Barcode Readers Market on Track Remarkable Growth, USD 14,447.72 Million By 2030

New York, June 26, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Barcode Readers Market” published by Consegic Business Intelligence, the market was worth USD 5,982.07 Million in 2022 and is anticipated to reach over USD 14,447.72 Million by the year 2030, growing at a CAGR of 11.9%.

Barcode is a visual representation of valuable information that is read and decoded mechanically. Barcode readers are used to decode information on different products through an optical scanner. The information is sent to computers to manage data and records of a wide variety of objects and products. Barcode readers are utilized in warehouse management system to track and maintain records of a variety of products.

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The increasing demand for barcode readers in e-commerce and retail industry to streamline business operations such as order receiving and restocking, inventory management, and error optimization applications is driving the growth of the market. Barcode readers are utilized to ensure that inventory records reflect the actual quantities of the product in the warehouse quickly and accurately. For instance, in November 2022, Cognex Corporation launched a high-performance handheld barcode reader called DataMan 8700LX featuring a rugged design to scan label-based codes.

The incorporation of image scanning technology in barcode readers is expected to present potential opportunities for the growth of barcode readers market. The integration of image scanning technology allows barcode readers to detect objects at any orientation or angle. However, the presence of alternate technologies such as RFID (Radio Frequency Identification) tags is hindering the growth of barcode readers market.

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Barcode Readers Market Growth Drivers:

• The increasing demand for barcode readers in retail industry to streamline business operations is driving the growth of the market.
• The growing adoption of barcode readers in the healthcare industry to manage patient records and data is proliferating the growth of the market.
• The increasing adoption of barcode readers in e-commerce industry for receiving and dispatching of orders is accelerating the growth of the market.

Restraints

• The presence of alternatives including RFID (Radio Frequency Identification) tags that use electromagnetic fields to identify and scan tags is hindering the growth of the market.
• The inability of barcode readers to detect objects above 15 feet range is restraining the growth of the market.

Opportunities

• The incorporation of image scanning technology in barcode readers is expected to present potential opportunities for the growth of barcode readers market.

Global Barcode Readers Market Segmentation Details:

Based on Type, the fixed segment contributed the largest shares to the market growth in 2022. The application of fixed barcode readers in retail stores and shopping malls for checkout procedures is driving the growth of the market. Moreover, barcode readers provide fast and accurate transaction systems for customers in both grocery and non-food retail stores, thereby contributing to the growth of barcode readers market.

Based on Application, the inventory management segment accounted for the maximum revenue share in the year 2022. Barcode readers allows businesses to track inventory efficiently by scanning the barcodes on products stored in a retail store or warehouse. Therefore, the ability of barcode scanners to streamline the process of product management and storage is accelerating the growth of the market.

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Based on End-User, the logistics & warehouse segment accounted for the maximum revenue share in the year 2022. Barcode readers play a crucial role in keeping the record of each container, rack and item by following a digitized and automated procedure. Moreover, the deployment of barcode scanners in warehouses for quality control applications is driving the growth of the market.

Based on region, North America accounted for the largest revenue share in the year 2022. The increasing demand for automation in North America due to the need for improved efficiency, increased productivity, and reduced operational costs is driving the growth of the market. Furthermore, the increasing adoption of advanced technologies in North America is accelerating the growth of the regional market.

Recent Developments

• In April 2021, MobileDemand launched rugged cases with integrated barcode scanner and magnetic stripe card reader (MSR) to read a variety of barcodes and process secure payment.
• In March 2023, Cognex Corporation incorporated powerful lighting system to a new barcode reader called DataMan 280 to enhance product's ability to read direct-part marks (DPMs) by optimizing lighting contrast and minimizing glare and background interference.

Key Market Highlights

• Globally, barcode readers market is divided based on the type into portable and fixed.
• In the context of application, the market is segregated into error optimization, biometrics, inventory control & management, and others.
• Based on end-user, the market is separated into retail & wholesale, logistics & warehousing, manufacturing, healthcare, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in barcode readers market.

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List of Major Global Barcode Readers Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Wasp Barcode Technologies

• Denso

• Motorola solutions

• Honeywell International, Inc.

• Datalogic S.p.A

• Opticon

• Zebra Technologies

• Unitech Electronics Co., Ltd.

• Cognex Corp

• Bluebird Inc.

• Newland EMEA

• Code Corporation

• CipherLab Co., Ltd.

Global Barcode Readers Market Segmentation: 

• By Type

• Portable
  • Rugged Scanners
  • PDA Scanners
  • Automatic Readers
  • Others
• Fixed
  • Stationery Scanners
  • Presentation Scanners
  • Others
• By Application
• Error Optimization
• Biometrics
• Inventory Control & Management
• Others

• By End-User
  • Retail & Wholesale
  • Logistics & Warehousing
  • Manufacturing
  • Healthcare
  • Others

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Key Questions Covered in the Barcode Readers Market Report

• What are Barcode Readers?

- Barcode readers are electronic devices used to capture and decode information stored in barcodes. Barcodes are machine-readable symbols that consist of parallel lines, and other geometric patterns to represent data.

• What are some of the most important applications of barcode readers and how do they impact the industry's growth potential?

- Barcode readers play a crucial role in inventory management systems in retail stores and warehouses. Moreover, barcode readers are extensively used in retail stores to scan product barcodes during checkout.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the barcode readers market growth in the coming years?

- North America accounted for the largest revenue share in the year 2022. The increasing demand for automation in various industries such as retail, healthcare, and e-commerce is driving the growth of the market.

• Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- Asia Pacific is anticipated to register fastest CAGR growth during the forecast period. The increasing adoption of barcode readers in retail industry for inventory management applications is accelerating the growth of the market.

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