Technologies in Automatic Identification and Data Capture (AIDC) Market Gain Adoption in Multiple Industries for Asset Tracking; Global Market to Advance at CAGR of 9.5% during Forecast Period: TMR Study
- Advanced technologies in optical character recognition (OCR), barcode scanning, and RIFD to allow market players to leverage opportunities in Fintech, healthcare, and retail industries
- Rise in deployment of biometric systems in the government sector to offer market opportunities for system manufacturers; AI-based tech at the focus of innovation
ALBANY, N.Y., Aug. 26, 2021 /PRNewswire/ -- Automatic Identification and Data Capture (AIDC) Market: Broad Contours
Automatic identification and data capture (AIDC) technologies have substantially extended in scope in the way information is collected and used to manage inventory, assets, and documents. Numerous sectors notably including retail, manufacturing, and healthcare are harnessing AIDC in logistics and supply chain management.
Advancements in RIFD and biometric technologies have enabled technology companies to seek new revenue streams, and will help propel the automatic identification and data capture market to expand at a CAGR of 9.5% during the forecast period from 2020 to 2030.
Several benefits of AIDC technologies in real-time management of assets & inventory and their application in digitization of documents are motivating businesses in various industries to adopt them. Globally, the deployment of barcode scanners, biometric systems, and optical character recognition (OCR), and radio frequency identification (RFID) systems has risen, particularly in government and financial services sectors.
The high costs of biometric systems pose as key impediment to sales in the automatic identification and data capture (AIDC) market. On the other hand, software companies are focused on incorporating innovative features in data capture software, which is likely to bolster their uptake in the near term. Furthermore, the adoption of RFID by supply chain managers in the medical industry during the COVID-19 pandemic to manage inventory in recent months has offered incremental opportunities to automatic identification and data capture (AIDC) market players.
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Key Findings of Automatic Identification and Data Capture (AIDC) Market Study
Furthermore, various players are relentlessly working to improvise on the AIDC systems to overcome existing technical limitations. Incorporating advanced microprocessors in optical character recognition (OCR) and smart cards is a case in point. For instance, technology companies are offering proprietary technologies in AIDC systems to boost the performance, notably in relation to spoofing detection attributes and improved user experience.
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Automatic Identification and Data Capture (AIDC) Market: Drivers
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Automatic Identification and Data Capture (AIDC) Market: Regional Growth Dynamics
Well-entrenched players in the automatic identification and data capture (AIDC) market include Datalogic S.p.A, Zebra Technologies, ATO Europe GmbH, Toshiba Corporation, Seiko Epson Corporation, Honeywell International, and Cisco Systems, Inc.
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Global Automatic Identification and Data Capture (AIDC) Market: Segmentation
Automatic Identification and Data Capture (AIDC) Market, by Component
Automatic Identification and Data Capture (AIDC) Market, by End User
Automatic Identification and Data Capture (AIDC) Market, by Region
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