The boom in the use of radio frequency identification (RFID) technology is spurring galloping growth prospects for RFID vendors and service providers alike.
According to projections by Venture Development Corp. (VDC), a Natick, Mass.-based research firm, the global RFID market will rise at a 45.6 percent compound annual growth rate from 2004 through 2007, soaring from $1.5 billion to $4.7 billion. While hardware makes up the biggest market component, VDC sees the fastest growth in services, at 68.9 percent annually, as users look for outside help in evaluating and implementing RFID systems.
“First and foremost, supply chain mandates are helping to drive the RFID market, particularly in the UHF (ultra-high frequency) range,” says Michael J. Liard, VDC’s RFID research program director. But Liard also sees strong growth for other emerging applications, including broader use of the technology in factory applications.
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