Meticulous Research®– a leading global market research company published a research report titled “Automatic Identification and Data Capture Market by Technology (Barcode, RFID, Biometrics, and Smart cards), Product (Scanner, Mobile Computers, and Software), End-User (Logistics, Healthcare, BFSI, Manufacturing, and Retail)- Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the global Automatic Identification and Data Capture (AIDC) market is expected to grow at a CAGR of 11% from 2021 to reach $115.8 billion by 2028. In terms of volume, the global AIDC market is expected to reach 819.6 million units by 2028 growing with a CAGR of 12.2% from 2021 to 2028.
The growth of automatic identification and data capture (AIDC) market is majorly attributed to the factor such as increasing need to reduce manual data capture & entry errors across different end-use sectors, positive government initiatives for the use of AIDC technology, and consistent rise in the use of AIDC systems in the e-commerce sector. Furthermore, the growing use of AIDC technologies in emerging economies and the diversified incorporation of AIDC systems across the healthcare sector offer new market growth opportunities. However, high capital investment for deploying RFID & biometric systems and lack of awareness towards AIDC applications in developing countries may restrict the growth of this market in the forecast period. In addition, the vulnerability of AIDC technology to cyber-threats is also a key challenge for market growth.
Global automatic identification and data capture market study presents historical market data (2019 & 2020), estimated current data (2021), and forecasts for 2028. The market is segmented on the basis of technology, product, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on technology, the AIDC market is segmented into barcode, RFID, biometrics, smart cards, and magnetic stripe. Among these, the biometric technology segment is estimated to account for the largest share of the overall automatic identification and data capture market in 2021 and is projected to grow with the highest CAGR during the forecast period. The large share of this segment is mainly attributed to the increasing demand for biometric devices, particularly in BFSI, security, healthcare, and transport & logistics. In addition, the growing need for contactless biometric devices due to the COVID-19 pandemic also encourages the demand for biometric devices and contributes to the high growth of biometric technology in the global automatic identification and data capture market.
Based on product, the AIDC market is segmented into scanners & readers, printers & recorders, biometric scanners, mobile computers, AIDC consumables, and software. Among these, the biometric scanners segment is expected to account for the largest share of the automatic identification and data capture market in 2021. The large share of the segment is attributed to the increase in demand for AIDC systems to reduce personalized data entry errors, consistently growing identity frauds, the growing significance of access control and increasing demand for contactless data access post-COVID-19.
RFID scanners are expected to grow with the highest growth rate over the forecast period. With the growing demand for contactless data entry processes and flourishing transportation & logistics sector post-COVID-19, particularly in the cold chain for vaccination distribution, RFID scanners are expected to grow with considerable growth over the forecast period.
In terms of volume, AIDC consumables accounted for the largest share in the overall AIDC market. Consistently growing demand for RFID tags and stickers, barcode labels, and thermal transfer ribbon and foil in proportion to the growth in RFID and barcode technology across different end users are contributing to the growth of the AIDC consumables segment.
Based on end user, the AIDC market is segmented into transportation & logistics, healthcare, banking and financial, manufacturing, retail, and others. Among these, transport & logistics is a perpetually growing sector and expected to account for the largest share in 2021, owing to the consistent advancement in the AIDC technology for transportation and logistics applications. This has helped the sector push the boundaries and transform the nature of business by integrating AIDC technology for proper workflow and supply chain management.
However, the healthcare sector is anticipated to grow at the highest CAGR from 2021 to 2028, owing to the high requirement of enhancing patient safety, managing surgical instruments & their location, supporting staff and patient workflow, authenticating the quality and sterilization processes, and growing investment in R&D for exploring and expanding applications of AIDC devices in the healthcare industry.
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Geographically, the AIDC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is estimated to account for the largest share of the global automatic identification and data capture market in 2021 and is expected to continue to dominate the global market by 2028. The large share of this region is attributed to the wide acceptance of advanced technologies and positive government encouragement towards error-free data capture, particularly for BFSI, healthcare, and the retail industry. Growing per capita income, rising consumption capacities with a large population base, and high economic growth rate are expected to contribute to the highest growth of this market in this region over the forecast period.
Some of the key AIDC market players operating in the market are B.O.S. Better Online Solutions Ltd. (Israel), TSC Auto ID Technology Co. Ltd. (Taiwan), Epson America, Inc. (U.S.), Avery Dennison Corporation (U.S.), Alien Technology Corporation (U.S.), Newland EMEA (Netherlands), Seagull Scientific, Inc. (U.S.), Zebra Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Datalogic S.P.A (Italy), Bluebird Inc. (South Korea), Godex International (Taiwan), Code Corporation (U.S.), Toshiba Tec Corporation (Japan), SATO Holdings Corporation (Japan), JADAK (U.S.), Cognex Corporation (U.S.), Axicon Auto Id Ltd. (U.K.), Omron Microscan Systems, Inc. (U.S.), Unitech Electronics Co. Ltd. (Taiwan), Opticon Sensors Europe B.V. (Netherlands), Impinj, Inc. (U.S.), Cardlogix Corporation (U.S.), NEC Corporation (Japan), Winmate, Inc. (Taiwan), Fujitsu Ltd. (Japan), HID Global Corporation (U.S.), BioRugged (South Africa), Aratek (Taiwan), Suprema, Inc. (South Korea), Thales Group (Gemalto NV) (France), Integrated Biometrics LLC (U.S.), Iris ID, Inc. (U.S.), and IDEMIA (France).
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