USD 2.29 bn growth in Automatic Identification and Data Capture Market

 

The US is the key market for automatic identification and data capture market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The rising adoption of concepts such as smart factories, which are embracing the adoption of automatic identification and data capture systems will facilitate the automatic identification and data capture market growth in North America over the forecast period.

The automatic identification and data capture market size is expected to increase by USD 2.29 billion from 2021 to 2026, registering a CAGR of 8.60%, according to the latest research report from Technavio.

In end-user segments such as industrial and retail, data entry and the database of the equipment or product are managed manually, which is a time-consuming process and leads to an increase in errors and inaccuracy. However, with the help of RFID, users can record and recognize the database of the product with better precision. Industries such as manufacturing, logistics, and warehousing require an accurate database of products, which aids in better decision-making. End-users can also rectify errors in entering data with the help of RFID tags, which is increasing their application across industries. For instance, currently, many hospitals use barcodes to create unique IDs. This helps in maintaining a record of a patient's medical history.