The radio frequency identification (rfid) smart cabinets from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Radio Frequency Identification (RFID) Smart Cabinets Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The radio frequency identification (RFID) smart cabinets market size has grown rapidly in recent years. It will grow from $0.98 billion in 2023 to $1.08 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increased demand for inventory management, growth of the healthcare sector, increased regulatory requirements for medication management, surge in chronic diseases necessitating efficient drug tracking, increased demand for real-time data tracking, increased focus on reducing theft and loss, and increased use in various industries.
The radio frequency identification (RFID) smart cabinets market size is expected to see rapid growth in the next few years. It will grow to $1.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to increasing need for real-time asset tracking, rising demand for efficient supply chain management, growing investments in healthcare infrastructure, increasing use in logistics, increasing demand for enhanced security and traceability, and rising e-commerce sector. Major trends in the forecast period include technological advancements in RFID, increasing automation, advancements in inventory management solutions, increasing adoption of IoT in medical device, advancements in healthcare inventory management, and advancements in data collection and analysis.
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Scope Of Radio Frequency Identification (RFID) Smart Cabinets Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Radio Frequency Identification (RFID) Smart Cabinets Market Overview
Market Drivers –
The increase in healthcare digitization is expected to propel the growth of the radio frequency identification (RFID) smart cabinet market going forward. Healthcare digitization refers to integrating digital technologies into healthcare systems and processes to improve efficiency, accuracy, and patient outcomes. The increase in healthcare digitization is due to the need for improved efficiency, accuracy, and patient outcomes. RFID smart cabinets contribute significantly to healthcare digitalization by improving efficiency, accuracy, security, and compliance within healthcare facilities. They help streamline operations, reduce costs, and ultimately enhance patient safety and care delivery. For instance, according to the National Center for Health Statistics, a US-based government agency for statistical information to improve public health, the use of telemedicine among physicians surged from 15.4% in 2020 to 86.5% in 2021. Therefore, the increase in healthcare digitization will drive the radio frequency identification (RFID) smart cabinet market.
Market Trends –
Major companies operating in the radio frequency identification (RFID) smart cabinets market are developing intelligent cabinets to enhance inventory management and streamline operations in various industries, especially healthcare and retail. The intelligent cabinets utilize RFID, sensors, cloud computing, and IoT technologies to enhance convenience for consumers and provide real-time inventory management for store operators. For instance, in May 2022, Selfly Store, a Finland-based innovative retail solution provider, launched an intelligent cabinet series for automated, unmanned retail. The cabinets are designed for deployment in various locations such as workplaces, hotels, hospitals, and sports centers, allowing 24/7 unmanned service. Selfly Store employs advanced RFID, sensors, cloud computing, and IoT technologies in its intelligent cabinets to improve convenience for consumers. Selfly Store’s RFID technology also enables real-time monitoring of inventory and expiry dates, providing store managers with accurate, up-to-date information.
The radio frequency identification (RFID) smart cabinets market covered in this report is segmented –
1) By Component: Radio-frequency Identification (RFID) Tags, Radio-frequency Identification (RFID) Readers, Radio-frequency Identification (RFID) Antenna, Other Components
2) By Type Of Radio Frequency Identification (RFID) Technology: Passive Radio-Frequency Identification (RFID), Active Radio-Frequency Identification (RFID), Semi-Passive Radio-frequency Identification (RFID)
3) By Deployment: On-Premises, Cloud
4) By End-User Industry: Healthcare, Retail, Industrial Manufacturing, Automotive, Aerospace and Defense, Hospitality And Entertainment
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Regional Insights –
North America was the largest region in the radio frequency identification (RFID) smart cabinets market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the radio frequency identification (RFID) smart cabinets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the radio frequency identification (RFID) smart cabinets market are Nexess, CAEN RFID S.r.l., Pensa Systems, Bioconnect Inc., Turck Vilant Systems, Mobile Aspects, LogiTag Systems, Logiquip L.L.C., Terso Solutions Inc., Censis Technologies Inc., Alien Technology LLC, TAGSYS RFID, Skytron LLC, Invengo Technology Pte. Ltd., Palex Medical S.A., Impinj Inc., Smartrac N.V., SATO Holdings Corporation, Grifols S.A., Avery Dennison Corporation, Cardinal Health Inc., Identi Medical, GAO Group Inc., American RFID Solutions LLC, Solstice Medical
Table of Contents
1. Executive Summary
2. Radio Frequency Identification (RFID) Smart Cabinets Market Characteristics
3. Radio Frequency Identification (RFID) Smart Cabinets Market Trends And Strategies
4. Radio Frequency Identification (RFID) Smart Cabinets Market – Macro Economic Scenario
5. Global Radio Frequency Identification (RFID) Smart Cabinets Market Size and Growth
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32. Global Radio Frequency Identification (RFID) Smart Cabinets Market Competitive Benchmarking
33. Global Radio Frequency Identification (RFID) Smart Cabinets Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Radio Frequency Identification (RFID) Smart Cabinets Market
35. Radio Frequency Identification (RFID) Smart Cabinets Market Future Outlook and Potential Analysis
36. Appendix
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