Radio Frequency Identification (RFID) Smart Cabinets Global Market Report 2024

RFID smart cabinets are storage systems that incorporate radio frequency identification (RFID) technology for efficient inventory control and monitoring. These cabinets automatically track and manage the inventory of items stored within them by using RFID tags.

The key components of RFID smart cabinets include RFID tags, RFID readers, RFID antennas, and other related hardware. RFID tags are small devices that store and transmit data wirelessly through radio waves. They can be passive, active, or semi-passive depending on the technology used. These tags are utilized in both on-premises and cloud-based systems by various industries including healthcare, retail, industrial manufacturing, automotive, aerospace and defense, as well as hospitality and entertainment sectors.

The radio frequency identification (RFID) smart cabinets market research report is one of a series of new reports that provides radio frequency identification (RFID) smart cabinets market statistics, including the radio frequency identification (RFID) smart cabinets industry global market size, regional shares, competitors with radio frequency identification (RFID) smart cabinets market share, detailed radio frequency identification (RFID) smart cabinets market segments, market trends, and opportunities, and any further data you may need to thrive in the radio frequency identification (RFID) smart cabinets industry. These radio frequency identification (RFID) smart cabinets market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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%. In the forecast period, growth can be attributed to several factors, the increasing need for real-time asset tracking in various industries, rising demand for efficient supply chain management solutions, growing investments in healthcare infrastructure leading to increased adoption of RFID smart cabinets, expanding use of RFID technology in logistics for improved efficiency, rising demand for enhanced security and traceability in inventory management, and the continuous growth of the e-commerce sector driving the need for advanced inventory tracking solutions. Major trends in the forecast period include ongoing technological advancements in RFID technology, increasing automation in asset tracking and management processes, advancements in inventory management solutions to optimize operations, rising adoption of Internet of Things (IoT) devices in medical devices for improved tracking and management, advancements in healthcare inventory management practices, and improvements in data collection and analysis capabilities for better decision-making.

The growth in healthcare digitization is set to drive the expansion of the radio frequency identification (RFID) smart cabinet market. Healthcare digitization involves integrating digital technologies into healthcare systems and processes to enhance efficiency, accuracy, and patient outcomes. This surge in digitization is fueled by the urgent need for improved operational efficiency, accuracy in patient care, and overall outcomes. RFID smart cabinets play a crucial role in this digital transformation by improving efficiency, accuracy, security, and compliance within healthcare facilities. They streamline operations, cut costs, and significantly improve patient safety and care delivery. For example, the use of telemedicine among physicians surged from 15.4% in 2020 to 86.5% in 2021, as reported by the National Center for Health Statistics, highlighting the rapid pace of healthcare digitization. Therefore, the increasing focus on healthcare digitization is expected to propel the RFID smart cabinet market forward.

Leading players in the RFID smart cabinets market are innovating intelligent cabinet solutions to optimize inventory management and operational workflows across industries, with a particular emphasis on healthcare and retail sectors. These intelligent cabinets leverage RFID, sensors, cloud computing, and IoT technologies to enhance consumer convenience and provide real-time inventory management for businesses. For instance, Selfly Store, a Finland-based retail solution provider, introduced an intelligent cabinet series for automated, unmanned retail in May 2022. These cabinets cater to diverse locations such as workplaces, hotels, hospitals, and sports centers, offering 24/7 unmanned service. Selfly Store integrates advanced RFID, sensors, cloud computing, and IoT technologies in its intelligent cabinets to elevate consumer convenience and empower businesses with real-time inventory insights, including expiry dates and stock levels.

In January 2024, BioConnect Inc., a Canada-based software company, acquired Silent Partner Technologies. This acquisition expands BioConnect's portfolio of intelligent asset tracking and inventory management solutions, focusing on securing critical assets such as narcotics, controlled goods, first responder gear, and IT assets through RFID-based smart cabinets. Silent Partner Technologies, a US-based provider of RFID asset and inventory management solutions, brings expertise in developing innovative RFID smart cabinets to enhance security and accountability for essential assets.

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.

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.

The countries covered in the radio frequency identification (RFID) smart cabinets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The radio frequency identification (RFID) smart cabinets market consists of revenues earned by entities by providing services such as inventory tracking, automated replenishment, usage monitoring, security and authentication, and data analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The radio frequency identification (RFID) smart cabinets market also includes sales of sensors, display screens, connectivity modules, and backup battery. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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