SecurityWorldMarket

07/10/2020

Automatic ID & data capture market to double in five years

Northbrook, Il

The recently published report on the automatic identification and data capture market including COVID-19 impact analysis to 2025 predicts that the sector is expected to grow from USD 40.1 billion in 2020 to USD 80.3 billion by 2025; it is expected to grow at a CAGR of 14.9% during 2020–2025.

The report, produced by Marketsandmarkets suggests that the key factors fuelling the growth of this market include the growing e-commerce industry globally; an increasing use of smartphones for QR code scanning and image recognition; the rising adoption of AIDC solutions due to their ability to minimize queuing and transaction time and provide greater convenience to users in making small-value payments; and surging adoption of AIDC solutions by banking and financial institutions to ensure customer safety and security, along with data privacy. The analysts also say that an increasing number of patients and deaths due to COVID-19 will force all the countries to increase their healthcare expenditure, which they expect to have a positive impact on the growth of the market for AIDC products.

The hardware component is expected to account for the largest share of the AIDC market by 2025. The high requirement for hardware components in several automatic identification and data capture products such as barcoding solutions, magnetic stripe cards, smart cards, optical character recognition (OCR) systems, RFID tags, printers and readers, tablets, wearables, VR devices, heads-up display devices, Google Glass, and biometric systems, has contributed to the largest size of the hardware segment.

Based on vertical, markets market the hospitality vertical is predicted to grow at the highest CAGR from 2020 to 2025. Automatic identification and data capturing products, such as barcoding solutions, RFID systems, OCR systems, and biometric systems, are increasingly being used by many hotels and restaurants to enhance the guest experience, increased operational efficiency, accelerated service delivery speed, as well as for mobile payment and ordering, inventory management, and food safety tracking.

Geographically, it is the APAC region that is expected to grow at the highest CAGR during the forecast period. Many retail and logistics companies are expanding their presence in the region to capitalise on the increased purchasing power of middle-class people, which has led to the growth of the automatic identification and data capture market in the region. Moreover, the significant presence of several market players, such as Panasonic (Japan), SATO (Japan), Toshiba (Japan), Godex (Taiwan), and Optoelectronics (Japan), in the region is likely to propel the growth of the automatic identification and data capture market in APAC.

Key players cited as active in the market include Honeywell, Datalogic, Zebra Technologies, Sick, Cognex Corporation, Toshiba, Panasonic, Thales, and NXP Semiconductors. These players are increasingly undertaking product launches and developments, mergers and acquisitions, expansions, contracts, partnerships, agreements, and collaborations, to increase their market shares.


Tags

Product Suppliers
Back to top