Automatic Identification and Data Capture Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering, Product, Industry Vertical

The automatic identification and data capture market is expected to grow from US$ US$ 34,342.36million in 2019 to US$ 78,654.15 million by 2027; it is estimated to grow at a CAGR of 10.9% from 2020 to 2027.

Online shopping has become of a prevailing trend worldwide.The year-on-year e-retail sales have grown by ~18% in the last decade, and the sales surpassed EUR 1 trillion in 2016.

Asia-Pacific currently accounts for ~50% of the global online retail sales.Moreover, the online retail industry in Europe was valued more than 600 billion Euros at the end of this year, 2018;last year, the e-commerce in this region was worth 530 billion euros, with a year-on-year increase of 15%.

The industry is further expected to rise by 14%, to reach 602 billion euros over the next couple of years.. Amazon and other e-retailers together dominate the retail sector in Europe as maximum shoppers prefer Amazon, or the online versions of Wal-Mart and Target. This led the retail and e-commerce sector in Europe to reach US$ 1.55 trillion in 2015, and was predicted to grow to US$ 3.4 trillion by 2019. Skyrocketing demand for making retail more cost-efficient and generally faster means that companies involved in supply chain management need to build robust solutions to meet the demands. Barcode scanners, optical character recognition tools and optical mark recognition tools ensure faster data processing and data inputs to computer systems, further allowing its use in various purposes, such as Enterprise Resource Management (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM). Handheld scanners and point-of-sale (POS) scanners are being implemented in the retail outlets for enabling faster and hassle-free customer checkouts. Imaging technologies used in these scanners aid the faster processing and storage of data with the help of automatic identification and data capture tools. POS and handheld scanners are among the most commonly used automatic identification and data capture tools in the retail and e-commerce sector. Thus, the expansion of this sector is anticipated to boost the automatic identification and data capture tools market growth in the coming years.

The automatic identification and data capture market players were witnessing substantial rise in demand for their products and services prior to the emergence of COVID-19 virus in late December 2019.The emergence of the virus has decimated the businesses of automatic identification and data capture market players as the demand for their products and services drastically fell across various industries except healthcare, logistics, and retail.

These three sectors helped the automatic identification and data capture market players to maintain a positive outlook during the lockdown phase worldwide.The overall automatic identification and data capture market size has been derived using both primary and secondary sources.

To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market .The process also serves the purpose of obtaining overview and forecast for the automatic identification and data capture market with respect to all the segments pertaining to the region.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automatic identification and data capture market .Bluebird, Inc., Cipherlab, Co. Ltd.; Cognex Corporation; Datalogic; Denso Wave Inc.; Honeywell International Inc.; Sato Holding Corporation; Sick AG; Toshiba Corporation; Zebra Technologies Corporation; are among the major market players.