Automatic Identification and Data Capture Market: by Product Type (Barcodes, Smart Card, RFID Products, OCR Systems, Magnetic Stripe Card, and Biometrics), by Offering Type (Hardware, Software, and Service), and End-User (Banking, Financial Services and Insurance (BFSI), Government, Healthcare, Transportation & Logistics, Retail, Manufacturing, and Others) – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
The automatic identification and data capture market was valued at USD 39.8 billion in 2020, which is expected to reach USD 84.6 billion by 2027, registering a CAGR of 12.4% over the forecast period (2021-2027). Automatic identification and data capture are technologies that identify the data, capture it, and store it directly into a computer without any human interference. These data can be in any form, such as image, text, and sound. As the procedure is automatic, data is gathered quickly and accurately. AIDC is broadly used for workflow management, assets and inventory management, and security across various industries, including government, healthcare, transportation & logistics, retail, and others. As per the Aberdeen Group, 59% of the retailers aim to implement dynamic marketing content with POS tools, and 61% of the retailers required assistance regarding loyalty processing, anywhere product information, portable, inventory lookup, and price lookup.
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Several BFSI implements automatic identification and data capture tools such as smart cards and biometrics and replacing traditional methods such as paper-based documents or identification cards issued by the respective government. These conventional methods were easy to manipulate since printing a document is easy. The adoption of AIDC has provided an extra layer of security in day-to-day operations and encouraged all BSFI to shift to a digital identification method by adopting AIDC technologies. These technologies include smart cards, magnetic stripe cards, and biometric devices. These technologies provide several benefits, such as reducing queuing and transaction time, making small payments, and improving accuracy & efficiency.
The increasing e-commerce industry is boosting the demand for automatic identification and data capture devices. The industry is adopting AIDC technologies to identify various data such as barcodes, smart cards, magnetic strips cards, intelligent devices to scan QR codes, and image recognition. These factors are estimated to fuel the growth of the global market throughout the forecast period. Further, rising opportunities from healthcare and supply chain management verticals are anticipated to boost technology adoption in the upcoming market.
Furthermore, the outbreak of the COVID-19 pandemic has positively impacted the automatic identification and data capture market as healthcare industries are adopting these technologies to curb the spread of coronavirus cases. As the virus attacks lungs and other respiratory organs, using AIDC technologies to study the corona’s effects on the lungs is expected to contribute sustainably during the pandemic. However, the high deployment cost, high maintenance cost, high capital cost, and difficulty in servicing these devices in remote areas can restrain the market’s growth. Several small retailers depend more on cash transactions than online payment, debit, or credit cards for payments.
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The report outlines the automatic identification and data study that captures the market based on product type, offering type, and end-user.
Based on product type, the automatic identification and data capture market is segmented into-
Based on offering type, the automatic identification and data capture market is segmented into-
Based on end-user, the automatic identification and data capture market is segmented into-
From a geographical viewpoint, the automatic identification and data capture market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa (MEA). In 2020, Asia Pacific is estimated to account for the largest market share in the global automatic identification and data capture market throughout the forecast period. The growing demand for barcodes and biometrics devices in several verticals such as healthcare, manufacturing, e-commerce, BFSI, and transportation and logistics is expected to boost automatic identification and data capture market growth.
The Asia Pacific and North America are anticipated to register a considerable growth rate in the automatic identification and data capture market over the forecast period. Growing adoption of new technology such as bringing your own device (BYOD), increasing acceptance of AIDC devices, increasing awareness, and increased disposable income contribute to the market’s growth throughout the forecast period.
The leading manufacturers of automatic identification and data capture in the global market include Zebra Technologies, Honeywell International, Datalogic S.p.A, Bluebird Inc., and Better Online Solution Ltd.
Other automatic identification and data capture manufacturers include Epson America Inc., Allien Technology Corporation, NEC Corporation, Newland Europe BV, and Toshiba Tech Corporation.
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