(RFIDWorld.ca) The market for Person Identification/Access Control is expected to show a healthy growth in upcoming years—especially since 56% of European enterprises are already dependent on them. The RFID market will grow at a CAGR of around 18% to reach a value of about US $11.2 billion by the end of 2014. The current growth of RFID technology is due to item level tagging, animal identification, ID documents, and contactless payment. The future of the RFID market will be driven by healthcare, pharmaceutical, and a number of vertical markets.
The primary regions using RFID technology are North America, Europe, Asia-Pacific, and the Middle East. Countries such as United States, Canada, UK, Italy, Germany, Netherlands, Japan, China, South Korea, Taiwan, Malaysia, Singapore, India, and Thailand are being studied closely to gather numbers. Americas account for the highest usage of RFID technology followed by Europe and the Asia-Pacific region.
In order to be successful as a newcomer to the RFID market, markets across the globe need to be analyzed. Emerging market trends across the globe, recent developments and their impacts on the market are key areas to be knowledgeable in for success to be the outcome. In addition, to take advantage of niche opportunities, the customer base as well as the overall future outlook for the RFID market needs to be closely studies by any entrant.