The global automatic data capture (ADC) market to grow at a CAGR of 7.01% during the period 2017-2021.
The report, Global Automatic Data Capture (ADC) Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the growing popularity of smart factories. Smart factories help manufacturing industries tackle complex manufacturing processes along with a detailed target report and analysis of product components throughout the stages of the manufacturing process. Smart factories gather location data with the help of a real-time location system, which includes tags and sensors to pinpoint the exact location and identity assets. This information is combined with the existing plant systems and devices that help in interpreting the production capacity, scalability, production time, and scope for improvement in the factory.
According to the report, one of the major drivers for this market is the increasing number of RFID applications. The opportunities for RFID application are high in the healthcare sector. RFID can be used in machinery or equipment. It helps in the effective identification of a location and improves the use and efficiency of expensive and unique machinery or equipment. RFID tags can also be used on patients. Currently, many hospitals use barcodes to create unique IDs. This helps in maintaining a record of a patient's medical history. A startup called IntelligentM offers a smart bracelet or band that tracks hand hygiene and records when hospital healthcare workers wash their hands. It is used to reduce hospital-induced infections. The smart band gathers data and can be monitored by hospital heads.
Further, the report states that one of the major factors hindering the growth of this market is security concerns. Though the data stored in RFID systems can be encrypted, the encryption process adds to the overall cost, which is already higher than other alternatives. Without encryption, competitors or rouge organizations can find out the frequency of RFID tags. These tags are even incorporated in banking cards that contain sensitive and confidential information. The cards can be read when in transit or in close proximity.