Global RFID smart cabinet market is segmented into standard form and customized form, based on product. RFID smart cabinet serves multiple objectives for various business domains. One of the most profound uses of RFID smart cabinets caters to hospitals and medical institutions. Using a patent protected RFID technique coupled with point-of-use reporting, smart cabinets enable a precise, real-time inventory management at the stock and inventory level.
Technically, RFID smart cabinet works on RFID principle. RFID labels are placed on item package or box and the item’s barcode gets scanned to enroll into the system. Enrolled stock is then ready for placement in the smart cabinet. Individual stock is then placed on the shelves with the RFID tags facing towards the rear of cabinet. In the end, cabinet doors are closed & items are ready for use.
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RFID smart cabinet market is driven by factors such as growing awareness by healthcare organizations to cut costs by adopting a competent inventory management solution. Additionally, the growing curve for healthcare technologies and the entry of private organizations into fertile markets such as India, China is also anticipated to grow the market for forecast period. However, a significant number of organizations satisfyingly use manual processes and have display unwillingness towards adoption of modern technologies, such factors are somewhat likely to impede the market growth for the forecast period.RFID smart cabinet market is segmented into hospitals and large clinic, based on end-user. Hospitals are further segmented into medical equipment tracking and medical equipment record maintenance.
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RFID smart cabinet market spans North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. North America dominates the global market owing to high use of cabinets in U.S. Also, the North American market was estimated to be at a higher CAGR during the forecast period in terms of revenue. APAC regions and Latin American regions are anticipated to grow at a higher CAGR owing to tremendous growth in healthcare organizations encouraged by past economic developments.The key players in the RFID smart cabinet market include LogiTag Systems, Mobile Aspects, TAGSYS RFID, Terson Solutions, WaveMark, Sato Vicinity, Grifols, Palex Medical, and Nexess.
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