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(Wireless-NewsWire.Com, April 12, 2018 ) The global Automatic Identification & Data Capture Market will grow at a CAGR of 11% in the next five years to be valued at USD 71.74 billion in 2022, according to this latest publication from Meticulous Research™. The growth of this market is mainly driven by the exponential growth in the adoption of biometric systems in various industries across the globe.
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In addition, factors such as rising need to eliminate manual data capture & entry errors, increasing government legislatives on the use of AIDC technology, various technological advancements, and growing e-commerce industry are expected to further propel the growth of this market. However, lack of awareness and high upfront investments associated with the installation of certain AIDC products such as RFID and biometric systems are the major pain points, restraining the adoption of this technology.
The global AIDC market is mainly segmented by product (barcode printers, barcode verifiers, barcode scanners, RFID devices, magnetic stripe readers, smart card readers, biometric systems, Optical Character Recognition (OCR), and mobile computers), by vertical/industry (manufacturing, retail, transportation & logistics, banking & financial, healthcare, and others), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
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On the basis of product type, biometric systems segment dominated the global AIDC market and is also expected to continue its dominance during the forecast period, owing to their rising adoption by various industries such as banking & financial institutes, government agencies, healthcare facilities, offices, and travel & immigration sector to improve overall security; to keep track of staff, patients, and customers; and for identification of individuals.
On the basis of industry/vertical, retail industry commanded the largest share in the global AIDC market, owing to the higher adoption of automatic identification & data capture technologies such as barcode & RFID for billing, supply chain management, staff & asset tracking, and replenishment ordering in the retail value chain. Moreover, with the growing urbanization and rising demand for various consumer goods, the retail industry is experiencing significant growth in various countries across the globe, thereby increasing the adoption of AIDC technologies in this sector.
North-America accounted for the major share in the global AIDC market in 2016, followed by Europe, and Asia Pacific. The major share of the North American region is mainly attributed to the well-established industrial infrastructure in the region, higher adoption of advanced IT & automation technologies to ensure operational efficiency, favorable government regulations, and easy accessibility to advanced products due to the presence of key players in the region. However, Asian countries are slated to register the fastest growth during the forecast period, primarily due to rising need for automatic data capture technologies to reduce manual errors, continuous shift of manufacturing industry to emerging countries, significantly growing retail industry, and increasing transportation & logistics sector supporting growing manufacturing & retail industry.
The leading companies operating in AIDC market have employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global AIDC market were new product launches & product enhancements, partnerships & agreements, mergers & acquisitions, and expansions. The key players in the global AIDC market are Zebra Technologies Corporation, Honeywell International Inc., Datalogic S.p.A., Bluebird Inc., Godex International, Code Corporation, Toshiba Tech Corporation, SATO Worldwide, JADAK Tech, Axicon Auto ID Ltd., Microscan System, Inc., Unitech Electronics Co. Ltd., Opticon Sensors Europe B.V., Impinj Inc., Better Online SolutionsLtd., TSC Auto ID Technology Co., Ltd., Epson America Inc., Allien Technologies Corporation, Avery Dennison Corporation, Newland Europe B.V., and Seagull Scientific Inc.
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About Meticulous Research™
Meticulous Research™ is founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Meticulous Research™
Viren Shrivastava
+91 744-7780008
viren@meticulousresearch.com
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