The Automatic
Identification and Data Capture Market is
expected to grow from USD 40.31 Billion in 2018 to USD 72.00 Billion by 2023,
at a CAGR of 12.30% between 2018 and 2023.
The growth of the automatic identification and data
capture market is propelled by the growing e-commerce industry, increasing use
of Smartphone’s for QR code scanning and image recognition, and rising adoption
of automatic identification and data capture solutions by financial
institutions. Factors such as rising government regulations and growth
opportunities from supply chain management and healthcare industries are
expected to support the growth of the automatic identification and data capture
market.
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Hardware is expected to hold the largest share of
the automatic identification and data capture market between 2018 and 2023.
Among all offerings, hardware held the largest share
of the automatic identification and data capture market in 2017. The high
requirement for hardware components in several automatic identification and
data capture products such as barcodes, magnetic stripe cards, smart cards,
optical character recognition (OCR) systems, RFID tags, printers and readers,
and biometric systems has contributed to the leading position of the hardware
segment in terms of market size.
Manufacturing is expected to hold the largest share
of the automatic identification and data capture market between 2018 and 2023.
Among
all verticals, manufacturing held the largest share of the automatic
identification and data capture market in 2017. The leading position of the
manufacturing vertical, in terms of market size, can be attributed to benefits
offered by automatic identification and data capture solutions such as enhanced
efficiency and reduced operational costs, which enables the sector to effectively
handle the increasing number of goods flowing through the supply chain process.
Market for biometric systems is expected to
register the highest CAGR during the forecast period.
Among
all product categories of automatic identification and data capture solutions,
the market for biometric systems is expected to grow at the highest CAGR
between 2018 and 2023. The ability to automatically identify a person based on
physiological characteristics is the major factor driving the growth of the
market for biometric systems.
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APAC is expected to hold the largest share of the
automatic identification and data capture market between 2018 and 2023.
Among
all regions, APAC held the largest share of the automatic identification and
data capture market in 2017. The leading position of APAC can be attributed to
the rapid expansion of retail and logistics companies supported by the presence
of several automatic identification and data capture players in the region.
Major
players in the automatic identification and data capture market are Datalogic
(Italy), Honeywell (US), Zebra Technologies (US), SICK AG (Germany), Cognex
(US), Toshiba (Japan), NEC (Japan), NXP (Netherlands), Synaptics (US), and SATO
(Japan).
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