In 2022, the global market for automatic identification and data capture market was valued at US$ 48,453.0 million. By 2032, it is expected to have grown to US$ 132,722.0 million, with a CAGR of 10.6%. More individuals are utilising smartphones for image recognition and QR code scanning, which has led to an increase in the market for automatic identification and data gathering. The market for automatic identification and data capture saw a CAGR of 9.3% for the historical period of 2016 to 2021.
Market for automatic identification and data collection: Globally, technology firms are emphasising reducing human involvement in straightforward, machine-based procedures. Systems that execute a series of transactions based on predetermined triggers are increasingly being developed and adopted.
Systems like these, also known as automatic identification and data capture, are the foundation of emerging trends like biometric authentication, industrial automation, and retail automation. Under this situation, the adoption of automatic identification and data capture techniques like RFID, barcode scanners, and biometric systems is expected to increase.
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A technique for identifying and detecting objects and data based on a specified set of conditions is known as automatic identification and data capture. The market for automatic identification and data capture includes hardware like magnetic stripes, smart cards, and biometric readers as well as software solutions.
Automatic Identification & Data Capture Market: Drivers & Challenges
- Fast moving industry of e-commerce depends on the accuracy and speed of movement of merchandise. Moreover, the e-commerce industry is becoming increasingly competitive where cost minimization is of paramount importance. This presents a lucrative opportunity for the Automatic Identification & Data Capture market to capitalize on.
- Similarly, the Retail industry is also heavily investing in automation solutions built on top of Automatic Identification & Data Capture tools. This is helping Automatic Identification & Data Capture gain rapid penetration in retail markets.
- A huge chunk of a retail outlet’s total sale is contributed by low-value products and it is therefore economically unviable to use technologies such as RFIDs and 2D barcodes which are at the base of developments in the Automatic Identification & Data Capture market. This is true for many other industries too where the cost of large-scale implementation is impeding the growth of the Automatic Identification & Data Capture Market.
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Automatic Identification & Data Capture Market: Regional Overview
- North America is expected to lead the Automatic Identification & Data Capture Market in terms of value owing to the high adoption of application areas such as E-Commerce, Retail Automation, Industrial Automation, and Identity & Access Management. Automatic Identification & Data Capture Market is also expected to gain considerable traction in the Asia Pacific region due to growing investment in digitization and urbanization.
Automatic Identification & Data Capture Market: Competitive Landscape
Automatic Identification & Data Capture Market: Key Contracts/Agreement/Acquisitions
- In August 2016, Datalogic S.p.A, a leading player in the Automatic Identification & Data Capture Market partnered with StayLinked Corp. to leverage Staylinked’s SmartTE software in their data collection solutions
Automatic Identification & Data Capture Market: Key Players
- Leading players in the Automatic Identification & Data Capture market include Shenzhen Unique Electronic International, Datalogic S.p.A, Honeywell International Inc., RIOTEC Co., Ltd., ZIH Corp., Synaptics Incorporated, CVISION Technologies, Inc., SATO Holdings Corporation and Toshiba TEC Corporation.
Automatic Identification & Data Capture Market: Segmentation
- Barcodes
- 2D Barcodes
- Magnetic Stripes
- Smart Cards
- (Radio Frequency Identification) RFID
- Biometrics
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