Any lingering doubts that RFID is fueling a tech boom can be laid to rest. According to a new technical market report from BCC Research, RFID: Technology, Applications and Market Potential, the global market for RFID hardware, middleware, and IT reached $640 million in 2005. And the growth shows no signs of stopping. The report projects that the global market will soar to $713 million by year's end and to $1.0 billion by 2011, which represents an average annual growth rate of 8.0 percent.
Retail RFID is estimated currently at just under 27 percent of the overall RFID market, and supply chain management (SCM) applications, when considered as separate from warehousing and transportation, represent just over 15 percent. And both are growing at a considerable pace, the study reports. Propelled by mandates from retail giants like Wal-Mart, Target and Metro as well as the Department of Defense, many suppliers of all sizes have either already implemented RFID or are in the midst of doing so.