Automatic Identification and Data Capture Market

Global Automatic Identification and Data Capture Market Size (2023 to 2028)

The global automatic identification and data capture market size is expected to be worth 46.23 Billion USD in 2023. It is expected to grow at a CAGR of 11.35% during the forecast period and reach a value of 79.14 Billion USD by 2028.

Automatic Identification and Data Capture refers to a group of technologies that collect data from a person, an image, an item, or a sound without the need for manual data entry. Security, delivery, inventory, assets, and document management are just a few of the applications for these technologies. Barcodes, RFID (Radio Frequency Identification), Biometrics, iris and facial recognition systems, Smartcards, Optical Character Recognition (OCR), and Speech recognition are just a few of the technologies that use automatic identification and data capture. Manufacturing, transportation, warehouse, distribution, healthcare, and government institutes are just a few of the businesses that utilize this technology.

AIDC is a method for obtaining data from the outside world, such as voice, photos, and videos. To convert and record actual data into a digital file, AIDC uses a transducer. Furthermore, AIDC applications can be classified into several categories, including tracking validation, interfaces, and identification. Because of the increased use of smartphones for image recognition and QR code scanning, as well as the global growth of e-commerce platforms, the automatic identification and data capture market share is predicted to grow significantly throughout the projection period.

Global Automatic Identification and Data Capture Market Drivers:

Developing the e-commerce industry globally is one of the driving factors of the worldwide Automatic Identification and Data Capture Market. Within the e-commerce industry, likewise as in warehouse management, automatic identification, and data capture goods like barcoding solutions, wearable, and oftenest identification (RFID) solutions play a critical role. AIDC technology not only assists the e-commerce industry in automatically identifying items, collecting data about them with high accuracy and precision, and entering this data electronically into the pc system, but it also assists the e-commerce industry in automatically identifying items, collecting data about them with high accuracy and precision, and entering this data electronically into the pc system. Barcode scanners, rugged tablets, handheld and fixed-position laser scanners and imagers, RFID tags and readers, wearable devices, and voice recognition technologies are the foremost prevalent devices that want to identify and capture data. Inventory, asset, and workflow management; order fulfillment; and decreasing queue and transaction time are just some of the various applications of those technologies within the e-commerce business and warehouse management.

Governments throughout the globe are progressively promoting the adoption of Automatic Identification and Data Capture technology in the form of industries to tackle difficulties like human error, erroneous data capture, and other challenges that cause higher operational costs. By assuring accurate data collection, the government's standards and laws will assist businesses in improving information visibility and operational efficiency, lowering operating costs, and increasing customer satisfaction. In India, for instance, the govt is considering making a fast Response (QR) code-based payment option mandatory for stores. The technology had a major role in containing the infection throughout the country. As a result of growing knowledge regarding the benefit of technologies like QR codes, the automated Identification and Data Capture Market is predicted to rise rapidly over the forecast period.

Global Automatic Identification and Data Capture Market Restraints:

The High installation cost of The AIDC solutions are the main restraining factors that is expected to hamper the worldwide Automatic Identification and Data Capture Market. One of the best barriers to the adoption of automatic identification and data capture devices by small and medium-sized businesses is the high cost of installation. When automatic identification and data-capturing products like smart cards are installed, one or two contactless point-of-sale terminals are required, which is extremely costly for tiny and medium-sized businesses with little cash. Similarly, many small retail businesses still like to accept cash payments instead of credit or debit cards. This is often a key impediment to the spread of card-based acceptance solutions for traditional bank acquirers and contactless payment service providers (PSPs).

REPORT COVERAGE:

This research report on the global automatic identification and data capture market has been segmented and sub-segmented into the following categories.

Automatic Identification and Data Capture Market - By Product Type:

• Scanner & Reader.
• Biometric Scanners.
• Printer & Recorder.

The biometric Scanners segment is predicted to own the dominant share within the Global Automatic Identification and Data Capture Market during the Forecast Period. The goal is to get a bit of biometric data from this individual. It’s going to be a photograph of their face, a recording of their voice, or a fingerprint image. This information is then compared to biometric information from several people stored in an exceeding database.

Automatic Identification and Data Capture Market - By Offering:

• Hardware.
• Solutions & Services.

The hardware segment is anticipated to own the dominant share within the Global Automatic Identification and Data Capture Market during the Forecast Period. The high demand for hardware components during a form of automatic identification and data capture products, like barcoding solutions, tape cards, smart cards, optical character recognition (OCR) systems, RFID tags, printers and readers, tablets, wearable, video game (VR) devices, heads-up display devices, Google Glass, and biometric systems, has contributed to the hardware segment's largest size.

Automatic Identification and Data Capture Market - By Technology:

• Biometrics.
• Radio Frequency Identification (RFID).
• Smart Cards.
• Optical Character Recognition (OCR).

Biometrics is predicted to own the dominant share within the Global Automatic Identification and Data Capture Market during the Forecast Period. Biometric systems are widely employed in forensic science for criminal identification, in autos for keyless entry and ignition, and in mobile transactions for consumer recognition. It is also wont to clock in and move into offices.

Automatic Identification and Data Capture Market - By Industry Vertical:

• BFSI.
• Manufacturing.
• Retail.
• Transportation & Logistics.
• Hospitality.
• Healthcare.
• Government.

The manufacturing segment is expected to have the dominant share in the Global Automatic Identification and Data Capture Market during the Forecast Period. The manufacturing vertical's market-leading position can be attributed to increased production efficiency and lower operational costs achieved through the use of AIDC products, allowing the manufacturing vertical to effectively manage the growing number of goods flowing through the supply chain process. As a result, AIDCs are expected to be in high demand in the industrial sector over the projection period.

The healthcare segment is expected to have a prominent share in the Global Automatic Identification and Data Capture Market during the Forecast Period. In contrast to physical records, EHR provides medical professionals with centralized access to important patient records while maintaining the highest level of security and privacy.

Automatic Identification and Data Capture Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia-Pacific is expected to have the dominant share in the Global Automatic Identification and Data Capture Market during the Forecast Period. Almost all of the region's industries have benefited from a growing middle-class population fuelled by rising income levels and urbanization. Several retail outlets are opening in the countries of this region, and the e-commerce industry has exploded in places like India and China.

North America is expected to have a prominent share in the Global Automatic Identification and Data Capture Market during the Forecast Period because of the widespread usage of applications like E-Commerce, Retail Automation, Industrial Automation, and Identity and Access Management. Due to rising investments in digitalization and urbanization, the Automatic Identification and Data Capture Market in Asia Pacific is likely to acquire significant traction.

KEY MARKET PLAYERS:

Honeywell, Datalogic S.p.A., Zebra Technologies, SICK AG, Cognex Corporation, Toshiba, Panasonic Corporation, Thales, NXP Semiconductors N.V.

RECENT HAPPENINGS IN THE MARKET:

• Zebra Technologies, a business that specializes in data capture and automatic identification devices, has purchased Matrox's imaging section. This division will be retained by Matrox, which also provides audio-video software and technology for the broadcast business.
• AIDC Industry Standards and Advocacy Get a New Strategic Vision from AIM. AIM, the industry association for automated data capture technologies such as barcode, RFID, Internet of Things, NFC, and RTLS, has revealed its strategy goal to expand its influence among stakeholders in the AIDC Industry Standards automatic identification and data capture (AIDC) sector.