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Technavio’s market research analyst predicts the global RFID smart cabinet market to grow steadily at a CAGR of around 14% during the forecast period. The increasing need for inventory management in hospitals is the primary growth driver for this market. RFID smart cabinets provide accurate, real-time tracking at the item level. They also eliminate the risk of stock-outs, reduce inventory waste, and prevent shrinkage, and equipment losses. Due to these benefits, numerous hospitals from across the globe have started to adopt RFID smart cabinets as they help in the efficient tracking of their supplies at the item level.
The high adoption of RFID smart cabinets in emerging countries will impel the prospects for growth in this market during the forecast period. The advent of private healthcare establishments and the rising adoption of healthcare information technologies in developing countries, such as India, China, and Brazil, have led to the augmented adoption of RFID smart cabinets in hospitals during the forecast period.
The healthcare application segment will be the largest market for RFID smart cabinets during the forecast period and will account for an impressive market share of around 90% until 2020. Much of this segment’s growth can be attributed to the increasing need for inventory management in hospitals. In this sector, RFID smart cabinets help to reduce shrinkage and improves the overall supply chain performance.
In terms of geography, the Americas dominate this market and is envisaged to grow at a CAGR of approximately 13% during the forecast period. One of the primary reasons for the high revenue contribution of this region is the high adoption of RFID technology in advanced healthcare infrastructure.
The global RFID smart cabinet market is fragmented and is characterized by the presence of many players that account for a significant portion of the overall market share. The competition among the vendors operating in the market is very high and is anticipated to increase over the next few years. Factors such as the presence of a small customer base and rapid advances in technology are will intensify the level of competition among the vendors.
The leading vendors in the market are -
Other prominent vendors in the market include Skytron, Terso Solutions, Solstice Medical, Skyetek, CoreRFID, and Stanley InnerSpace.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: RFID technology overview
PART 06: RFID market overview
PART 07: RFID smart cabinet market landscape
PART 08: Market segmentation by application
PART 09: Geographical segmentation
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Market summary
PART 17: Appendix
PART 18: Explore Technavio
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