According to the new market research report “Automatic Identification and Data Capture Market by Product (Barcodes, Magnetic Stripe Cards, Smart Cards, OCR Systems, RFID Products, and Biometric Systems), Offering (Hardware, Software, and Services), Vertical, and Geography – Global Forecast to 2023″,
The automatic identification and data capture market is expected to grow from USD 40.31 Billion in 2018 to USD 72.00 Billion by 2023, at a CAGR of 12.30% between 2018 and 2023. The growth of the automatic identification and data capture market is propelled by the growing e-commerce industry, increasing use of smartphones for QR code scanning and image recognition, and rising adoption of automatic identification and data capture solutions by financial institutions.
Factors such as rising government regulations and growth opportunities from supply chain management and healthcare industries are expected to support the growth of the automatic identification and data capture market.
Honeywell is one of the leading providers of automatic identification and data capture solutions on the basis of its product portfolio, research and development (R&D) investments, and geographic reach. Honeywell has presence in several regions, including Asia Pacific, Europe, North America, South America, and the Middle East and Africa. AlarmNet, Inc. (US), COM DEV Ltd. (US), Honeywell Control Systems Limited (UK), Honeywell Europe NV (Belgium), Honeywell Korea Ltd. (South Korea), and Novar GmbH (Germany) are some of the major subsidiaries of the company.
Honeywell focuses on R&D to gain a competitive advantage in the automatic identification and data capture market.
In the FY 2017, the R&D expenditure of the company was USD 1.83 billion, representing 4.5% of the company’s total revenue. The huge investment in R&D helps the company design innovative products to meet the customer needs and explore new opportunities in the market to drive growth and profitability. Being into the business for over a decade, the company has proven itself as a formidable player with respect to barcode, RFID, and access control solutions and has established a strong business across the world. The company has wide market presence and a diversified product portfolio.
Over the years, the company has adopted the strategy of product launches to strengthen its position in the automatic identification and data capture market. For instance, in September 2016, the company launched new models of industrial label printers through its MP Series, and also introduced the low-cost mid-range industrial label printer, PM42.
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Datalogic is among the frontrunners in the automatic identification and data capture market, which offers RFID and barcode scanners, cameras, and processors. The growth of the company is mainly driven by its organic growth initiatives and focused investments in innovations, customer services, and sales. Datalogic currently owns 1,200 patents under multiple jurisdictions and have 10 research and development centers in Italy, the US, Vietnam, and China.
The company operates in 30 countries, and through its distributors, the company provides technical support in 40 countries. The company has manufacturing and repair facilities in the US, Brazil, Italy, Hungary, Vietnam, and Slovakia. Datalogic operates through its subsidiaries including PSC Inc. (US), Datalogic Automation S.r.l. (Italy), Datalogic Real Estate Srl (Italy), Wasp Barcode (US), Datalogic ADC, Inc. (US), and Informatics, Inc. (US). S Hewlett-Packard (US), Intel (US), Microsoft (US), Epson (Japan), Citizen Watch (Japan), and Sato (Japan) are some major strategic partners of the company.
Over the years, the company has launched several new products enabling the company to strengthen its position in the automatic identification and data capture market.
For instance, in January 208, the company launched Jade X7, an automated scanning portal integrated with RFID having application in retail stores. Similarly, in November 2017, the company launched new handheld scanners through its PowerScan 9100 series. Moreover, Datalogic focuses on expanding its facilities and offices in Europe to serve a large customer base in this region. For instance, in July 2016, the company opened its new office in Warsaw, Poland, enabling the company to increase its presence in Eastern Europe. Similarly, in June 2016, the company opened its new offices in the UK and Ireland, enabling the company to increase its presence in Western Europe.