According to a new report, published by KBV research, The Global Automatic Identification and Data Capture Market size is expected to reach $145.02 billion by 2031, rising at a market growth of 11.5% CAGR during the forecast period.
AIDC systems are revolutionizing asset and workforce management across manufacturing, construction, and logistics industries by providing real-time tracking and monitoring capabilities. In manufacturing, companies like General Electric use RFID tags to track machinery and schedule predictive maintenance, reducing downtime and ensuring smooth production processes. These systems also help prevent asset losses by accurately monitoring the location and usage of tools and equipment.
The Hardware segment led the maximum revenue in the Global Automatic Identification and Data Capture Market by Component in 2023, thereby, achieving a market value of $86.6 billion by 2031. Retail, logistics, and manufacturing industries rely heavily on these devices to streamline operations, improve inventory management, and enhance supply chain visibility. The increasing need for accuracy and efficiency in processes, coupled with advancements in hardware technology—such as long-range RFID and multi-functional biometric devices—has propelled the growth of this segment.
The BFSI segment is growing at a CAGR of 10.1 % during the forecast period. The increasing demand for secure identity verification, fraud prevention, and contactless transactions drives the BFSI segment. AIDC technologies like biometric systems, smart cards, and NFC-enabled devices are critical in enhancing security and compliance with stringent regulatory requirements. The shift toward cashless economies and the rising adoption of digital banking further fuel the demand for AIDC solutions to streamline operations and improve customer experiences.
Full Report: https://www.kbvresearch.com/automatic-identification-and-data-capture-market/
The North America region dominated the Global Automatic Identification and Data Capture Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $51.6 billion by 2031. The Europe region is anticipated to grow at a CAGR of 11.1% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 12.1% during (2024 - 2031).
By Component
By End use
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