The Global AIDC Market was valued at US$ 39.5 billion in 2021 and is expected to grow at a CAGR of 14.4% and will be valued US$ 80.7 billion in 2030, i.e., forecast year.
Automatic identification and data capture, i.e., AIDC is the technique of obtaining, recording, and converting data into a digital file. This digital file consists of images, audio and other digital data which can be directly entered into a computer without the requirement of human intervention.
Some of the commonly used AIDC tools are barcode scanners, magnetic strips, smart cards, optical character recognition, biometric systems, and radio frequency identification systems. The tools perform activities that are used for asset and inventory management, security, and workflow management.
Increase in digitization with the growing automation across industries is one of the key factors that creates a positive outlook for the automatic identification and data capture(AIDC) market. Further, an increase in awareness among end users regarding the utilization of advanced AIDC systems for data security is also helping in the growth of the market.
The utilization of the tools, such as, Biometric systems, Radio Frequency Identification Market, etc. is increasing in the healthcare sector mainly for improved visibility of information, accurate capturing of data and enhanced operational efficiency.
Market Trends in the Global AIDC Market
AIDC Market includes barcoding solutions, wearables, and radio frequency identification (RFID) solutions that plays a vital role in the e-commerce industry and also in warehouse management.
The implementation of AIDC technology not only helps the e-commerce industry to automatically identify the items but also to collect the data about them with high accuracy and precision and also to enter this data electronically into the computer system. The technology has helped to improve the overall productivity and operational efficiency by keeping a proper track of inventory, accounts, human resources, and overall processes.
The most common devices that is used to identify and capture the data are barcode scanners, rugged tablets, handheld, and fixed-position laser scanners and imagers.
Some of the security issues, such as, malware attacks or data duplication are among a few of the major challenges that are being faced by the automatic identification and data capture products which ultimately creates challenges for the players in the AIDC market.
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These security lapses take away the objective of the implementation of automatic identification and data capture technologies, mainly biometrics where the sole purpose is to offer enhanced and an extra layer of security.
Various technological advancements, such as the development of RFID systems also acts as one of the growth-inducing factors. These devices, includes scanners and tags which can be used across various sectors, such as sports, manufacturing, retail, education, logistics, healthcare, and telemetry applications.
Impact of Covid 19 on the Market
The COVID-19 pandemic has impacted the global AIDC market, globally. It has created opportunities and also challenges for the players that are present in the ecosystem.
Since, the healthcare globally is still active, AIDC will stay in demand. It is compulsory for an individual to clear both the face and fingerprint recognition to access the database of any system, because if one of the identification criteria is not clear, then the access to the database is denied.
An increase in number of patients and deaths because of COVID-19 has forced all the countries to increase their healthcare expenditure that has led to a positive impact on the growth of the market for AIDC products.
Automotive is the most affected industry due to the spread of COVID-19. Automotive was already under stress, and now the lockdown due to coronavirus has created further problems for the industry. But, the use of AIDCs is an important and significant aspect of the automotive industry, which has led to a positive impact on the market as well.
Major Key Players of the Market
The major key players of the global AIDC Market include:
- Alien Technology LLC
- Cognex Corporation
- Datalogic S.p.A.
- Epson America Inc. (Seiko Epson Corporation)
- Godex International Co Ltd.
- Honeywell International Inc.
- NEC Corporation
- NXP Semiconductors N.V.
- Sato Holdings Corporation
- Sick AG, Synaptics Incorporated
- Toshiba TEC Corporation
- TSC Auto ID Technology Co.
- Zebra Technologies Corporation.
On the basis of Product
- Smart cards
- RFID systems
- Barcoding solutions
- Biometric systems
- Magnetic stripe cards
- Optical character recognition (OCR) systems
- Voice-directed WMS
- Heads-up displays
- VR solutions
- Google Glass
On the basis of Offerings
On the basis of Vertical
- Transportation & Logistics
- Banking & Finance
Regional Outlook of the Market
The global AIDC Market has been dominated by the Asia Pacific region during the forecast years. The Asia Pacific includes Japan, India, China, South Korea, Australia. Other regions that are expected to grow the demand of AIDC market includes, North America, Europe, Latin America, and Middle East and Africa.
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