Portland, OR, July 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Barcode Reader Market By Type (Fixed and Handheld), and Vertical (Retail & Wholesale, Logistics & Warehousing, Industrial Manufacturing, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032.” According to the report, the global barcode reader market was valued at $7.4 billion in 2022, and is projected to reach $13.3 billion by 2032, registering a CAGR of 6.3% from 2023 to 2032.
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Prime Determinants of Growth:
The global barcode reader market is driven by factors such as the growing need for handheld barcode readers and surge in demand for accurate and efficient data capture. However, the high cost of barcode readers hampers market growth to a certain extent. Moreover, e-commerce expansion and mobile integration of barcode readers provide lucrative opportunities for market growth.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $7.4 Billion |
| Market Size in 2032 | $13.3 Billion |
| CAGR | 6.3% |
| No. of Pages in Report | 342 |
| Segments Covered | Type, Application, and Region |
| Drivers | Surge in demand for accurate and efficient data capture |
| Growing need for handheld barcode reader | |
| Opportunities | E-commerce expansion and mobile integration of barcode readers |
| Restraints | High cost of barcode readers |
COVID-19 Scenario:
- The COVID-19 epidemic significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the barcode reader market.
- Many businesses had to swiftly adjust to the growth in e-commerce by developing packaging that can endure the rigors of shipping and handling.
- The pandemic had intensified the attention on sustainable magneto resistive element solutions as people looked for eco-friendly choices.
The handheld segment to maintain its leadership status throughout the forecast period-
Based on type, the handheld segment held the highest market share in 2022, accounting for more than half of the global barcode reader market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 6.82% from 2023 to 2032. This is due to the integration of handheld barcode scanning capabilities into mobile devices, which has become increasingly popular. Mobile barcode scanning apps are widely used for applications such as mobile payments, ticketing, and inventory management.
The logistics and warehousing segment to maintain its lead position throughout the forecast period
Based on application, the logistics and warehousing segment held the highest market share in 2022, accounting for nearly half of the global barcode reader market revenue, and is estimated to maintain its lead position throughout the forecast period. The same segment would display the fastest CAGR of 6.9% from 2023 to 2032. The growth is attributed to the demanding warehouse environment, where rugged barcode scanners are essential. They are built to withstand harsh conditions, such as drops, temperature variations, and dust. Furthermore, wireless barcode scanners offer increased mobility and flexibility, allowing operators to move freely while scanning barcodes without being tethered to a fixed location.
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North America to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, accounting for nearly half of the global barcode reader market revenue, and is likely to dominate the market during the forecast period. There has been a growing emphasis on document digitization and workflow automation in North America. Businesses are increasingly investing in barcode readers to convert paper documents into digital formats, enabling efficient document management, improved productivity, and streamlined workflows. However, the LAMEA region is expected to witness the fastest CAGR of 7.48% from 2023 to 2032.
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Leading Market Players:
- Zebra Technologies Corp.
- Honeywell International Inc.
- Cognex Corporation
- SATO Holdings Corporation
- Motorola Solutions, Inc.
- Wasp Barcode Technologies, LLC
- Denso Corporation
- Datalogic S.p.A.
- Opticon
- Unitech Electronics Co., LTD
The report provides a detailed analysis of these key players in the global barcode reader market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- This study comprises analytical depiction of the global barcode reader market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall global barcode reader market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global barcode reader market forecast is quantitatively analyzed from 2022 to 2032 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the barcode reader.
- The report includes the market share of key vendors and global barcode reader market trends.
Barcode Reader Market Key Segments:
By Type:
- Handheld
- Fixed
By Application:
- Logistics and Warehousing
- Industrial Manufacturing
- Retail and Wholesale
- Healthcare
- Others
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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