Some of the major factors expected to drive the Automatic Identification And Data Capture Market include the ability to minimize the queuing and transaction time, convenience in making small-value payments, growing e-commerce industry and others.
JERSEY CITY, N.J., Nov. 18, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Automatic Identification And Data Capture Market" By Offerings (Hardware, Software and Services), By Product (Barcodes, Magnetic Stripe Cards, Smart Cards), By End User (Logistics, Healthcare, BFSI, Manufacturing), and By Geography. According to Verified Market Research, the Global Automatic Identification And Data Capture Market size was valued at USD 40.1 Billion in 2020 and is projected to reach USD 62.0 Billion by 2028, growing at a CAGR of 12.4 % from 2021 to 2028.
Global Automatic Identification And Data Capture Market Overview
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The adoption of automatic identification and data capture technologies has been boosted by favourable government legislation on using AIDC technology to overcome the challenges of rising data entry and medication errors, as well as rising operating costs.
These rules and regulations will assist organisations in improving information visibility, increasing operational efficiency, lowering operating costs through accurate data capture, and increasing customer satisfaction. For instance, to manage data and avoid human errors, the Japanese government has made it mandatory to use new barcode-enabled pharmaceuticals and medical devices. The market for automatic identification and data capture technologies is expected to grow in the coming years as a result of this trend.
AIDC technology is disrupting a wide range of industries, including retail, manufacturing, transportation & logistics, hospitality, BFSI, and healthcare. Emerging smart technologies for a variety of applications in these industries are making it easier to incorporate barcode, RFID, and biometric authentication into smart solutions. The rapidly growing demand for AIDC devices is encouraging leading players in the automatic identification and data capture technology market to devote more resources to improving the technology and rapidly expanding its applications across various industries.
In February 2019, Temptime Corporation, a U.S.-based manufacturer of differentiated technology that notifies temperature deviation in medical and biological products and shipments, was acquired by Zebra Technologies in February 2019. Zebra Technologies' strategy of expanding into high-growth areas like healthcare automatic identification and data capture was well-aligned with this acquisition.
The major players in the market are Honeywell, Datalogic S.p.A., Zebra Technologies, SICK AG, Cognex Corporation, Toshiba, Panasonic Corporation, Thales, NXP Semiconductors N.V. and among others.
Verified Market Research has segmented the Global Automatic Identification And Data Capture Market On the basis of Offerings, Product, End User, and Geography.
Automatic Identification And Data Capture Market, By Offerings
Automatic Identification And Data Capture Market, By Product
Magnetic Stripe Cards
Optical Character Recognition (OCR) Systems
Radio Frequency Identification (RFID) Systems
Automatic Identification And Data Capture Market, By End User
Automatic Identification And Data Capture Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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