The global data capture hardware in retail market is expected to experience brisk growth owing to a rapid increase in consumer goods demand over the forecast period. Growth in retailer's awareness in the recent past about this hardware's advantage is presumed to complement the market demand. The rise in self-checkout systems usage is presumed to fuel industry growth over the forecast period. Technological advancement is estimated to bring down the implementation cost which will further increase the data capture hardware in retail market demand over the forecast period.
Data capture hardware helps in capturing customer information with several systems. These systems include barcode scanners, handheld scanners, optical character recognition, speech recognition, rugged mobile computers, magnetic stripe readers, self-checkout systems, and radio frequency identification. The devices aid in identifying objects, extracting information about them, and then providing it to the computer systems. The major advantages of using such data capture devices are efficient inventory management and reduction in inaccuracy during data entry.
This technology implementation by industry participants reduces the time taken to complete a delivery process and helps in managing the supply chain efficiently. The retailers utilize this technology to keep track of inventory products which assists them during inventory replenishment procedures. The data capture hardware industry is expected to expand rapidly over the forecast period due to the multiple advantages mentioned above.
The increase in self-checkout machine usage in the recent past aids customers to quickly complete their purchase procedures from a retail store. Moreover, it helps retailers to analyze real-time information, which is expected to further enhance market growth. The decrease in tag manufacturing cost is presumed to further complement the industry growth in the next seven-year period. Due to declining costs, the manufacturers are expected to increase their production capacity to cater to the demand in the coming years. Operational ease resulting from convenient tracking and quick information flow improves the customer shopping experience.
Data capture hardware implementation can also be used to understand customer behavior and study buying patterns. Such auxiliary benefits help retailers improve and fine-tune their business processes to enhance customer experiences during shopping. With the growth in the apparel industry, the need to analyze inventory and efficiently manage the supply chain has become imperative for fulfilling customer requirements. Fresh produce, meat, and other perishable food products have witnessed a rise in demand in recent years and are expected to show a similar trend over the forecast period. Thus, the market demand for data capture hardware is projected to increase for the perishable food industry to reduce spoilage by keeping track of the products.
The growing counterfeit industry in recent years is anticipated to hinder market growth & development in the next few years. Thus, this hardware implementation is presumed to become a necessity for product security and safety. Huge setup and implementation costs are assumed to hinder the demand for data capture hardware over the forecast period. Data security issues related to customer information is expected to restrict market growth over the next seven years. The rise in privacy concerns in the recent past is estimated to slow down the demand. Technological advancements and improvements in this device are anticipated to offer ample opportunities for the industry participants to improve their visibility in the market. Growth in 2D barcodes adaptation in the recent past is presumed to be the latest trend for the market. By minimizing the security and privacy issues, the hardware vendors are supposed to penetrate the market more efficiently over the forecast period.
Data capture hardware in the retail market is classified into barcode scanners, handheld scanners, optical character recognition, speech recognition, rugged mobile computers, magnetic stripe readers, self-checkout systems, and radio frequency identification. Data capture hardware in retail market can be segmented into regions which include North America, Europe, Central & South America, Middle East & Africa, and Asia Pacific. Developed regions such as North America and Europe were the dominant regional markets for this industry in the recent past. Developing regions such as Asia Pacific and Central & South America are expected to witness huge demand for this system over the forecast period. North America accounted for the maximum revenue share due to constant R&D initiatives and technological innovations prevalent in the region. The rise in online shopping has resulted in high data capture hardware usage to maintain their inventory efficiently. This is further expected to boost the regional market growth over the forecast period. Asia-Pacific region is expected to grow at a lucrative CAGR over the next seven years due to increasing awareness and adaptation about efficient supply chain and customer experience management. Growing population and rising disposable income have resulted in high demand for consumer goods in the developing regions. Such a trend is presumed to be beneficial for the market over the next few years.
Data capture hardware in the retail market is highly cost-intensive and requires a huge initial investment for installation. Industry participants are investing heavily in research and development initiatives to gain competitive advantage and manufacture superior systems. Prominent industry participants include Datalogic, Casio, NCR, Honeywell International, Denso, and Zebra Technologies.
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