RFID Spending to Grow 15 Percent Per Year, ABI Research Says

November 11, 2008 Alex Woodie

A study released last week by ABI Research predicts that spending on radio frequency identification (RFID) products will grow at an average rate of 15 percent over the next five years, becoming nearly a $10 billion industry by 2013. However, that number could drop as a result of the global economic crisis.

ABI Research is a company based in New York, London, and Singapore that conducts studies and publishes forecasts of interest to manufacturers in the automotive, consumer electronics, wireless, and broadband industries. Its primary focuses are wireless connectivity, telematics and navigation, and home networking and consumer video technologies.

The current RFID forecast is part of ABI’s ongoing study into RFID spending across a variety of industries. The company found that investment in “traditional” RFID applications–such as access control, document tracking, automatic vehicle identification, and automobile immobilization–dominates the spending on all RFID solutions.

While spending on newer RFID applications–such as supply chain management, ticketing, and contactless payments–trails the total spending on traditional RFID application, the rate of increased spending is much greater for newer RFID applications, according to Michael Liard, research director for ABI.

“In terms of overall market growth, if these ‘traditional’ applications . . . are removed from the equation, the 2008-2013 CAGR [compound annual growth rate] for total RFID systems revenue exceeds 20 percent.”

ABI released a similar RFID spending forecast in May that pegged the total RFID market at $9.7 billion by 2013, a hair less than the $9.8 billion the most current study forecasts. However, the current economic crisis could throw all these predictions to the wind. But it’s too early for ABI to tell.

“We understand that the impact of economic events is often not immediate, however, and we expect to be in a better position to gauge how the economy is impacting RFID adoption and spending at the end of the year,” Liard says. “In our opinion it often takes three to six months for any economic impact to be felt. Many of the vendors and users we have asked about a potential slowdown indicate no real change in RFID projects as yet.”

                     Post this story to del.icio.us
               Post this story to Digg
    Post this story to Slashdot

Tags:

CYBER-ATTACKS ON THE RISE. PROTECT WITH THE TRIPLE PLAY.

COVID-19 has not only caused a global pandemic, but has sparked a “cyber pandemic” as well.

“Cybersecurity experts predict that in 2021, there will be a cyber-attack incident every 11 seconds. This is nearly twice what it was in 2019 (every 19 seconds), and four times the rate five years ago (every 40 seconds in 2016). It is expected that cybercrime will cost the global economy $6.1 trillion annually, making it the third-largest economy in the world, right behind those of the United States and China.”1

Protecting an organization’s data is not a single-faceted approach, and companies need to do everything they can to both proactively prevent an attempted attack and reactively respond to a successful attack.

UCG Technologies’ VAULT400 subscription defends IBM i and Intel systems against cyber-attacks through comprehensive protection with the Triple Play Protection – Cloud Backup, DRaaS, & Enterprise Cybersecurity Training.

Cyber-attacks become more sophisticated every day. The dramatic rise of the remote workforce has accelerated this trend as cyber criminals aggressively target company employees with online social engineering attacks. It is crucial that employees have proper training on what NOT to click on. Cyber threats and social engineering are constantly evolving and UCG’s Enterprise Cybersecurity Training (powered by KnowBe4) is designed to educate employees on the current cutting-edge cyber-attacks and how to reduce and eliminate them.

A company is only as strong as its weakest link and prevention is just part of the story. Organizations need to have a quick response and actionable plan to implement should their data become compromised. This is the role of cloud backup and disaster-recovery-as-a-service (DRaaS).

Data is a company’s most valuable asset. UCG’s VAULT400 Cloud Backup provides 256-bit encrypted backups to two (2) remote locations for safe retrieval should a cyber-attack occur. This is a necessary component of any protection strategy. Whether a single click on a malicious link brings down the Windows environment or an infected SQL server feeds the IBM i, once the data is compromised, there is no going back unless you have your data readily available.

Recovery is not a trivial task, especially when you factor in the time sensitive nature of restoring from an active attack. This leads to the third play of the Triple Play Protection – DRaaS. Companies have myriad concerns once an attack is realized and a managed service disaster recovery allows employees to keep focus on running the business in a crisis state.

The combination of training employees with secure backup and disaster recovery offers companies the best chance at avoiding financial disruption in an age of stronger, more frequent cyber-attacks.

Reach out to UCG Technologies to discuss your company’s security needs and develop a data protection plan that fits you best.

ucgtechnologies.com/triple-play

800.211.8798 | info@ucgtechnologies.com