Report : Automatic Identification and Data Capture Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering (Hardware, Software, and Services), Product (Barcodes Products, Magnetic Stripe Cards, Smart Cards, OCR Systems, RFID Products, and Biometric Systems), Industry Vertical (BFSI, Retail & E-Commerce, Manufacturing, Healthcare, Government, Transportation & Logistics, and Others)
Need for Cost-Effective and Error-free Solutions for Data Entry Applications Provides Growth Opportunities for Automatic Identification and Data Capture Market Players
According to our latest market study on “Automatic Identification and Data Capture Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Offering, Product, and Industry Vertical,”the market was valued at US$ 34,342.36million in 2019 and is projected to reach US$ 78,654.15million by 2027; it is expected to grow at a CAGR of 10.9% from 2020 to 2027.
Programmed machinery play a vital role in reducing the time required for production or servicing and cost of the same. The end users are provided with a greater control over the sensitive data with a 24×7 monitoring and security. The deployment of programmed tools such as automatic data capture instruments allows organizations to lower the need of human intervention. Reduced human intervention leads to lesser errors by any system. The uniformity of results obtained on the deployment of programmed processesacts as an opportunity for organizations to achieve greater efficiencies, than those achieved with human interactions. In addition, handling organization data with the use of software services proves to be cheaper, and more efficient and secure than appointing personnel for this task. Increasing volume of data being generated by globally would lead to more complexities in their storage, maintenance, and other operations. Automatic identification and data capture tools can thus reduce complexities, errors, and delays in data operations as they can capture the required data from the product and store it in the computer in the digital form. .
North Americaheld the largest share of the automatic identification and data capture market in 2019,followed by Europe and Asia Pacific. Further,Asia Pacific is projected to register the highest CAGR during the forecast period.The automatic identification and data capture market has been segmented on the basis of offering, product, and industry vertical. The market based on offering issegmented into hardware, software, and services. The hardwaresegment held the largest share of the overall market during the forecast period.Based on product, the market issegmented into barcodes products, magnetic stripe cards, smart cards, OCR systems, RFID products, and biometric systems.In 2019, thebarcode productssegmentaccounted for a substantial share in the global automatic identification and data capture market. The market based on industry vertical is segmented into BFSI, retail & e-commerce, manufacturing, healthcare, government, transportation & logistics, and others. The retail &e-commercesegment represented the largest share of the overall automatic identification and data capture market in 2019.
Impact of COVID-19 Pandemic on Automatic Identification and Data Capture Market
The automatic identification and data capture market players were witnessing substantial rise in demand for their products and services before the emergence of COVID-19outbreak in December 2019. The demand for their products and services drastically fell across the industries other than healthcare, logistics, and retail due to the lockdowns and business shutdowns in various countries. Manufacturing units operating with limited manpower amid the COVID-19 crisishave led to the lowered production volumes; this has had a direct impact on the adoption of barcode labels, RFID tags, OCR, and smart cards as the manufacturers restricted themselves from investing in such modern technologies and rather redirected their focus on improving productivity, along with adhering to the norms laid down by respective governments. In addition, due to lesser sales volumes, they are refraining from procuring AIDC products. This factor has reduced the automatic identification and data capture market revenue coming from the manufacturing sector. The retail sector continued to procure AIDC products owing to the continuity of both offline and online retail. The governments of maximum countries allowed the supermarkets and convenience stores to operate for only necessary goods. This resulted in the procurement of various AIDC products in these stores for capturing data automatically from the labels; it also led logistics companies to invest in these technologies. Although the healthcare sector continued to procure AIDC products for capturing the data of indoor patients following the social distancing norms, the decreased number of outpatients restricted the demand for these products in the healthcare sector.
Cipherlab Co., Ltd.; Bluebird Inc.; Cognex Corporation; DatalogicS.p.A; Denso Wave Inc.; Honeywell International Inc.; SATO Holdings Corporation; SICK AG; Toshiba Corporation; and Zebra Technologies Corporationare a few of the major companies in the automatic identification and data capture market.
The report segments the global automatic identification and data capture market as follows:
By Industry Vertical