Future Market Insights (FMI) in its latest report titled Barcode Scanner Market: Global Industry Analysis and Opportunity Assessment, 2023 to 2033” reveals that the use of barcode technology is rapidly rising in both retail and manufacturing industries. Barcode scanners have become one of the best solutions for recording product information without making any major manual effort.
The worldwide barcode scanner market is estimated to develop at a healthful pace between 2023 and 2033 in opposition to the five% CAGR registered in 2016 – 2020. The marketplace is expected to check in and increase at a sturdy pace at the lower back of wholesome demand from retail, e-trade and logistics, and manufacturing centers.
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Currently, barcode solutions are getting used across various domains thanks to their exponential competencies in systematically recording records such as product matter, date of manufacturing, the date on which the product was provided to the retailer, and selling price. Moreover, the emergence of e-commerce and intra-regional markets that offer specialized offerings to a huge range of sectors has in addition multiplied its software base.
The technological advantages and cutting-edge features of barcode scanners are also making them popular in the healthcare industry. Barcode technology can help rectify medication errors, and medical practitioners and physicians can easily get information about medicines as well as their manufacturing dates.
The global barcode scanner market is estimated to be valued worth US$ 7 Bn in 2021, according to FMI. The market is expected to register robust growth on the backdrop of healthy demand from retail, e-commerce and logistics, healthcare, and manufacturing sectors.
The advent of barcode technology has greatly reduced the hassles of tracking supply and commodity sale records for retailers across the globe. Over the years, technology has been consistently improved and made more efficient.
Additional Highlights of the Report include:
The laser-based scanner is expected to remain the prime technology. Laser scanners are widely used in regions with established manufacturing and retail sectors such as Western Europe and North America. By the 2021-end, laser scanners are estimated to account for 32.3% revenue share of the market and will continue to be the most preferred barcode reader technology throughout the assessment period.
However, the camera-based reader is anticipated to see fast adoption as these scanners are innovative and configured with advanced 2D imaging technology. Based on product type, portable/handheld scanners are expected to remain the top choice of barcode scanners amongst consumers over the forecast period.
Owing to characteristics such as faster print speed and versatility, demand for portable/handheld barcode scanners is rapidly increasing in various parts of the world. The use of barcode scanners in the retail and commercial sector continues to be the highest and is expected to account for a major chunk of revenue over the forecast period. Meanwhile, the healthcare industry is swiftly adopting barcode technology as well.
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Market players are targeting APEJ as their key sales region. Zebra Technologies Corporation, Honeywell International Inc., DataLogics S.P.A, Cognex Corporation, OCOM Technologies, Wasp Barcode Technologies, JC Square Inc., SATO Holdings Corporation, Scandit AG, and Toshiba TEC Corporation are some of the leading companies profiled in the FMI report.
Amongst regions, markets in the Asia Pacific excluding Japan (APEJ) and North America are expected to exhibit high growth potential. In APEJ, China and India are projected to achieve impressive growth in their barcode scanner market. By 2017-end, the region is projected to account for a revenue share of 29.5%, which is expected to increase to 33.8% towards the end of the forecast period.