DUBLIN--(BUSINESS WIRE)--The "Automatic Identification and Data Capture Market with COVID-19 Impact Analysis by Product (Barcodes, Smart Cards, OCR Systems, RFID Products, and Biometric Systems), Offering (Hardware, Software, and Services), Vertical, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The overall AIDC market is expected to grow from USD 40.1 billion in 2020 to USD 80.3 billion by 2025; it is expected to grow at a CAGR of 14.9% during 2020-2025.
Key factors fueling the growth of this market include growing e-commerce industry globally; increasing use of smartphones for QR code scanning and image recognition; rising adoption of AIDC solutions due to their ability to minimize queuing and transaction time and provide greater convenience to users in making small-value payments; and surging adoption of AIDC solutions by banking and financial institutions to ensure customer safety and security, along with data privacy. An increasing number of patients and deaths due to COVID-19 will force all the countries to increase their healthcare expenditure, which is expected to have a positive impact on the growth of the market for AIDC products.
VR solutions to witness the highest CAGR in AIDC market during the forecast period.
The market for virtual reality (VR) solutions is expected to grow at the highest CAGR within the global automatic identification and data capture market during the forecast period. VR solutions work on the principle of vision picking where order pickers in a warehouse or a retail store can view pick information within their field of vision through smart glasses, rather than looking at their mobile terminal device screen.
Hospitality vertical to witness the highest CAGR in AIDC market during 2020-2025.
The market for the hospitality vertical is expected to grow with the highest CAGR during the forecast period. Automatic identification and data capturing products, such as barcoding solutions, RFID systems, OCR systems, and biometric systems, are increasingly being used by many hotels and restaurants to enhance the guest experience, increase operational efficiency, accelerate service delivery speed, as well as for mobile payment and ordering, inventory management, and food safety tracking.
APAC is expected to hold a largest share of AIDC market by 2025.
The AIDC market in APAC is expected to grow at the highest CAGR during the forecast period. Many retail and logistics companies are expanding their presence in the region to capitalize on the increased purchasing power of the middle-class people, which has led to the growth of the automatic identification and data capture market in the region. Moreover, the significant presence of several market players, such as Panasonic (Japan), SATO (Japan), Toshiba (Japan), Godex (Taiwan), and Optoelectronics (Japan), in the region is likely to propel the growth of the automatic identification and data capture market in APAC.
- Growing E-Commerce Industry Globally
- Increasing Use of Smartphones for QR Code Scanning and Image Recognition
- Rising Adoption of AIDC Solutions due to Their Ability to Minimize Queuing and Transaction Time and Provide Greater Convenience to Users in Making Small-Value Payments
- Surging Adoption of AIDC Solutions by Banking and Financial Institutions to Ensure Customer Safety and Security, Along with Data Privacy
- High Installation Cost of AIDC Solutions
- Growing Focus of Enterprises to Implement New and Improved Supply Chain Management Tools, Along with Rising Requirement for AIDC Products from Global Healthcare Centers
- Imposing Governments Regulations for Adoption of AIDC Solutions
- Malware Attacks and Security Breaches
- Zebra Technologies
- Sick Ag
- Zebra Technologies
- Sick Ag
- Avery Dennison
- Denso Wave
- M3 Mobile
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