Companies Diversify Revenue Streams to Authenticate COVID-19 PPE with RFID
The Radio Frequency Identification (RFID) technology is now being extensively deployed in healthcare settings amidst the ongoing COVID-19 pandemic. Companies in the automatic identification and data capture (AIDC) market are diversifying their revenue streams in the healthcare sector via the RFID technology to monitor hand-washing equipment of healthcare workers.
Even medical supply chains are being tracked with the help of RFID, as this technology is eliminating the need of human involvement. Real-time transfer of data is another reason for deployment of RFID by supply chain managers. Companies in the automatic identification and data capture (AIDC) market are increasing the availability of RFID to authenticate test kits and personal protective equipment (PPE).
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Technological Limitations in Biometric Systems Inhibit Market Growth
The automatic identification and data capture (AIDC) market is projected to advance at a robust CAGR of 9.5% during the assessment period. However, limitations in the biometric technology is likely to inhibit market growth. Repeated incidences of false positives, bias, and inaccuracy in the biometric system need to be addressed by manufacturers. As such, advantages of biometrics such as its spoof-proof attributes, non-transferable feature, and convenient user experience are offsetting its disadvantages.
The concept of biometric single sign-on (SSO) is gaining increased prominence in enterprises and organizations demanding greater security. Companies in the automatic identification and data capture (AIDC) market are capitalizing on incremental opportunities using this concept to eliminate the need to remember passwords.
Advanced Barcode Scanners Exhibit Round the Clock Ergonomics in Harsh Work Environments
The automatic identification and data capture (AIDC) market is slated to surpass US$ 93.4 Bn mark by 2030. Manufacturers are innovating in advanced barcode scanners to increase product uptake. For instance, Zebra’s barcode scanners are gaining market recognition, owing to its advanced scanning abilities of detecting damaged barcodes and its durability of functioning in harsh work environments. Manufacturers in the automatic identification and data capture (AIDC) market are taking cues from such companies and introducing round the clock ergonomics in barcode scanners. Companies are mainly focusing on incorporating proprietary technologies in scanner to gain a competitive edge over other manufacturers.
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Smart Cards Leveraging Microprocessor Technologies Within Electronic Passports
Even though the automatic identification and data capture (AIDC) market in North America is predicted to generate the highest revenue among all regions, this market in Asia Pacific is likely to expand at an exponential rate during the forecast period. Manufacturers are deploying technological innovations in optical character recognition (OCR) and smart cards to scale business opportunities. The digitalization of processes is acting as a key driver for the market where OCR is being used to scan written prescriptions received by pharmacies.
Smart cards are becoming commonplace in credit cards and passports. It has been found that several billion smart cards are currently in circulation within SIM cards and company badges. Companies in the automatic identification and data capture (AIDC) market are producing smart cards to be embedded with microprocessors to serve different applications in university IDs and residence permits.
Data Capture Software Facilitate Fast Delivery of Banking Products
Apart from postal services and retail, companies in the automatic identification and data capture (AIDC) market are tapping into value-grab opportunities in the banking sector. For instance, AMPLEXOR International— a digital solutions provider, is increasing its marketing capabilities to help its data capture software gain market visibility for management of high volumes of incoming communication at banks. Data capture software are being highly publicized to help banks go paperless and to enable digitally connected bankers to achieve greater performance during workloads and enable fast response times.
Companies in the automatic identification and data capture (AIDC) market are increasing the availability of software solutions to facilitate fast delivery of banking products.
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Automatic Identification and Data Capture (AIDC) Market: Overview
- According to a new market report pertaining to the global automatic identification and data capture (AIDC) market published by Transparency Market Research, the global automatic identification and data capture (AIDC) market is projected to cross US$ 93.4 Bn mark by 2030
- The automatic identification and data capture (AIDC) market is projected to expand at a CAGR of 9.5% from 2024 to 2030
Expansion of Retail Sector Driving Automatic Identification and Data Capture (AIDC) Market
- The retail sector in Asia Pacific and the Middle East is estimated to be fueled by increasing strength of e-Commerce platforms. Adoption of wireless communication technologies and strong smartphone penetration, including cellular network (3G, 4G, and 5G), are the key factors driving the e-Commerce, specifically in these regions.
- Retailers are determined to distinguish themselves from competitors to expand and attract consumers with rise in competition. Brick and mortar retail stores are adopting various technological tools and strategies to improve customer experience. Therefore, Radio Frequency Identification (RFID) plays an integral role in retail business in a more connected environment.
- RFID enables retail enterprises to monitor & track inventory that provides accuracy of around 60% to 90%. RFID tags are small chips implanted on items, and use electromagnetic fields for tracking of objects.
