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Automatic Identification & Data Market to Value $72 Billion by 2023

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CEO Insights Team

CEO Insights Team

According to a new survey by Marketsand markets ‘Automatic Identification and Data Capture Market’ by Product (Barcodes, Magnetic Stripe Cards, Smart Cards, OCR Systems, RFID Products, and Biometric Systems), Offering (Hardware, Software, and Services), Vertical, and Geography - Global Forecast to 2023", the automatic identification and data capture market is expected to grow from $40.31 Billion in 2018 to$72.00 Billion by 2023, at a CAGR of 12.30 percent between 2018 and 2023. Thanks to the rapid surge in e-Commerce industry, automatic identification & data market experienced a boost in their operations, propelled by in nate requirement of data management and capture solutions. Several factors like rising government regulations, growth opportunities from supply chain management and healthcare industries are predicted to further enhance the requirement of the market.

Interestingly, among all verticals, manufacturing held the largest share of the automatic identification and data capture market in 2017. The leading position of the manufacturing vertical, in terms of market size, can be attributed to benefits offered by automatic identification and data capture solutions such as enhanced efficiency and reduced operational costs, which enables the sector to effectively handle the increasing number of goods flowing through the supply chain process.

Fast forwarding in future, among all product categories of automatic identification and data capture solutions, the market for biometric systems is expected to grow at the highest CAGR between 2018 and 2023. The ability to automatically identify a person based on physiological characteristics is the major factor driving the growth of the market for biometric systems.

APAC is expected to hold the largest share of the automatic identification and data capture market between 2018 and 2023. Major players in the automatic identification and data capture market are Datalogic (Italy), Honeywell (U.S.), Zebra Technologies(U.S.),SICK AG (Germany), Cognex (U.S.),Toshiba (Japan), NEC (Japan), NXP (Netherlands), Synaptics (U.S.), and SATO (Japan) but among all regions, APAC held the largest share of the automatic identification and data capture market in 2017. The leading position of APAC can be attributed to the rapid expansion of retail and logistics companies supported by the presence of several automatic identification and data capture players in the region.