The size of the global market for Radio-Frequency Identification Smart Cabinet is expected to reach USD 35.6 billion by 2030, expanding at a compound annual growth rate (CAGR) of 11.9%.
Global market of RFID smart cabinet has been segmented by different deployment, end use and geography. Further, deployment segment of the market has been sub-segmented into cloud and on premises. Likewise, application segment of the RFID smart cabinet market is bifurcated into retailers, healthcare institutions and discrete manufacturers. Healthcare section of the segment held the major RFID smart cabinet market share in 2017, owing to high adoption of innovative technologies to address serious needs. Moreover, this device enables real time tracking, eradicates equipment losses, risk of stock-outs, reduce inventory waste and preclude shrinkage among others. Additionally, stringent government regulations associated with the effective management of inventory of medical deliveries in the healthcare industry will further boost the market growth in upcoming years.
Geographically, RFID smart cabinets market across the globe is dominated by North America, as the region is witnessing increasing investment from the prominent players in the development of innovative devices as well as increasing adoption of improved technologies in the healthcare industry, trailed by Europe. On the other hand, Asia-Pacific is one of the fastest growing region owing to the developing economy, enhanced healthcare expenditure and rising initiatives by regulatory bodies for growth of the RFID smart cabinet market.
Some of the key players operating in the highly fragmented as well as competitive landscape of the global RFID smart cabinet market include SATO Vicinity (Australia), LogiTag (The U.S), Solstice Medical (The U.S), Nexess (France), Terson Solutions (The U.S), SkyeTek (The U.S) Mobile Aspects Inc. (The U.S)., WaveMark (The U.S), Skytron (The U.S) and Invengo Technology BV (Singapore).
Key segments of the RFID smart cabinets market include:
- Deployment segment of RFID smart cabinets market
- On premises
- End use segment of RFID smart cabinets market
- Geographical segmentation of RFID smart cabinets market
- Asia Pacific
- North America
- Central & South America
- Middle East & Africa