The RFID Kanban System market is expected to reach US$ 1.6 billion in 2022, with a CAGR of 18.1% from 2022 to 2032 to reach US$ 8.4 billion. The mobility of RFID technology has long been a major selling point in the industry. The benefits will rise if cloud-based data storage becomes a typical feature of RFID devices.
To increase stock accuracy, replenishment, and product availability, data on the cloud may be accessible in real time. Cloud services may improve efficiency and accuracy throughout the supply chain, making warehouse employees, IT specialists, and other key business members more efficient.
Aside from materials and technology, industry leaders will continue to innovate new ways to leverage RFID Kanban system characteristics. These technologies will be more valued for their ability to provide integrated solutions spanning several applications and platforms, rather than simply tags.
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Key Takeaways:
- Growing demand for restocking of products the demand for RFID box segment to grow at a CAGR of 17.5% during the forecast period
- The U.S. market is expected to reach US$ 3 Billion by 2032, growing at a CAGR of 17.9% by the forecast period.
- Growing demand for automation businesses in China are expected to grow at a CAGR of 17.4% from 2022-2032.
- Multi-Bin RFID Kanban Systems is expected to grow at a CAGR of 17.9% during the forecast period.
- A growing demand for inventory management of drugs in Japan is projected to drive market growth at a CAGR of 16.2% during the forecast period.
‘Supply chain and inventory management using cutting-edge technology and AI will pave the way to a better future for prominent RFID kanban systems manufacturers, leading to enhanced market growth,’ remarks an analyst at FMI.
Continuous R&D initiatives and new product development, growing cases of stock-outs, over inventory, clerical errors, and growing demand for real-time asset and inventory tracking are expected to significantly boost demand over the next six years. Furthermore, the cost incurred due to medication expiration coupled with increasing demand for FIFO system and implementation of lean inventory management is anticipated to increase market growth at a rapid pace. Kanban system works on the traditional Japanese kanban system which literally means signboard which is a scheduling system for lean just in time production.
In RFID kanban system colored cards are replaced with RFID tags which automatically send a signal with the help of software, which is integrated with the hospital information system to purchase department regarding inventory replenishment. Moreover, it has been estimated that RFID kanban systems can reduce inventory levels by nearly 33% and eliminate the risk of stock-outs. Healthcare facilities have installed RFID Kanban systems in order to provide efficient and proper patient care. For instance, healthcare organizations have installed Stockbox and RFID Tagging to improve patient outcomes by enabling hospitals and other medical facilities to keep the right quantities of medications and pharmaceutical products in stock.
RFID Kanban Systems: Competitive Landscape
New technologies and increasing technological innovations in the market will benefit manufacturers. Strategic partnerships can allow a company to expand its operational capabilities. Business expansion can be made smarter and more dynamic to reduce security breaches and power outages.
- In December 2021, InvoTech Systems, Inc., a leader in trusted identity solutions, was acquired by HID Global, a worldwide provider of trusted identity solutions. As a result of the acquisition, HID Global’s RFID portfolio grows even further to provide a comprehensive range of advanced textile inventory management solutions for uniforms, linens, and laundry operations.
- In April 2022, Chipotle Mexican Grill is going to test radio-frequency identification (RFID) technology in nearly 200 of their restaurants and distribution center in Chicago. This test has been developed in collaboration with the RFID Lab at Auburn University. In order to enhance inventory and traceability, the company plans to utilize the technology. With this new technology, Chipotle will be able to respond quickly to concerns about food safety and quality.
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Key Segments Covered In The RFID Kanban Systems Market Report
RFID Kanban Systems Market by Type:
- Single Bin RFID Kanban Systems
- Multi-Bin RFID Kanban Systems
RFID Kanban Systems Market by Component:
- RFID Kanban Systems Box
- RFID Kanban Systems Base
- RFID Kanban Systems Shelf/Cabinet
- RFID Kanban Systems Electronic Shelf Displays
- Other RFID Kanban System Components
RFID Kanban Systems Market by Application:
- RFID Kanban Systems for Supply Chain Inventory Management
- RFID Kanban Systems for Equipment Identification
- RFID Kanban Systems for Track and Trace Solutions
- RFID Kanban Systems for Other Applications
RFID Kanban Systems Market by Data Center Type:
- RFID Kanban Systems for Enterprise Data Centers
- RFID Kanban Systems for Managed Data Centers
- RFID Kanban Systems for Colocation Data Centers
- RFID Kanban Systems for Cloud and Edge Data Centers
RFID Kanban Systems Market by Vertical:
- RFID Kanban Systems for BFSI
- RFID Kanban Systems for Government and Public Sector
- RFID Kanban Systems for IT and ITeS
- RFID Kanban Systems for Manufacturing
- RFID Kanban Systems for Healthcare and Life Science
- RFID Kanban Systems for Telecommunications
