Despite a woeful global economy and a depressed U.S. automotive industry, analysts expect the market for RFID solutions to grow by 11 percent between 2009 and 2010, according to a new report issued by market research firm ABI Research.
While there has been a slight decline in the demand for electronic ID documents over the past two years, analysts say the demand for RFID solutions in asset management and contactless ticketing and payment applications has increased, which should drive market growth over the next several years. In fact, according to the report, “Semi-Annual RFID Market Data,” if automotive immobilizer solutions are removed from the equation, the market is forecast to grow by nearly 16 percent.
A market overview published by ABI Research earlier this year said that the total market would exceed $5.6 billion in revenues in 2009.
“Based on sales growth pipeline conversations, our end user research, and RFID revenues reported to ABI, 2009 will likely not be as bad as many thought,” said ABI Analyst Michael Liard. “Key economic and industry indicators point to stronger growth in 2010, especially the second half.”
For more information, visit ABI Research’s Web site at www.abiresearch.com or call 516-624-2500.