Automatic Identification and Data Capture Market Worth 72.00 Billion USD by 2023
PUNE, India, June 6, 2018 /PRNewswire/ --
According to the new market research report "Automatic Identification and Data Capture Market by Product (Barcodes, Magnetic Stripe Cards, Smart Cards, OCR Systems, RFID Products, and Biometric Systems), Offering (Hardware, Software, and Services), Vertical, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 40.31 Billion in 2018 to USD 72.00 Billion by 2023, at a CAGR of 12.30% between 2018 and 2023. The growth of the automatic identification and data capture market is propelled by the growing e-commerce industry, increasing use of smartphones for QR code scanning and image recognition, and rising adoption of automatic identification and data capture solutions by financial institutions. Factors such as rising government regulations and growth opportunities from supply chain management and healthcare industries are expected to support the growth of the automatic identification and data capture market.
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Hardware is expected to hold the largest share of the automatic identification and data capture market between 2018 and 2023.
Among all offerings, hardware held the largest share of the automatic identification and data capture market in 2017. The high requirement for hardware components in several automatic identification and data capture products such as barcodes, magnetic stripe cards, smart cards, optical character recognition (OCR) systems, RFID tags, printers and readers, and biometric systems has contributed to the leading position of the hardware segment in terms of market size.
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Manufacturing is expected to hold the largest share of the automatic identification and data capture market between 2018 and 2023.
Among all verticals, manufacturing held the largest share of the automatic identification and data capture market in 2017. The leading position of the manufacturing vertical, in terms of market size, can be attributed to benefits offered by automatic identification and data capture solutions such as enhanced efficiency and reduced operational costs, which enables the sector to effectively handle the increasing number of goods flowing through the supply chain process.
Market for biometric systems is expected to register the highest CAGR during the forecast period.
Among all product categories of automatic identification and data capture solutions, the market for biometric systems is expected to grow at the highest CAGR between 2018 and 2023. The ability to automatically identify a person based on physiological characteristics is the major factor driving the growth of the market for biometric systems.
APAC is expected to hold the largest share of the automatic identification and data capture market between 2018 and 2023.
Among all regions, APAC held the largest share of the automatic identification and data capture market in 2017. The leading position of APAC can be attributed to the rapid expansion of retail and logistics companies supported by the presence of several automatic identification and data capture players in the region.
Major players in the automatic identification and data capture market are Datalogic (Italy), Honeywell (US), Zebra Technologies (US), SICK AG (Germany), Cognex (US), Toshiba (Japan), NEC (Japan), NXP (Netherlands), Synaptics (US), and SATO (Japan).
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