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South Korea's RFID Market To Reach $500M, Says Report

South Korea's radio frequency identification market will exceed $500 million this year, a major private RFID-related organization predicted.
SEOUL, South Korea — South Korea's RFID market will exceed $500 million this year, an industry group predicted.

In a report to an information technology forum hosted by the Ministry of Information and Communication, the Korea Association of RFID/USN said the country's RFID-related equipment and device shipments would reach 524.2 billion won ($551.8 million) this year, compared with 290 billion won last year and 153.5 billion won in 2004.

The association forecast the volume to grow up to 1.2 trillion won by 2010.

Overseas RFID shipments will grow from 33 billion won in 2005 to 52.5 billion this year, according to the association.