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The automatic identification and data capture market covers the following areas:
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.
Automatic identification and data capture market - Challenge
Factors such as security concerns may impede the market growth. 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.
Automatic identification and data capture market - Segmentation
The automatic identification and data capture market analysis include the product segment (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).
Technavio report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
Companies Mentioned
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.
- 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.
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Automatic Identification And Data Capture Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.60% |
Market growth 2022-2026 |
USD 2.29 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.78 |
Regional analysis |
North America, APAC, Europe, South America, and MEA |
Performing market contribution |
North America at 45% |
Key consumer countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized |
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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