Delhi, India (PressExposure) August 10, 2009 -- The global RFID market has been consistently witnessing fast growth rate for last few years on account of the government support which is promoting the use of RFID technology across various industrial verticals such as national ID cards and transportation. Increasing acceptance of RFID technology by private players has also given strong fillip to the global RFID market.
According to our new research report, âGlobal RFID Market Analysis till 2010â, the future outlook of the global RFID market is bright despite the ongoing recession, and is forecasted to grow at a CAGR of around 28% till 2013. The research also reveals that much of this growth will stem from the rapid deployment of RFID technology in the Asia-Pacific nations. At the end of 2008, however, the global RFID market was dominated by the Americas followed by Europe.
âAsia-Pacific will witness strong growth in RFID revenues owing to the rapid adoption of RFID applications in countries such as China, India, South Korea, Taiwan and Thailandâ, says a Senior Research Analyst at RNCOS. The growth will also be driven by the success of increasing number of RFID projects, as end users progressively keen to integrate the technology into their supply chains. High initial cost of RFID, including tags and readers, has limited the investment in the technology to high value goods. However, as the price continues to fall, more operations will be able to afford to invest; ensuring that the Asian-Pacific market for RFID will thrive in the next few years.
âGlobal RFID Market Analysis till 2010â, provides an extensive research and prudent analysis of the RFID market worldwide. Various established and emerging RFID applications in different verticals have been covered in the report in order to understand the current and future market outlook of RFID in these verticals. It discusses the global RFID market rationally and helps clients to analyze opportunities and factors critical for the success of RFID industry both in short and long-term. Besides, the report provides information about the RFID market trends and developments in key countries across the world.
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