Westford, USA, Dec. 06, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the automatic identification and data capture market size will attain a value of USD 184.7 billion by 2031, with a CAGR of 14.9% over the forecast period (2024-2031). Growing use of smartphones for QR code scanning and increasing incidence of breaches and frauds are projected to primarily drive the global automatic identification and data capture market growth. Rapid expansion of the e-commerce industry is also expected to uplift the demand for automatic identification and data capture in the future.
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Automatic Identification and Data Capture Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 60.8 Billion |
| Estimated Value by 2031 | $ 184.7 Billion |
| Growth Rate | Poised to grow at a CAGR of 14.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Offering, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising use of smartphones to scan QR codes |
| Key Market Opportunities | Use of biometric technologies to improve the security of automatic identification and data capture solutions |
| Key Market Drivers | High emphasis on data security and safety in different industry verticals |
Pivotal Role of Hardware Devices in Making Automatic Identification and Data Capture Possible Allows it to Lead Revenue Generation
Hardware devices play a crucial role in the functioning of automatic identification and data capture solutions as they are specially made for this purpose. Scanners, RFID bands, magnetic stripe cards, barcoding solutions, optical character recognition (OCR) systems, and smart cards are some key hardware components that are massively popular and allow this segment to account for a substantial chunk of the global automatic identification and data capture market share.
Surging Use of Barcodes and RFID Tags in Retail Allows it to Emerge as a Leading Segment Going Forward
Retail companies have been focusing on the adoption of barcodes and RFID tags along with other automatic identification and data capture solutions to enhance their business operations and efficiency. Growing emphasis on retail infrastructure development and efforts to provide customized and improved shopping experiences are creating new opportunities for the automatic identification and data capture market outlook.
Growing Adoption of Automatic Identification and Data Capture in Retail Industry Helps Asia Pacific Account for a Dominant Share
The rising disposable income of people in the Asia Pacific region has led to a robust increase in retail and e-commerce activity. Automatic identification and data capture companies are expected to help retail companies cater to changing consumer preferences whilst supporting the increasing digital transformation in this region. Moreover, the presence of key automatic identification and data capture providers in countries such as Japan, China, and India will also favor growth of the automatic identification and data capture industry going forward.
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Automatic Identification and Data Capture Market Insights:
Drivers
- Rising use of smartphones for QR scanning
- High adoption of automatic identification and data capture in retail and BFSI industries
- Growing emphasis on reducing human error in data capture process
Restraints
- High costs of installation on a large scale
- Lack of standardization
- Data breach and data privacy concerns
Segments covered in Automatic Identification and Data Capture Market are as follows:
- Product
- Smart cards (Contact-Based Smart Cards, Contactless Smart Cards), RFID Systems (RFID Scanners, RFID Tags, RFID Printers), Barcoding Solutions (Barcode Scanners, Barcode Printers, Laser Scanners (Short-Range Laser Scanners, Long-Range Laser Scanners(CMM Based, Arm Based, Single Point, Handheld Terminal))), Biometric Systems (Face Recognition Systems, Iris Recognition Systems, Voice Recognition Systems), Magnetic Stripe Cards, Optical Character Recognition (OCR) Systems, Voice-Directed WMS, Heads-Up Displays, Wearables, VR Solutions, And Google Glass
- Offering
- Hardware, Software, Services
- Vertical
- Manufacturing (Smartphone Manufacturers, Automobile Manufacturers, Food & Beverage Companies), Retail (Warehousing and Distribution Centers, Supermarkets, Home Improvement Stores, Department Stores, Apparel-Footwear-Accessories, E-Commerce Companies), Transportation & Logistics, (Public Transport, Courier And Postal Services, Freight Forwarding, Last-Mile Delivery, Same-Day Delivery), Enterprise Field Services (Ac Repair Services, Elevator Repair Services), Hospitality, Banking & Finance, Healthcare, Government, Commercial, and Energy & power
Prominent Players in Automatic Identification and Data Capture Market
- Honeywell International Inc
- Datalogic S.p.A.
- Zebra Technologies Corporation
- SICK AG
- Cognex Corporation
- Toshiba Corporation
- Getac Technology Corporation
- Dell Technologies Inc.
- Samsung Electronics Co., Ltd.
- Panasonic Corporation
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Key Questions Answered in Automatic Identification and Data Capture Market Report
- Which region is expected to bring in the most revenue?
- Which industry is projected to provide lucrative opportunities?
- Who are the top companies as per the automatic identification and data capture market analysis?
- How can market players overcome the issue of high installation costs?
This report provides the following insights:
- Analysis of key drivers (high emphasis on sustainability, low costs of solar energy systems), restraints (high upfront installation costs, availability of alternative clean energy sources), and opportunities (development of easy to install and maintain mounting systems) influencing the growth of automatic identification and data capture market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the automatic identification and data capture market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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