The RFID market will grow at an astounding rate in the next four years, according to a prediction by a major market research analyst. IDTech Ex, based in the United Kingdom, said on Thursday that its prediction models foresaw an RFID market worth US$12.3 billion in 2010, up from US$2.7 billion this year. Even further down the line, the analyst expects the 2016 figure to be US$26.2 billion. That’s a 450-fold increase over 2006 totals.
The total number of RFID tags expected to be sold in 2006 is 1.3 billion. The majority of those are expected to be for baggage and passport companies. Other major sources of demand are expected to be consumer goods, drugs, postal packages and even livestock.
The chip technology seems here to stay, despite ongoing arguments over privacy concerns. The chips were recently used to help track the bodies of victims of Hurricane Katrina.
IDTechEx also found that new markets for the ready-to-use chips are cropping up all the time, including real-time location systems.
The predictions are part of an overall report titled “RFID Forecasts, Players & Opportunities 2006-2016.”