Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on "2D Barcode Reader Market Size Report, Share, Growth Trends, and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type and Application," the market is expected to grow from US$ 8.37 Billion in 2023 to US$ 12.70 Billion by 2028; it is estimated to register a CAGR of 8.7% from 2023 to 2028.
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Global 2D Barcode Reader Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 8.37 Billion in 2023 |
| Market Size Value by | US$ 12.70 Billion by 2028 |
| Growth rate | CAGR of 8.7% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2023 |
| No. of Pages | 148 |
| No. of Tables | 56 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Product Type, Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Adesso Inc, Cognex Corp, Newland Auto-ID Tech Co Ltd, Honeywell International Inc, Keyence Corp, OMRON Corp, Guangzhou Netum Electronic Technology Co Ltd, Datalogic SpA, Zebex Industries Inc, Zebra Technologies Corp |
Browse key market insights spread across 148 pages with 56 lists of tables & 71 lists of figures from the report, "2D Barcode Reader Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Handheld and Fixed) and Application (Warehousing & Logistics, Pharmaceuticals, E-commerce & Retail, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/2d-barcode-reader-market
With the rise in industrialization and globalization, several industries such as healthcare, warehousing, automotive, and retail are adopting various solutions to simplify their workflow and reduce their downtime to stand out in the market. A 2D barcode reader is widely used to encode product information stored in the barcodes. It helps reduce error rates and improve operational efficiency in end-user industries. In addition, 2D readers can store more data compared to 1D readers, which enables fast data access. Due to all these advantages, the demand for 2D barcode readers is increasing. Hence, market players are launching new products with additional features to attract potential customers of 2D barcode readers and increase their revenues and sales. For instance, in October 2020, RTscan unveiled RTX200: NFC barcode Reader with a Wi-Fi interface. This reader can read 1D/2D barcodes and support Wi-Fi communications. New product launches with innovative features attract potential buyers, propelling the 2D barcode reader market growth.
The Middle East & Africa (MEA) 2D barcode reader market share is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of MEA. In the MEA, the rise in disposable income contributed to the growth in large-scale retail outlet chains and e-commerce. This has increased logistics and warehousing operations, which further generates a high demand for automated solutions to manage activities associated with logistics, transportation, and warehouses. The UAE's strong e-commerce sales are propelling the country's need for warehousing. Under Vision 2030, Saudi Arabia is investing heavily in the logistics sector, which is expected to hold 30% of the country’s economy by 2030. Thus, the investment in logistic sector and e-commerce sales in MEA countries are a few factors propelling the need for 2D barcode readers, contributing to the 2D barcode reader market growth.
Global 2D Barcode Reader Market: COVID-19 Overview
The COVID-19 outbreak considerably impacted the global economy during its peak in Q1 and Q2 of 2020, and the crisis has hampered business activities in various industries. Governments of several countries imposed stringent regulations on human mobilization and trade bans. The global economy witnessed a paradigm shift toward work-from-home culture and a change in consumer buying behavior, such as increased online shopping. As a result, many customers started to shop online, significantly increasing the use of 2D barcode readers, fueling the growth of the 2D barcode reader market.
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Global 2D Barcode Reader Market: Product Type Overview
Based on product type, the global 2D barcode reader market share is segmented into handheld and fixed. Fixed-mount image-based barcode readers are used to scan products hand-free and get the packages moving while the reader scans the barcode. These barcode readers have advanced technology, modularity, and processing power. A few benefits of fixed mount 2D barcode readers are increased throughput and productivity, ergonomic features, less maintenance and replacement costs, and handling a variety of logistics applications. Throughput can be easily increased with fixed barcode readers by eliminating the repetitive motion of picking up and putting down the handheld readers. All these benefits of fixed 2D barcode readers make them a preferred choice for difficult manufacturing and logistics applications.
Global 2D Barcode Reader Market: Competitive Landscape and Key Developments
Adesso Inc, Cognex Corp, Newland Auto-ID Tech Co Ltd, Honeywell International Inc, Keyence Corp, OMRON Corp, Guangzhou Netum Electronic Technology Co Ltd, Datalogic SpA, Zebex Industries Inc, and Zebra Technologies Corp. are among the key 2D barcode reader market players profiled in the study.
In March 2023, Newland AIDC launched BS80 companion scanner, BS50 Glove scanner, and BS30 Badge scanner. These new products will help the company boost scanning performance.
In June 2022, Zebra Technologies, a global leader in enterprise technology solutions, completed its acquisition of Matrox Imaging, a developer of advanced machine vision components, software, and systems. This move expands Zebra's offerings in the automation and vision technology solution space, following the recent launch of its fixed industrial scanning and machine vision portfolio and the acquisitions of Adaptive Vision and Fetch Robotics.
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