.5 billion this year and grow steadily for the next five years, reaching over $8.25 billion in 2014.
According to ABI's recent Semi-Annual RFID Market Data report, although RFID has many uses, automobile immobilization is the biggest application, accounting for nearly 20% of the market.
Although growth in the established sections is leveling off somewhat, new areas are starting to see significant interest.
"Not all segments of the RFID market are created equal," says ABI's practice director, Michael Liard. "To 2014, the greatest growth will be found in RTLS (Real Time Location Systems), baggage handling, animal ID, and item-level tagging in fashion apparel and retail."
The report also states that documentation such as electronic vehicle registration, e-ID and e-government documents and library systems are all poised to adopt RFID technology.