According to a new report, published by KBV research, The Global RFID (Radio-frequency Identification) Smart Cabinets Market size is expected to reach $2.8 billion by 2029, rising at a market growth of 9.2% CAGR during the forecast period.
The RFID Readers segment is showcasing a CAGR of 9.4% during (2023 - 2029). An RFID reader is employed to collect data from an RFID tag, assisting in the tracking of objects. Utilizing radio waves, data is transferred from the tag to the reader. These readers might be combined with sensors and GPS technology, increasing their utility in supply chain management, logistics, and transportation-related applications. In addition, as a result of developments in data analytics and cloud computing, RFID readers may now offer real-time data analysis and insights that can be utilized to optimize procedures and enhance decision-making.
The Hospitals & Clinics segment is generating highest revenue share in the Global RFID (Radio-frequency Identification) Smart Cabinets Market by End User in 2022 thereby, achieving a market value of $1.6 billion by 2029. RFID-enabled smart cabinets reveal precisely who and when had access to which banned chemicals. Since the system is fingerprint-based and biometric, no keys may be lost or traded. Instead, records are preserved automatically.
The North America market dominated the Global RFID (Radio-frequency Identification) Smart Cabinets Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.1 billion by 2029. The Europe market is exhibiting a CAGR of 8.8% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 9.7% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/rfid-smart-cabinets-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Grifols, S.A., Invengo Technology Pte. Ltd., Alien Technology, LLC, Impinj, Inc., Honeywell International, Inc., Stanley Healthcare (Securitas), Motorola Solutions, Inc., Siemens Healthineers AG (Siemens AG), 3M Company and IBM Corporation.
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