LONDON–(BUSINESS WIRE)–#AutomaticDataCaptureADCMarket–The automatic data capture (ADC) market size is expected to grow by USD 10.25 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The increasing application of RFID is one of the key factors driving the ADC market growth. RFID helps users record and recognize the database of the product with better precision. RFID tags are used in mining equipment, machinery, logistics, and for tracking laborers. The RFID tags used are predominantly battery-assisted tags that create a self-reliant mesh network for connected devices. In addition, RFID tags are embedded in casino chips, which helps to prevent counterfeiting and fraud. The lost chips can be immediately tracked and deactivated, making them unredeemable for cash value at the checkout counter. The opportunities for RFID applications are also high in the healthcare sector. RFID can be used in machinery or equipment, which helps in the effective identification of a location and improves the use and efficiency of expensive and unique machinery or equipment. The integration of RFID technology in construction can help in tracking or locating tolls and equipment, tracking laborers and wages, managing building materials, and logistics. Such increasing applications of RFID will fuel the demand for automatic data capture.
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As per Technavio, the growing adoption of 2D barcodes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automatic Data Capture (ADC) Market: Growing Adoption of 2D Barcodes
2D barcodes such as QR, Data Matrix, and PDF417 are increasingly being used in various industries, including retail, healthcare, and transportation and logistics. QR codes are the most popular 2D barcodes. PDF417 is used primarily in the transportation and logistics, retail, and healthcare industries. Data Matrix barcodes are generally used to mark small items. They are used in retail and warehousing industries. 2D barcodes are compact and can store more information compared to 1D barcodes. The 2D codes, along with innovative identification methods, can provide protection against counterfeiting which is one of the critical issues faced by big companies. In addition, these 2D codes are linked to a database that can be updated as and when required without altering the tags on any object. All these benefits provided by 2D barcodes have increased their application among end-user industries, which will provide high growth opportunities for vendors in the market.
“Other factors such as the rising demand for effective inventory management systems, and the increase in investment in smart factories and the emergence of Industry 4.0 will have a significant impact on the growth of the automatic data capture market value during the forecast period,” says a senior analyst at Technavio.
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Automatic Data Capture (ADC) Market: Segmentation Analysis
This market research report segments the automatic data capture (ADC) market by product (RFID, barcode scanners, barcode printers, and wearable scanners) and geography (North America, APAC, Europe, South America, and MEA).
The North America region led the automatic data capture (ADC) market share in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increased popularity of smart industries and the increase in investments in the transportation and logistics industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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