The benefits will grow dramatically in the future as cloud-based data storage becomes an integral part of RFID systems. RFID Kanban System market size is expected to reach US$ 1.6 Billion in 2022 registering a CAGR of 18.1% from 2022 to 2032, reaching US$ 8.4 Billion. The mobility offered by RFID technology has long been a major selling point in the market.
As data is stored in the cloud, it can be accessed in real time to improve stock accuracy, replenishment, and product availability. Cloud services can improve productivity and accuracy throughout the entire supply chain, making warehouse employees, IT experts, and other critical members of business more efficient.
Industry leaders will continue to develop new ways to take advantage of RFID Kanban system features beyond materials and technology. These systems will become increasingly valued as more than just tags, providing integrated solutions encompassing a wide range of applications and platforms.
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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.
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.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global RFID Kanban Systems market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by type (Single Bin RFID Kanban System, Multi-Bin RFID Kanban System), by Component (RFID Box, RFID Base, RFID Shelf/Cabinet, Electronic Shelf Displays, Others), By Application (Supply Chain Inventory Management, Equipment Identification, Track, and Trace Solution, Others) & By Region (North America, Europe, Asia Pacific, Middle East, and Africa, Latin America.
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