The Urgent Need for Touchless Economy

Many businesses handle large amounts of paper-based data,and often descriptions are transferred from paper to electronic systems and back again many times in order to suit different situations. Paper usage of this extent is extremely wasteful, not only in the time spent transferring data, but also in the mistakes and errors that can be introduced, both in keying in and reading the information. Which is why AIDC technologies have become such a benefit to companies of all sizes.

Most of the data can be carried electronically in a form that can be attached to the object such as Barcodes or RFID equipped access cards or Smart Cards which can be enhanced further with the use of Biometric data.

The COVID-19 pandemic has impacted the sales of AIDCs globally. However, it has created opportunities as well as challenges for the players present in the ecosystem. Since the healthcare globally is still active, AIDC will be in demand. An individual has to clear both the face and fingerprint recognition to access the database of any system. If the individual does not clear one of the identification criteria, then the access to the database is denied. These added security features offered through biometrics provide an opportunity for the growth of automatic identification and data capture market. An increasing number of patients and deaths due to COVID-19 will force all the countries to increase their healthcare expenditure, which is expected to have a positive impact on the growth of the market for AIDC products.

Scott Sussman, the CIO of Sole Source Capital said in a recent acquisition that the AIDC industry is benefitting from secular tailwinds driven by the continued focus on integrated supply chains and the growth of smart, connected devices. More so,growing healthcare expenditure globally, increasing need for scheduling patient workflow efficiently, and rapid advancements in AIDC technology in healthcare are some of the major factors expected to drive global market revenue growth during the forecast period.