The overall Automatic Identification and Data Capture Market is expected to grow from USD 40.1 billion in 2020 to USD 80.3 billion by 2025; it is expected to grow at a CAGR of 14.9% during 2020–2025. Key factors fueling the growth of this market include growing e-commerce industry globally; increasing use of smartphones for QR code scanning and image recognition; rising adoption of AIDC solutions due to their ability to minimize queuing and transaction time and provide greater convenience to users in making small-value payments; and surging adoption of AIDC solutions by banking and financial institutions to ensure customer safety and security, along with data privacy. An increasing number of patients and deaths due to COVID-19 will force all the countries to increase their healthcare expenditure, which is expected to have a positive impact on the growth of the market for AIDC products.
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Automatic identification and data capturing is a technique through which objects are automatically identified, data about them is collected and converted into a digital format, and then this data is entered into the computer system without any human intervention. This data may be in the form of images or videos and audio files. A transducer is deployed to convert the actual data into a digital format. The stored data is then analyzed by a computer system and then cross-checked with the database to authenticate users and provide them permission to enter into a protected system, as well as store this data for future references.
The market for virtual reality (VR) solutionsis expected to grow at thehighest CAGR within the global automatic identification and data capture market during the forecast period. VR solutions work on the principle of “vision picking” where order pickers in a warehouse or a retail store can view pick information within their field of vision through smart glasses, rather than looking at their mobile terminal device screen.
The market for the hospitality vertical is expected to grow with the highest CAGR during the forecast period. Automatic identification and data capturing products, such as barcoding solutions, RFID systems, OCR systems, and biometric systems, are increasingly being used by many hotels and restaurants to enhance the guest experience, increase operational efficiency, accelerate service delivery speed, as well as for mobile payment and ordering, inventory management, and food safety tracking.
The AIDC market in APAC is expected to grow at the highest CAGR during the forecast period.Many retail and logistics companies are expanding their presence in the region to capitalize on the increased purchasing power of the middle-class people, which has led to the growth of the automatic identification and data capture market in the region. Moreover, the significant presence of several market players, such as Panasonic (Japan), SATO (Japan), Toshiba (Japan), Godex (Taiwan), and Optoelectronics (Japan), in the region is likely to propel the growth of the automatic identification and data capture market in APAC.
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