Automatic Identification and Data Capture Market by Barcodes, Magnetic Stripe Cards, Smart Cards and Biometric Systems - 2023
The automatic identification and data capture market is likely to grow from USD 40.31 Billion in 2018 to 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, rising 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 provide lucrative opportunities for the players in the automatic identification and data capture market.
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The automatic identification and data capture market has been segmented on the basis of offering, product, vertical, and geography. Smart cards held a larger share of the automatic identification and data capture market based on in 2017 by product type. The leading position of smart cards, in terms of market size, can be attributed to its several application areas, including identification, health cards, public transit, ATM cards, credit cards, fuel cards, and security tokens.
Among all offerings, the automatic identification and data capture market for services is expected to register the highest CAGR 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.
Among all verticals using automatic identification and data capture solutions, the market for the retail vertical is expected to grow at the highest CAGR between 2018 and 2023owing 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.