The Radio Frequency Identification (RFID) industry has witnessed a meteoric growth over the past few years. As RFID deployment involves huge investment as well as research facilities, governments all over the world are supporting the RFID projects by investing in research and innovation centers to promote the global RFID industry. As a result, the global RFID market is projected to grow at a CAGR of over 28 percent between 2010 and 2013, said RNCOS research firm in its new report on “Global RFID Market Analysis till 2010”. The study found that the RFID application has been creeping into increasing number of industries because the automated data collection capability of this technology enables to identify and track shipments of products within supply chain or to keep tabs on high value assets such as corporate equipment. Various industries covered in the report are healthcare, retail, automotive, consumer packaged goods, government and transportation. The study showed that the global economic crisis has not stalled the growth of the RFID market worldwide, even though it has slowed down to around one-third in 2009 as compared to the growth rate reported in the previous years. The report forecast bright future for RFID market starting from 2010. The report noted that Asia-Pacific will witness the highest RFID revenue generation owing to rapid adoption of RFID applications in several countries, including China, India, South Korea, Taiwan and Thailand.
