LONDON-Independent market analyst Datamonitor plc predicts radio frequency identification technology, including hardware, software and services, will be a $6 billion market by 2010, or three times that of today.
The report “RFID in Manufacturing: The race to radio-tag is heating up in manufacturing,” forecasts 43 percent of revenues will be derived from North America, 33 percent from Europe, the Middle East and Africa, and 21 percent from Asia Pacific .
Central and Latin America, according to Datamonitor, will account for 3 percent of global expenditure, or $185 million. “With EPCGlobal acting as an industry-led standards body, and cheaper hardware becoming available, the manufacturing industry is starting to re-evaluate its position on RFID technology,” said Adam Jura, Datamonitor analyst and author of the report. “Previously, the associated high cost and lack of internationally accepted standards saw many put strategies on the backburner.”
