RFID market powers ahead

radio frequency identification (RFID) market is expected to grow at 17% between 2011 and 2013, according to the RNCOS report titled 'Global RFID market analysis', says SBWire.

Analysts suggest growth is being driven by contactless payment applications, anti-counterfeiting and authentication, e-passports, and item-level tagging.

RNCOS predicts the Asia-Pacific region will witness the maximum growth in terms of revenue.

RFID technology has been witnessing huge potential in the retail sector, says Business Wire.

Consultancy firm Research and Markets says retailers have been effectively using RFID technology to reduce stock outs, improve stock replenishment and improve overall operational efficiency.

With the strong competition, retailers are looking to cut costs while improving sales. RFID has been aiding this goal.

The Shanghai Base of National RFID Industrialisation, China's first national industrial base of RFID technology, expects the number of producers in the base to increase five-fold by 2016, reports People's Daily Online.

The active RFID market will grow to over 11 times its present size by 2018, according to More RFID.