- Advanced technologies in optical character recognition (OCR), barcode scanning, and RIFD to allow market players to leverage opportunities in Fintech, healthcare, and retail industries
- Rise in deployment of biometric systems in the government sector to offer market opportunities for system manufacturers; AI-based tech at the focus of innovation
ALBANY, N.Y., Aug. 26, 2021 /PRNewswire/ -- Automatic Identification and Data Capture (AIDC) Market: Broad Contours
Automatic identification and data capture (AIDC) technologies have substantially extended in scope in the way information is collected and used to manage inventory, assets, and documents. Numerous sectors notably including retail, manufacturing, and healthcare are harnessing AIDC in logistics and supply chain management.
Advancements in RIFD and biometric technologies have enabled technology companies to seek new revenue streams, and will help propel the automatic identification and data capture market to expand at a CAGR of 9.5% during the forecast period from 2020 to 2030.
Several benefits of AIDC technologies in real-time management of assets & inventory and their application in digitization of documents are motivating businesses in various industries to adopt them. Globally, the deployment of barcode scanners, biometric systems, and optical character recognition (OCR), and radio frequency identification (RFID) systems has risen, particularly in government and financial services sectors.
The high costs of biometric systems pose as key impediment to sales in the automatic identification and data capture (AIDC) market. On the other hand, software companies are focused on incorporating innovative features in data capture software, which is likely to bolster their uptake in the near term. Furthermore, the adoption of RFID by supply chain managers in the medical industry during the COVID-19 pandemic to manage inventory in recent months has offered incremental opportunities to automatic identification and data capture (AIDC) market players.
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Key Findings of Automatic Identification and Data Capture (AIDC) Market Study
Players Focus on Overcoming Technical Limitations, Expanding Features: The rise in the adoption of biometrics in corporate and government sectors has driven massive investments from technology companies in the automatic identification and data capture (AIDC) market. A number of software companies are leaning on incorporating innovative features in biometrics for superior performance in data capture systems.
Furthermore, various players are relentlessly working to improvise on the AIDC systems to overcome existing technical limitations. Incorporating advanced microprocessors in optical character recognition (OCR) and smart cards is a case in point. For instance, technology companies are offering proprietary technologies in AIDC systems to boost the performance, notably in relation to spoofing detection attributes and improved user experience.
Demand in Government Sector to Expand Avenues: Advancements in AIDC technologies are witnessing demand from the government sector for streamlining processes for citizen engagement and ensuring law enforcement. A case in point is the growing attractiveness of RFID in vehicles for real-time management of traffic congestions. Growing business applications of AI-based biometric systems have stridently attracted the government sector to deploy AIDC systems.
Numerous innovative solutions in biometrics and identity management have targeted the government sector, thereby spurring sales, finds a study on the automatic identification and data capture (AIDC) market.
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Automatic Identification and Data Capture (AIDC) Market: Drivers
Digitalization of business processes in various industries around the world is driving the demand for technologies in the automatic identification and data capture (AIDC). Real-time detection of assets is a major attractiveness quotient for the demand for AIDC systems.
Proliferation of e-Commerce platforms in various sectors has created vast avenue for application of real-time tracking of inventory during transportation, logistics, and supply chain
Strides made by retail sector has fueled the demand for advanced data capture technologies for improving customer experience
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Automatic Identification and Data Capture (AIDC) Market: Regional Growth Dynamics
Asia Pacific and the Middle East have been at the forefront of massive deployment of AIDC in retail sector, generating substantial revenue streams in the global marketplace. The Asia Pacific automatic identification and data capture (AIDC) market in particular is anticipated to rise at a remarkable CAGR during the forecast period.
North America is projected to contribute the highest revenue share to the global automatic identification and data capture (AIDC) market. Innovations in biometrics and other technologies in AIDC have enabled North America to account for a sizable market share. The U.S. is a lucrative market in the region. By the end of 2030, the North America market is estimated to exceed US$ 35.50 Bn.
Automatic Identification and Data Capture (AIDC) Market: Key Industry Players
Well-entrenched players in the automatic identification and data capture (AIDC) market include Datalogic S.p.A, Zebra Technologies, ATO Europe GmbH, Toshiba Corporation, Seiko Epson Corporation, Honeywell International, and Cisco Systems, Inc.
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Global Automatic Identification and Data Capture (AIDC) Market: Segmentation
Automatic Identification and Data Capture (AIDC) Market, by Component
Automatic Identification and Data Capture (AIDC) Market, by End User
Logistics & Warehouse
Courier & Postal Services
Others (Toll Plaza, etc.)
Automatic Identification and Data Capture (AIDC) Market, by Region
Asia Pacific (APAC)
Middle East & Africa (MEA)
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