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Smart Cabinets, Smarter Solutions: RFID Market Advancements in 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Radio Frequency Identification (RFID) Smart Cabinets Market 2024 Key Insights:
• 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%.
• Impact of Healthcare Digitization On Radio Frequency Identification (RFID) Smart Cabinets Market
• Innovative Solutions In The RFID Smart Cabinets Market
• North America was the largest region in the radio frequency identification (RFID) smart cabinets market in 2023
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