PUBLISHER: The Business Research Company | PRODUCT CODE: 1706196
PUBLISHER: The Business Research Company | PRODUCT CODE: 1706196
RFID smart cabinets are storage systems that incorporate radio frequency identification (RFID) technology for efficient inventory control and monitoring. These cabinets automatically track and manage the inventory of items stored within them by using RFID tags.
The key components of RFID smart cabinets include RFID tags, RFID readers, RFID antennas, and other related hardware. RFID tags are small devices that store and transmit data wirelessly through radio waves. They can be passive, active, or semi-passive depending on the technology used. These tags are utilized in both on-premises and cloud-based systems by various industries including healthcare, retail, industrial manufacturing, automotive, aerospace and defense, as well as hospitality and entertainment sectors.
The radio frequency identification (RFID) smart cabinets market research report is one of a series of new reports from The Business Research Company that provides radio frequency identification (RFID) smart cabinets market statistics, including the radio frequency identification (RFID) smart cabinets industry global market size, regional shares, competitors with radio frequency identification (RFID) smart cabinets market share, detailed radio frequency identification (RFID) smart cabinets market segments, market trends, and opportunities, and any further data you may need to thrive in the radio frequency identification (RFID) smart cabinets industry. These radio frequency identification (RFID) smart cabinets market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The radio frequency identification (RFID) smart cabinets market size has grown rapidly in recent years. It will grow from $1.08 billion in 2024 to $1.2 billion in 2025 at a compound annual growth rate (CAGR) of 10.9%. 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 $1.79 billion in 2029 at a compound annual growth rate (CAGR) of 10.6%. 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.
The growth of the radio frequency identification (RFID) smart cabinet market is expected to be driven by the rise in healthcare digitization. Healthcare digitization involves incorporating digital technologies into healthcare systems and processes to enhance efficiency, accuracy, and patient outcomes. This shift towards digitalization is fueled by the demand for improved operational performance and better healthcare results. RFID smart cabinets play a crucial role in this transformation by boosting efficiency, accuracy, security, and compliance in healthcare settings. They help streamline processes, reduce costs, and ultimately improve patient safety and care. For example, a February 2024 report by Rock Health, a US-based organization, revealed that 80% of respondents in their 2022 survey had used telemedicine, marking an 8-percentage point increase from 72% in 2021. As such, the ongoing rise in healthcare digitization is set to accelerate the growth of the RFID smart cabinet market.
Leading players in the RFID smart cabinets market are innovating intelligent cabinet solutions to optimize inventory management and operational workflows across industries, with a particular emphasis on healthcare and retail sectors. These intelligent cabinets leverage RFID, sensors, cloud computing, and IoT technologies to enhance consumer convenience and provide real-time inventory management for businesses. For instance, Selfly Store, a Finland-based retail solution provider, introduced an intelligent cabinet series for automated, unmanned retail in May 2022. These cabinets cater to diverse locations such as workplaces, hotels, hospitals, and sports centers, offering 24/7 unmanned service. Selfly Store integrates advanced RFID, sensors, cloud computing, and IoT technologies in its intelligent cabinets to elevate consumer convenience and empower businesses with real-time inventory insights, including expiry dates and stock levels.
In January 2024, BioConnect Inc., a Canada-based software company, acquired Silent Partner Technologies. This acquisition expands BioConnect's portfolio of intelligent asset tracking and inventory management solutions, focusing on securing critical assets such as narcotics, controlled goods, first responder gear, and IT assets through RFID-based smart cabinets. Silent Partner Technologies, a US-based provider of RFID asset and inventory management solutions, brings expertise in developing innovative RFID smart cabinets to enhance security and accountability for essential assets.
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
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.
The countries covered in the radio frequency identification (RFID) smart cabinets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The radio frequency identification (RFID) smart cabinets market consists of revenues earned by entities by providing services such as inventory tracking, automated replenishment, usage monitoring, security and authentication, and data analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The radio frequency identification (RFID) smart cabinets market also includes sales of sensors, display screens, connectivity modules, and backup battery. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Radio Frequency Identification (RFID) Smart Cabinets Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on radio frequency identification (rfid) smart cabinets market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for radio frequency identification (rfid) smart cabinets ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The radio frequency identification (rfid) smart cabinets market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.