The global industrial automatic data capturing and identification systems market to grow at a CAGR of 5.96% during the period 2017-2021.
The report, Global Industrial Automatic Data Capturing and Identification Systems Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is forward integration of systems for connectivity. Vendors are trying to integrate with other company providers to provide a more broader solution. Due to the increased importance in connectivity and data transfer, it becomes vitally important for vendors to provide proper solution for connectivity to users. The captured data need to be sent and retrieved so that valuable insights can be derived from them.
According to the report, one driver in market is real-time visibility of the work done. The logistics and manufacturing industries both require visibility of goods that are stocked into warehouses. The improvements in equipment such as RFID and barcode readers that helps in capturing data are now proving beneficial for increasing the accuracy in inventory holdings as well as reducing the stock-outs as they provide an exact available inventory level in warehouses. If proper real-time visibility is not present, it can result in huge loss of operational expenditure and time.
Food and pharma industries annually incur large amount of operation expenses due to improper tracking and handling of foods during the logistics process. Majority of the manufacturing companies have a lack of visibility of products in supply chains and material handling processes. This leads to delay in time and cost, resulting in decline of profits for companies.