Global RFID Smart Cabinet Market 2016-2020 – Market Analysis and Overview
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This report covers the present scenario and the growth prospects of the global radio-frequency identification (RFID) smart cabinet market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of RFID smart cabinets.
This analyst forecast the global radio-frequency identification (RFID) smart cabinet market to grow at a CAGR of 14.03% during the period 2016-2020. RFID technologies are gaining high attention from multiple sectors, especially healthcare, where hospitals have started adopting innovative technologies to address critical business needs. Smart cabinets based on RFID technology help reduce manual efforts to maintain, track, and manage inventory. They also help reduce loss and misplacement of supplies, minimize the risk of theft, and increase savings. Retailers, healthcare institutions, and discrete manufacturers are the prime users of RFID smart cabinets as the need for inventory management is critical to these businesses.
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Key players in the global radio-frequency identification (RFID) smart cabinet market: LogiTag Systems, Mobile Aspects, TAGSYS RFID, Skytron, SkyeTek, SATO Vicinity, SATO Vicinity, and WaveMark. Other Prominent Vendors in the market are: Solstice Medical, and Terso Solutions.
Increasing awareness of RFID technology in different industries is a major trend in the market. This growing awareness can be primarily attributed to the high adoption of RFID technology worldwide. The beneficial features of RFID devices such as high efficiency and quality and low error rate drive their adoption. RFID smart cabinets are used in conjunction with advances in medical device technology for purposes such as ensuring the integrity of human tissue and medical devices. The processes such as placing an order for human tissues at a tissue bank, recording tags throughout the supply, and logging an entry when the tissues are delivered at the final location reduce the amount of human efforts required to update records manually in each department of a hospital.
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An increase in funding from governmental agencies for hospitals across the globe is another major driver for market growth. In 2013, the Australian government spent an additional amount of $40-$45 billion in the healthcare sector, compared with the amount spent in 2003. In 2014, Welsh Government invested $430,797 in a RFID tagging system under the project named Invest-to-Save Fund.
Further, the report states that the presence of vendors in a few countries, mainly in developed countries such as the US, poses a major challenge to the market’s growth. Many countries have not yet introduced RF bandwidths for use in the healthcare and public sectors. A significant number of organizations worldwide are satisfied with manual processes and are unwilling to shift to modern technologies. These factors, as well as competition from barcoding technology, have diminished the penetration of RFID smart cabinets globally.
