Automatic Identification and Data Capture Market is valued approximately at USD 34.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 14.9% over the forecast period 2020-2027.
Automatic Identification and Data Capture (AIDC) is a device that collects information of an individual, image, object or sound, which is then stored in the data set without human intervention. Automatic Identification and Data Capture systems are used to manage documents, security, assets, inventory, and delivery processes in any industry or enterprise. AIDC systems are used in wide range of applications including retail, manufacturing, government, medicine, transportation, distribution, and many others. The growing e-commerce industry, rising use of smartphones for QR code scanning and image recognition are the few factors responsible for growth of the market over the forecast period.
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For instance: as per Statista, the global smart phone penetration rate was 33.5% in 2016 and raised to 44.9% in 2020. The surging adoption of AIDC solutions by various financial institutions to ensure customer safety and security, along with data privacy will further accelerate the market growth. Also, as per Statista, the e-commerce share of total retail sales in Vietnam was 1.8% in 2013 and has risen by 8.1% of total retail sales in 2020.
Furthermore, the introduction of products and services along with other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 25th November 2019, Panasonic launched an application programming interface (API) for its facial recognition technology in Japan. These API solutions will recognize the whole face with certain parts of the face through the integration of multiple deep learning technologies as well as controlled the errors caused by photographic conditions. Whereas, high installation cost of AIDC solutions is the major factor restraining the growth of global Automatic Identification and Data Capture market during the forecast period.
The regional analysis of global Automatic Identification and Data Capture market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the rising demand for high-speed networks, increasing competition among major players in the networking industry for providing better customer experience, and rising adoption of cloud networking. Many retail and logistics companies are expanding their presence in the region to capitalize on the increased purchasing power of the middle-class people, anticipated to drive the market growth.
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Major market player included in this report are:
Honeywell International Inc.
Zebra Technologies Corporation
Getac Technology Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
Magnetic stripe cards
Optical character recognition (OCR) systems
Transportation & Logistics
Banking & Finance
Energy & power
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Automatic Identification and Data Capture Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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