Technavio estimates global RFID smart cabinet market worth $860 million by 2020

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This market research report includes a detailed segmentation of the global RFID smart cabinet market by application (healthcare and others). The report also outlines the market shares for key regions such as the Americas, APAC, and EMEA. The leading vendors analyzed in this report are LogiTag, Mobile Aspects, TAGSYS RFID, and WaveMark.

Technavio’s market research analysts estimate the global RFID smart cabinet market, to grow at a CAGR of 14% between 2016 and 2020. Efficient inventory management is the prime advantage of RFID smart cabinets RFID smart cabinets provide accurate, real-time tracking at the item level. They also eliminate the risk of stock-outs, reduce inventory waste, and prevent shrinkage, and equipment losses. The Americas dominate the RFID smart cabinets market, owing to the high adoption of RFID technology in advanced healthcare infrastructure in the region.

The new market research report from Technavio provides a breakdown and analysis of the smart cabinets segments by technology.

“The advent of private healthcare establishments and the rising adoption of healthcare information technologies has increased the adoption of RFID smart cabinets. The RFID smart cabinet is being used in conjunction with the advances in the medical device technology such as ensuring the integrity of human tissue and medical devices. From placement of order of human tissue at tissue bank to finally logging an entry as it is delivered at final location reduces the human efforts required to manually update records at each hospital department,” says Sunil Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research

The healthcare application segment will be the largest market for RFID smart cabinets during the forecast period and will account for an impressive market share of around 90% until 2020. Much of this segment’s growth can be attributed to the increasing need for inventory management in hospitals. In this sector, RFID smart cabinets help to reduce shrinkage and improves the overall supply chain performance.

The key vendors in the global RFID smart cabinet market are LogiTag, Mobile Aspects, TAGSYS RFID, and WaveMark. This market is fragmented and is characterized by the presence of many players that account for a significant portion of the overall market share. The competition among the vendors operating in the market is very high and is anticipated to increase over the next few years. Factors such as the presence of a small customer base and rapid advances in technology are will intensify the level of competition among the vendors.

A more detailed analysis is available in the Technavio report, Global RFID Smart Cabinet Market 2016-2020.

We can customize reports by other regions and specific segments upon request.

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