PRLog - Sep. 5, 2014 - LONDON, U.K. -- TechNavio, the independent tech-focused global research firm, has published a report on the Global RFID Smart Cabinet Market 2014-2018, which is expected to post a CAGR of 11.8 percent during 2013-2018.
Radio Frequency Identification Smart Cabinet technology reduces manual efforts to maintain, track, and manage inventory. It helps reduce loss and misplacement of supplies, increases savings, and minimizes the risk of theft.
The increasing need for inventory management in hospitals is the major driver of the Global RFID Smart Cabinet market. The smart cabinets minimize loss and misplacement of supplies. As these cabinets increase savings and are less prone to errors, several hospitals worldwide are adopting RFID smart cabinets for effective inventory management.
“The use of RFID smart cabinets in hospitals has proved to contribute to the hospitals' savings by eliminating loss due to human errors in inventory management, or loss due to theft and incorrect prescriptions,” says Faisal Ghaus, Vice President of TechNavio.
Key Market Drivers
· Increasing Need for Inventory Management in Hospitals
· Increase in Hospital Funding
· Rising Adoption in Emerging Countries
· Minimal Cost of Supporting Infrastructure
Key Market Trends
· Increasing Awareness of RFID Technology
· Rapid Technological Advancements
· Increasing Government Aid
· Increased R&D Spending by Vendors
Key Market Vendors
· LogiTag Ltd.
· Mobile Aspects Inc.
· TAGSYS RFID Group Inc.
· WaveMark Inc.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.
We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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