The global RFID smart cabinet market was valued at almost $446 million in 2015 and is expected to reach around $860 million by 2020.
Technavio’s embedded systems portfolio has announced its latest market research report on RFID smart cabinets for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global RFID smart cabinet market during the forecast period. Some of the top vendors listed in this industry analysis include LogiTag, Mobile Aspects, TAGSYS RFID, and WaveMark.
In terms of geographical analysis, APAC will be the fastest-growing region in the global market and is expected to reach a revenue of over $135 million by 2020. The market’s growth in the region during the forecast period will be driven by the region’s improving healthcare infrastructure.
“RFID technology is becoming increasingly popular across various industries owing to rising adoption across the globe. The high adoption rate of RFID technology is fueled primarily by its advantages such as high efficiency, quality, and low error rate. RFID smart cabinets are used in conjunction with advances in the medical device technology such as ensuring the integrity of human tissue and medical devices,” says Sunil Kumar Singh, a lead analyst at Technavio for research on embedded systems.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Need for inventory management in hospitals
The use of RFID smart cabinets can efficiently reduce the time invested in manually maintaining, tracking, and managing inventory in hospitals. They also minimize chances of loss and misplacement of supplies. Several hospitals across the world are adopting RFID smart cabinets for effective inventory management as it brings about increased savings and real-time tracking, and are less prone to errors. These cabinets provide features such as tag reader to record inventory in or out, restrict access or authority to those who have valid pass key – RFID-based or biometric – and in case of special storage systems are required, share documented feedback of the cabinet recorded by the sensors.
Rise in hospital funding
Governments of several countries are making investments in the improvement of their healthcare infrastructure. Hospitals are increasingly adopting RFID smart cabinets due to the availability of funds and awareness about the benefits of RFID smart cabinets. These cabinets are being used to track drugs and devices and notify of drug expiry dates in hospitals. RFID smart cabinets also help hospitals increase their savings by avoiding loss due to errors in inventory management or theft and incorrect prescriptions. Higher government funding helps hospitals afford infrastructures such as RFID smart cabinets that offer multiple advantages.
Minimal cost of supporting infrastructure
RFID smart cabinets require to be backed by network infrastructures such as Wi-Fi or ZigBee in organizations that use them. The required networking facilities are easily available, cost-effective, and provide guaranteed returns. As a result, the adoption of RFID smart cabinets in hospitals is on the rise. The cost-efficient architecture of RFID smart cabinets and elimination of redundancies such as multiple paths are some of the key factors that will propel their demand over the next four years.
Some of the other prominent vendors identified in this report are Skytron, Terso Solutions, Solstice Medical, Skyetek, CoreRFID, and Stanley InnerSpace.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘RFID Smart Cabinets Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global RFID Readers Market 2016-2020
- Smart Thermostat Market in APAC 2015-2019
- Global RFID Readers Market 2016-2020
- Global RFID Market for Retail Applications 2015-2019
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