The automatic identification and data capture market is likely to be valued at USD 40.31 billion in 2018 and is expected to reach USD 72.00 billion by 2023, at a CAGR of 12.30% between 2018 and 2023

LONDON, June 12, 2018 /PRNewswire/ -- Automatic identification and data capture market to witness significant growth between 2018 and 2023.

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The automatic identification and data capture market is likely to be valued at USD 40.31 billion in 2018 and is expected to reach USD 72.00 billion by 2023, at a CAGR of 12.30% between 2018 and 2023. The growth of the automatic identification and data capture market is propelled by the growing e-commerce industry, increasing use of smartphones for QR code scanning and image recognition, and increasing adoption of automatic identification and data capture solutions by financial institutions. Factors such as the rising government regulations and growing opportunities from supply chain management and healthcare industries are expected to support the growth of the players in the automatic identification and data capture market.

Market for the retail industry to register the highest CAGR during the forecast period.
Among all verticals, the automatic identification and data capture market for the retail industry is expected to grow at the highest rate between 2018 and 2023. The growth of the automatic identification and data capture market for the retail sector can be attributed to the high adoption of automatic identification and data capture solutions for product authentication, inventory optimization, effective supply chain management, advanced merchandising, and mobile commerce applications.

The automatic identification and data capture market for services to register the highest CAGR between 2018 and 2023.
Among all offerings, the automatic identification and data capture market for services is expected to grow at the highest rate between 2018 and 2023. Frequent requirements related to repair and installation services, and technical and training support drive the growth of the automatic identification and data capture market for services.

The market for biometric systems to grow at the highest rate during the forecast period.
Among all the 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.

The automatic identification and data capture market in APAC to grow at the highest CAGR during the forecast period.
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.

Following is the breakup of the profiles of primary participants:
• By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
• By Designation: Directors – 50%, Vice Presidents – 25%, Managers – 20%, and Others – 5%
• By Region: North America – 40%, Europe – 35%, APAC – 15%, and RoW – 10%

Key players operating in the automatic identification and data capture market include Datalogic (Italy), Honeywell (US), Zebra Technologies (US), SICK AG (Germany), Cognex (US), Toshiba (Japan), NEC (Japan), NXP (Netherlands), Synaptics (US), and SATO (Japan).

Research Coverage:
In this research report, the automatic identification and data capture market has been segmented on the basis of product, offering, vertical, and geography.Based on product, the automatic identification and data capture market has been segmented into barcodes, magnetic stripe cards, smart cards, optical character recognition (OCR) systems, RFID products, and biometric systems.

By offering, the automatic identification and data capture market has been classified into hardware, software, and services.Based on vertical, the automatic identification and data capture market has been segmented into manufacturing, retail, transportation & logistics, banking & finance, healthcare, government, and others.

Based on region, the market has been classified into North America, Europe, APAC, and RoW.

Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based on product, offering, vertical, and geography have been conducted to offer an overall view of the automatic identification and data capture market.

The value chain analysis has been performed to provide an in-depth insight into automatic identification and data capture market.

The report provides a detailed overview of major drivers, restraints, opportunities, and challenges influencing the growth of automatic identification and data capture market.
The report also includes the competitive landscape, along with in-depth analysis and revenues of key players.

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