The market for automatic identification and data capture was worth US$ 48,453.0 million in 2022, and it is anticipated to grow to be worth US$ 132,722.0 million from 2022 to 2032, at a CAGR of 10.6%.
The market for automatic identification and data capture in the world has a value of US$ 48,453.0 million in 2022, and it is anticipated to reach US$ 132,722.0 million by 2032, growing at a CAGR of 10.6%. The market for automatic identification and data capture has expanded as a result of more people using smartphones for image recognition and QR code scanning. In the historical period from 2016 to 2021, the market for automatic identification and data capture experienced a CAGR of 9.3%.
Automatic Identification And Data Capture Market: Globally technology providers are increasingly focusing on reducing the human involvement in non-intelligent and basic machine-based transactions. The development and adoption of systems that perform a set of transactions based on predefined triggers is on the rise.
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Such systems referred as Automatic Identification & Data Capture are at the basis of developing trends such as Industrial Automation, Retail Automation, and Biometric Authentication. Automatic Identification & Data Capture tools such as RFID, Barcode Scanners and Biometric systems are facing an upsurge in adoption under this scenario.
Automatic Identification & Data Capture is a method of identification and detection of objects and data based on a set of predetermined conditions. Software solutions, hardware components, and devices such as Magnetic Stripes, Smart Cards, and biometric readers are a part of the Automatic Identification & Data Capture market.
Automatic Identification & Data Capture Market: Drivers & Challenges
Fast moving industry of e-commerce depends on the accuracy and speed of movement of merchandise. Moreover the e-commerce industry is becoming increasingly competitive where cost minimization is of paramount importance. This presents a lucrative opportunity for the Automatic Identification & Data Capture market to capitalize on.
Similarly Retail industry is also heavily investing on automation solutions built on top of Automatic Identification & Data Capture tools. This is helping Automatic Identification & Data Capture gain rapid penetration in retail markets.
A huge chunk of a retail outlet’s total sale is contributed by low value products and it is therefore economically unviable to use technologies such as RFIDs and 2D barcodes which are at the base of developments in Automatic Identification & Data Capture market. This is true for many other industries too where the cost of large scale implementation is impeding the growth of Automatic Identification & Data Capture Market.
Automatic Identification & Data Capture Market: Regional Overview
North America is expected to lead the Automatic Identification & Data Capture Market in terms of value owing to high adoption of application areas such as E-Commerce, Retail Automation, Industrial Automation and Identity & Access Management. Automatic Identification & Data Capture Market is also expected to gain considerable traction in Asia Pacific region due to growing investment in digitization and urbanization.
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Automatic Identification & Data Capture Market: Competitive Landscape
Automatic Identification & Data Capture Market: Key Contracts/Agreement/Acquisitions
Automatic Identification & Data Capture Market: Key Players
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Automatic Identification & Data Capture Market: Segmentation
Segmentation of Automatic Identification & Data Capture Market, By Technology
Segmentation of Automatic Identification & Data Capture Market, By Technology
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Automatic Identification and Data Capture review , outlook , forecast , demand , size , share , key trends , analysis , Research , overview
Jun 12, 2023
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