RFID Market to Grow to $9.2Bn This Year, Surpass $30Bn by 2024, Report Finds
By: IDTechEx March 25, 2014
Research conducted by IDTechEx, and published in RFID Forecasts, Players and Opportunities 2014-2024, finds that the RFID market – including tags, readers, software and services for passive and active RFID – will grow from $7.88bn in 2013 to $9.2bn in 2014. IDTechEx expects that the RFID market will reach $30.2bn in 2024. Most growth is due to active RFID/RTLS systems, interrogators, and then tags, in terms of total money spent.
Passive UHF tags see rapid growth, from a total of just over 3 billion tags in 2013 to 3.9 billion tags in 2014. IDTechEx finds that 2.48 billion passive HF tags will be sold in 2014, although at a much higher average sales price than passive UHF tags, so the money spent on HF tags will be almost 10 times more. The highest volume sector for passive UHF systems is retail apparel, which still has some way to go with RFID penetrating only about 7 percent of the total addressable market for apparel in 2014.
After extensive interviews with suppliers, IDTechEx find that there are now emerging or established leaders in most positions of the value chain across the different technologies – yet still very few companies have sales of more than $100m.