The Automatic Identification And Data Capture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automatic Identification And Data Capture Global Market Report 2024, The automatic identification and data capture market size has grown rapidly in recent years. It will grow from $58.88 billion in 2023 to $67.38 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to manufacturing process automation, retail industry transformation, healthcare patient safety, advancements in mobile computing, increased focus on data accuracy, asset tracking and management, cost reduction in data entry..
The automatic identification and data capture market size is expected to see rapid growth in the next few years. It will grow to $119.33 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rapid growth of online retail, globalization and cross-border trade, smart cities and public services, growing adoption of voice recognition, industry 4.0 and smart manufacturing, healthcare patient data management.. Major trends in the forecast period include rfid technology, mobile aidc solutions, advancements in ocr technology, blockchain for data security, contactless and hands-free solutions, cross-industry collaboration, iot integration..
The rise in the utilization of smartphones for image recognition is expected to propel the growth of the automatic identification and data capture market. Smartphones are equipped with technologies that identify anything valuable to customers and businesses, including people, buildings, locations, logos, and other items. The utilization of smartphones for image recognition can enhance automatic identification for improved data security and data collection and analysis. For instance, according to a report published by The GSM Association, a UK-based trade association that advocates for mobile network operators globally, mobile service subscribers rose to 5.5 billion in 2022. That percentage is anticipated to reach 70% by 2025. Thus, the rise in the utilization of smartphones for image recognition will drive the automatic identification and data capture market.
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The automatic identification and data capture market covered in this report is segmented –
1) By Offering: Hardware, Solutions, Services
2) By Product: Scanner And Readers, Biometric Scanners, Printer And Recorders, Other Products:
3) By Technology: Biometrics, Radio Frequency Identification (RFID), Smart Cards, Optical Character Recognition (OCR), Other Technologies
4) By Industry Vertical: BFSI, Manufacturing, Retail, Transportation And Logistics, Hospitality, Healthcare, Government, Other Industries
The partnership is a key trend in the automatic identification and data capture market. Major players in the market are entering into a partnership to leverage each other’s resources and expand in new markets. For instance, in May 2022, CipherLab, a US-based manufacturer of Automatic Identification and Data Capture/Collection products and systems, partnered with SATO. Through this partnership, CipherLab will leverage the integrated picking and checking system solutions that will help boost logistical performance and improve warehouse and product management efficiency. SATO is a US-based company providing integrated labelling and auto-identification solutions. Moreover, in December 2021, Intek and Minerva, SencorpWhite businesses, a US-based manufacturing company, partnered with CipherLab. Through this partnership, each organisation can provide warehouse and manufacturing companies with a broader range of software and mobile solutions. CipherLab is a US-based manufacturer of Automatic Identification and Data Capture/Collection products and systems.
The automatic identification and data capture market report table of contents includes:
1. Executive Summary
2. Automatic Identification And Data Capture Market Characteristics
3. Automatic Identification And Data Capture Market Trends And Strategies
4. Automatic Identification And Data Capture Market – Macro Economic Scenario
5. Global Automatic Identification And Data Capture Market Size and Growth
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31. Global Automatic Identification And Data Capture Market Competitive Benchmarking
32. Global Automatic Identification And Data Capture Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automatic Identification And Data Capture Market
34. Automatic Identification And Data Capture Market Future Outlook and Potential Analysis
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