Press release
The Impact of Healthcare Digitization on the RFID Smart Cabinet : A Key Catalyst Accelerating Radio Frequency Identification (RFID) Smart Cabinets Market Growth in 2025
Radio Frequency Identification (RFID) Smart Cabinets
Radio Frequency Identification (RFID) Smart Cabinets Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been significant growth in the market size of radio frequency identification (RFID) smart cabinets. Projected growth indicates an increase from $1.08 billion in 2024 to $1.2 billion in 2025, with a compound annual growth rate (CAGR) of 10.9%. This expansion within the historical time frame can be traced back to heightened requirements for inventory management, growth in the healthcare sector, more stringent regulations related to medication management, a rise in chronic diseases leading to a need for more efficient drug tracking, increasing demand for real-time data tracking, a growing emphasis on curbing theft and loss, and heightened use within different industries.
Radio Frequency Identification (RFID) Smart Cabinets Market Size Forecast: What's the Projected Valuation by 2029?
The market size of Radio Frequency Identification (RFID) smart cabinets is projected to experience significant growth in the forthcoming years, reaching $1.79 billion in 2029 at a compound annual growth rate (CAGR) of 10.6%. Several factors contributing to this expected growth during the forecast period are the escalating requirement for effective real-time asset tracking, an increased push for proficient supply chain management, burgeoning investments in healthcare infrastructure, a rise in its application in logistics, growing demand for better security and traceability, and the burgeoning e-commerce industry. The key trends during the prediction period include technological progress in RFID, rising automation, improvements in inventory management solutions, growing adoption of Internet of Things in medical devices, progress in healthcare inventory management, and advancement in data collection and analysis.
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What Are the Drivers Transforming the Radio Frequency Identification (RFID) Smart Cabinets Market?
The expansion of digitization in the healthcare sector is anticipated to boost the growth of the radio frequency identification (RFID) smart cabinet market. Integrating digital technologies into healthcare systems and procedures to enhance efficiency, precision, and patient outcomes is what constitutes healthcare digitization. The need for enhanced efficiency, precision, and patient outcomes has led to the surge in healthcare digitization. RFID smart cabinets play a crucial role in this digitization by amplifying efficiency, precision, security, and adherence within healthcare facilities. They assist in optimizing operations, reducing expenses, and ultimately improving patient safety and care delivery. For example, Rock Health, a corporation based in the US, reported in February 2024 that in their 2022 survey, there was an 8 percentage point increase to 80% from 72% in 2021 in respondents claiming to have used telemedicine at some stage in their lives. Therefore, the rise in healthcare digitization is expected to push the growth of the RFID smart cabinet market.
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What Long-Term Trends Will Define the Future of the Radio Frequency Identification (RFID) Smart Cabinets Market?
Foremost companies in the RFID smart cabinets market are crafting smart cabinets in an effort to boost inventory administration and enhance efficiency across diverse sectors, particularly in healthcare and retail. These smart cabinets incorporate RFID, sensors, cloud computing, and IoT technologies to elevate comfort levels for customers and offer current inventory management for store operators. For example, in May 2022, Selfly Store, a Finland-based avant-garde retail solution provider, introduced a series of smart cabinets aimed to automate and streamline retail without human intervention. The cabinets are designed for installations in a range of venues like workplaces, hotels, hospitals, and sports centers, permitting a 24/7 unmanned service. Selfly Store integrates sophisticated RFID, sensors, cloud computing, and IoT technologies in their smart cabinets to amplify user convenience. Further, Selfly Store's RFID technology allows continuous inventory tracking and expiry dates monitoring, equipping store managers with precise and current information.
Which Segments in the Radio Frequency Identification (RFID) Smart Cabinets Market Offer the Most Profit Potential?
The radio frequency identification (RFID) smart cabinets market covered in this report is segmented -
1) By Component: Radio-frequency Identification (RFID) Tags, Radio-frequency Identification (RFID) Readers, Radio-frequency Identification (RFID) Antenna, Other Components
2) By Type Of Radio Frequency Identification (RFID) Technology: Passive Radio-Frequency Identification (RFID), Active Radio-Frequency Identification (RFID), Semi-Passive Radio-frequency Identification (RFID)
3) By Deployment: On-Premises, Cloud
4) By End-User Industry: Healthcare, Retail, Industrial Manufacturing, Automotive, Aerospace and Defense, Hospitality And Entertainment
Subsegments:
1) By Radio-Frequency Identification (RFID) Tags: Passive RFID Tags, Active RFID Tags
2) By Radio-Frequency Identification (RFID) Readers: Fixed Readers, Handheld Readers
3) By Radio-Frequency Identification (RFID) Antenna: Near-Field Antennas, Far-Field Antennas
4) By Other Components: RFID Software, Enclosures Or Cabinets, Power Supply Components
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Which Firms Dominate the Radio Frequency Identification (RFID) Smart Cabinets Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Radio Frequency Identification (RFID) Smart Cabinets Market?
North America was the largest region in the radio frequency identification (RFID) smart cabinets market in 2024. 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.
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