According to forecasts, the automatic identification and data capture market is expected to be US$ 52,910.7 million in 2023 and US$ 147,992.7 million by 2033.
Innovative low-cost solutions and rising smartphone QR scanning are anticipated to drive market expansion. Moreover, the rapidly expanding consumer goods, retail, and e-commerce industries are projected to fuel demand for AIDC solutions.
The use of AIDC technology assists the e-commerce sector in automatically identifying the products, accurately and precisely gathering data about them, and electronically entering this data into the computer system.
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Technology also increases overall productivity and operational efficiency by properly tracking inventories, human resources, accounts, and general procedures.
Installing automatic identification and data collection systems comes at a significant cost, and worries about malware attacks and security breaches are growing, restraining market expansion. Also, good potential for developing the automated identification and data capture market is presented by the spike in government legislation for adopting AIDC solutions.
Key Takeaways
- By 2033, the automatic identification and data capture market in the United Kingdom is likely to expand, with a CAGR of 9.2%.
- In 2022, the United States developed the automatic identification and data capture business with a share of 16.4%.
- The automatic identification and data capture market grew considerably to US$ 48,453.0 million in 2022.
- The automatic identification and data capture sector expanded at a CAGR of 8.7% from 2018 to 2022.
- By 2033, China’s child safety seat market is projected to develop with a CAGR of 8.2%.
- By 2033, India’s mountain and ski resort industry is projected to expand with a CAGR of 14.3%.
- Japan’s automatic identification and data capture industry grew significantly, with a 4.3% share in 2022.
- Australia’s automatic identification and data capture expanded with a share of 5.4% in 2022.
- Germany’s child safety seat business grew, with a share of 9.4% in 2022.
- In 2022, the hardware segment dominated the market, with a share of 44.3%, based on the component.
- In 2022, the logistic and warehouse segment dominated the market, with a share of 14.5%, based on end use.
Competitors Winning Strategies
Notable companies have utilized product launches and innovations as their main business strategy to grow their market share, followed by expansions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations. The corporations have employed various strategies to increase market penetration and strengthen their position in the automatic identification and data capture sector.
Recent Development:
- In February 2022, AIM, the industry alliance for automated data capture technologies, including IoT, RFID, NFC, and RTLS, announced that it broadened its influence among AIDC market participants.
- A partnership between RMS Omega Technologies, a provider of information technology, and Cybra Corporation, a manufacturer of barcoding, RFID tags, data collection, wireless, and mobility technologies, was announced in July 2022.