45% of the growth will originate from North America for automatic identification and data capture market. The US is the key market for automatic identification and data capture market in North America. Market growth in this region will be faster than the growth of the market in other regions. The rising adoption of concepts such as smart factories, which are embracing the adoption of automatic identification and data capture systems will facilitate the automatic identification and data capture market growth in North America over the forecast period. The automatic identification and data capture market size is expected to increase by USD 2.29 billion from 2021 to 2026, registering a CAGR of 8.60%, according to the latest research report from Technavio.
The automatic identification and data capture market covers the following areas:
- Automatic Identification And Data Capture Market Sizing
- Automatic Identification And Data Capture Market Forecast
- Automatic Identification And Data Capture Market Analysis
Automatic identification and data capture market – Driver
In end-user segments such as industrial and retail, data entry and the database of the equipment or product are managed manually, which is a time-consuming process and leads to an increase in errors and inaccuracy. However, with the help of RFID, users can record and recognize the database of the product with better precision. Industries such as manufacturing, logistics, and warehousing require an accurate database of products, which aids in better decision-making. End-users can also rectify errors in entering data with the help of RFID tags, which is increasing their application across industries. For instance, currently, many hospitals use barcodes to create unique IDs. This helps in maintaining a record of a patient’s medical history.
Automatic identification and data capture market – Challenge
Factors such as security concerns may impede the market growth. 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. Alternatives such as an image ID system require a line of sight to scan tagged objects as seen in barcodes. However, it uses nondirectional images.
Automatic identification and data capture market – Segmentation
The automatic identification and data capture market analysis include the product segment (RFID products, barcodes, and magnetic stripe cards, biometric systems, smart cards, and optical character recognition (OCR) systems) and geography (North America, APAC, Europe, South America, and MEA).
Technavio report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
Companies Mentioned
The automatic identification and data capture market is fragmented and the vendors are deploying growth strategies such as high product differentiation to compete in the market.
- Cognex Corp.
- Datalogic Spa
- GoDEX International Co. Ltd.
- Honeywell International Inc.
- NXP Semiconductors NV
- Panasonic Corp.
- Seiko Epson Corp.
- Thales Group
- Toshiba Corp.
- Zebra Technologies Corp.
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