According to a research report titled ‘Global Automatic Identification and Data Capture Market Size study, by Product (Smart cards, RFID systems, Barcoding solutions, Biometric systems, Magnetic stripe cards, Optical character recognition (OCR) systems, Voice-directed WMS, Heads-up displays, Wearables, VR solutions and Google Glass), by Offerings (Hardware, Software and Services), by Vertical (Manufacturing, Retail, Transportation & Logistics, Hospitality, Banking & Finance, Healthcare, Government, Commercial and Energy & power) and Regional Forecasts 2020-2027’, available with Market Study Repot LLC, global automatic identification and data capture market was valued at 34.9 billion in 2019, and is expected to grow at an annual rate of 14.9%, accruing USD 106 billion during 2020-2027.
 

As per report findings, rising usage of smartphones for QR code scanning and image recognition coupled with booming e-commerce industry is stimulating worldwide automatic identification and data capture market growth. In fact, Statista reported that global smart phone penetration rate in 2016 was 33.5% and rose to 44.9% by 2020. This upward trend will continue to enhance the growth prospects of the industry in the upcoming years.
 

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Furthermore, increasing adoption of automatic identification and data capture (AIDC) solutions by financial companies to offer safety, security and privacy to customers is adding considerable traction to the overall market growth. Innovation of new products and services as well as strategic alliances formed by key market players will also boost demand in global automatic identification and data market over the forecast period.
 

For those unversed, AIDC is a tool used to collect information of an image, sound, individual or object, and store it in a data set without human intervention. AIDC systems are used to manage security, inventory, delivery processes, documents, and assets in any enterprise or industry.
 

Elaborating on the negatives, high cost of equipment installation is a major factor impeding global automatic identification and data capture market expansion.
 

On the regional front, North America, Latin America, Asia Pacific, and Europe are the top contributors to the overall market value. Among these, Asia Pacific regions is leading in terms of overall market share owing to stiff competition, increased adoption of cloud networking, and rising demand for high speed networks. Moreover, the region is becoming a hub for many retail and logistics companies who wish to capitalize on rising purchasing power of the middle-class population, thereby enhancing the market growth.
 

Key contenders in global automatic identification and data capture market sphere are Honeywell International, Inc., Dell, Inc., Datalogic S.p.A., Toshiba Corporation, Zebra Technologies Corporation, Sick AG, Samsung Group, Getac Technology Corporation, Panasonic Corporation, and Cognex Corporation.