The 2023 report on the “Automatic Identification and Data Capture Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Automatic Identification and Data Capture Market is valued approximately at USD 34.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 14.9% over the forecast period 2020-2027. Automatic Identification and Data Capture (AIDC) is a device that collects information of an individual, image, object or sound, which is then stored in the data set without human intervention. Automatic Identification and Data Capture systems are used to manage documents, security, assets, inventory, and delivery processes in any industry or enterprise.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
AIDC systems are used in wide range of applications including retail, manufacturing, government, medicine, transportation, distribution, and many others. The growing e-commerce industry, rising use of smartphones for QR code scanning and image recognition are the few factors responsible for growth of the market over the forecast period.
For instance: as per Statista, the global smart phone penetration rate was 33.5% in 2016 and raised to 44.9% in 2020. The surging adoption of AIDC solutions by various financial institutions to ensure customer safety and security, along with data privacy will further accelerate the market growth. Also, as per Statista, the e-commerce share of total retail sales in Vietnam was 1.8% in 2013 and has risen by 8.1% of total retail sales in 2020. Furthermore, the introduction of products and services along with other strategic alliance by market key players will create a lucrative demand for this market.
For instance: on 25th November 2019, Panasonic launched an application programming interface (API) for its facial recognition technology in Japan. These API solutions will recognize the whole face with certain parts of the face through the integration of multiple deep learning technologies as well as controlled the errors caused by photographic conditions. Whereas, high installation cost of AIDC solutions is the major factor restraining the growth of global Automatic Identification and Data Capture market during the forecast period.
The regional analysis of global Automatic Identification and Data Capture market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the rising demand for high-speed networks, increasing competition among major players in the networking industry for providing better customer experience, and rising adoption of cloud networking. Many retail and logistics companies are expanding their presence in the region to capitalize on the increased purchasing power of the middle-class people, anticipated to drive the market growth.
Major market player included in this report are:
Honeywell International Inc.
Datalogic S.p.A.
Zebra Technologies Corporation
Sick AG
Cognex Corporation
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Toshiba Corporation
Getac Technology Corporation
Dell
Samsung Group
Panasonic Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
by Product:
Smart cards
RFID systems
Barcoding solutions
Biometric systems
Magnetic stripe cards
Optical character recognition (OCR) systems
Voice-directed WMS
Heads-up displays
Wearables
VR solutions
Google Glass
by Offerings:
Hardware
Software
Services
By Vertical:
Manufacturing
Retail
Transportation & Logistics
Hospitality
Banking & Finance
Healthcare
Government
Commercial
Energy & power
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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