Visiongain has published a new report on Data Capture Hardware in Retail Market Report to 2031: Forecasts By Component (Hardware {Barcode Scanners, Handheld Scanners, Optical Character Recognition System, Speech Recognition, Rugged Mobile Computers, Magnetic Stripe Readers, Self-Checkout Systems, Radio Frequency Identification System}, Services {Consulting & Installation, Support & Maintenance}), By Store Type (Specialty & Convenience Stores, Super & Hyper Markets, E-Tailers, Others). PLUS, Profiles of Data Capture Hardware in Retail Companies, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.

The global data capture hardware in the retail market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.

The need to automate and optimize the data capture process and increase in demand for online shopping are the factors driving the growth of the data capture hardware in the retail market. The market seeks growth opportunities from the advancements in data capture hardware systems and rising demand for consumer goods. However, high initial setup & installation cost and data security & privacy concerns are expected to hamper the market growth during the forecast period.

COVID-19 Impact on Data Capture Hardware In Retail Market
The COVID-19 outbreak is having a considerable impact on the data capture hardware in the retail market. The pandemic and the economic downturn followed by it has affected the lives of people and businesses. The demand for essential consumer goods witnessed a rising demand from the online as well as offline stores during the pandemic, thereby creating a need for data capture hardware systems to efficiently manage the goods in inventory and across the supply chain. However, the nationwide lockdown imposed across the globe led to disruption in the supply chain, creating a demand-supply gap, thereby hampering the market growth. The market is expected to gain traction by the end of 2020 with the resuming of manufacturing facilities and supply chain activities.

Market Drivers

Need to Automate and Optimize Data Capture Process
With the growing competition in the market, retail enterprises are focused on obtaining a competitive position in the market. For which, the retailers are focusing on capturing business insights and customer data. Data capture hardware systems, help the retailer to capture the customer data automatically across pos and other touchpoints. The data captured by the system helps enterprises in reporting, managing the inventories, and supply chain, thereby allowing the retailers to automate and optimize the data capture process.

Increase in Demand for Online Shopping
With increasing internet penetration, the demand for online shopping is witnessing a rise. Turning to Internet shopping opens up new opportunities for online retailers, supermarkets and other sellers of consumer goods. The data capture hardware system enables the collecting of data across various touchpoints on e-commerce websites. Analyzing the data helps the online retailers to gain higher visibility on the customer journey helping the retailer to offer personalized services to its users and managing the supply chain & inventories.

Market Opportunities

Advancements in Data Capture Hardware Systems
The key market players are continuously focusing on advancing its data capture hardware systems with advanced technology capabilities such as AI, machine vision, and analytics. Integration of such technologies helps in capturing precise customer data which helps in ensuring the reliability and availability of the data, thereby reducing concerns related to data theft. Moreover, AI and analytics technology offer business insights assisting the retailers to gain customer insights and provide personalized services. Thus, advancements in data capture hardware systems is expected to create growth opportunities for the data capture hardware in the retail market.

Rising Demand for Consumer Goods
As the consumer disposable income of the emerging economies increases, the demand for consumer goods is also witnessing a rise. The consumer goods sector includes a wide range of retail products sold across various types of retail stores, thereby creating growth opportunities for the data capture hardware across retail stores. The data capture hardware helps in capturing the sales data across various touchpoints. Analyzing the data helps in understanding the consumer behaviour and buying patterns which offer a competitive advantage to the retail enterprises to forecast and plan the inventories accordingly.

Competitive Landscape
The data capture hardware in retail market is highly competitive. The key market players are focused on enhancing their offerings with advanced features to obtain a competitive position in the market. Some of the companies profiled in the report include Zebra Technologies, Honeywell International, Denso, Casio Computer Co Ltd., NCR Corporation, Datalogic, DT Research, Honeywell Scanning and Mobility, Panasonic Solutions, and Bluebird Inc.

October 2020, Honeywell International launched Extended FlexRange EX30 2D Scan Engine. The new solutions offer OEMs the flexibility in data capture devices reading barcodes at near and far distances switching seamlessly across the full scanning range.

November 2018, NCR Corporation acquired StopLift Checkout Vision Systems, a company offering intelligent computer vision systems. The acquisition aimed at accelerating growth in NCR’s market-leading self-checkout and store transformation solutions. The AI capabilities provided to the solution helps in capturing the details during each transaction to distinguish between legitimate and fraudulent behaviour, thereby offering value to its retail customers across the globe.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

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