Automatic Identification and Data Capture Market by Product and Geography - Forecast and Analysis 2022-2026

The automatic identification and data capture market share is expected to increase by USD 2.29 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.60%.

This automatic identification and data capture market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automatic identification and data capture market segmentation by product (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). The automatic identification and data capture market report also offers information on several market vendors, including Cognex Corp., Datalogic Spa, GoDEX International Co. Ltd., Honeywell International Inc., NXP Semiconductors NV, Panasonic Corp., Seiko Epson Corp., Thales Group, Toshiba Corp., and Zebra Technologies Corp. among others.

What will the Automatic Identification and Data Capture Market Size be During the Forecast Period?

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Automatic Identification and Data Capture Market: Key Drivers and Trends

The increasing applications of RFID is notably driving the automatic identification and data capture market growth, although factors such as security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automatic identification and data capture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key 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. A start-up called IntelligentM offers a smart bracelet or band that tracks hand hygiene and records when hospital healthcare workers wash their hands.

Key Automatic Identification and Data Capture Market Challenge

Although 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. 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.

This automatic identification and data capture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Automatic Identification and Data Capture Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 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.

This statistical study of the automatic identification and data capture market encompasses successful business strategies deployed by the key vendors. 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.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The automatic identification and data capture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Automatic Identification and Data Capture Market?

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45% of the market's growth will originate from North America during the forecast period. 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. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Automatic Identification and Data Capture Market?

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The automatic identification and data capture market share growth by the RFID products segment will be significant during the forecast period. The growth of this segment is driven by the growth of the e-commerce market and the increase in the integration of technologies such as the integration of various back-end systems (customer relationship management (CRM) and enterprise resource planning (ERP)) and e-commerce websites. For instance, in the US, e-commerce sales in Q2 2021 increased by 9.3% over that in Q2 2020. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the automatic identification and data capture market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Automatic Identification and Data Capture Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive automatic identification and data capture market growth during the next five years
• Precise estimation of the automatic identification and data capture market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the automatic identification and data capture industry across North America, APAC, Europe, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of automatic identification and data capture market vendors

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