Barcode Reader Market Research, 2032
The global barcode reader market was valued at $7.4 billion in 2022, and is projected to reach $13.3 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
A barcode reader, also known as a barcode scanner, is an electronic device used to read and interpret barcode symbols. Barcodes are machine-readable representations of data that consist of a series of parallel lines or geometric patterns, typically printed on products, packaging, or labels.
The barcode reader market is witnessing remarkable growth due to its rising adoption in the retail and manufacturing sectors. The advancements in the public distribution system have contributed to the significant expansion of the barcode scanner industry. Furthermore, the demand for remote solutions in various industries has fueled the market for QR code scanner. The presence of numerous multinational logistics service providers is also driving the growth of the barcode reader industry. Additionally, the healthcare sector's increasing requirements are anticipated to further stimulate barcode reader market growth.
The advancements in the public distribution system have played a significant role in the expansion of the barcode scanner industry. Moreover, the demand for remote solutions across various industries has contributed to the growth of the barcode reader. The presence of numerous multinational logistics service providers has also been a driving factor in the industry's growth. Furthermore, the healthcare sector's growing needs are expected to provide additional momentum for market expansion. The barcode reader market outlook is segmented into Type and Application.
On the basis of type, it is categorized into fixed and handheld. The handheld segment accounted for the largest share in 2022.
By application, it is fragmented into retail & wholesale, logistics & warehousing, industrial manufacturing, healthcare, and others. Logistics & warehousing dominated the market in 2022.
Region wise, the barcode reader market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Country-wise, the U.S. acquired a prime barcode reader market share in the global market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2023-2032.
In Europe, the UK, dominated the global market, in terms of revenue, in 2022. However, Germany is expected to emerge as the fastest-growing country in Europe's global market with a significant CAGR during the forecast period.
In Asia-Pacific, South Korea is expected to emerge as a significant market for the global barcode reader market industry, owing to a significant rise in investment by prime players in the region.
By LAMEA region, the Middle East garner a significant market share in 2022. The LAMEA barcode reader market has been witnessing improvement, owing to the growing inclination of companies towards research and development and expanding manufacturing units across this region. Moreover, the Middle East region is expected to grow at a high CAGR from 2023 to 2032.
Competitive Analysis
The key market leaders profiled in the report include 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, and Unitech Electronics Co., LTD. These key players have adopted strategies, such as geographical expansion, product launches, acquisitions, partnerships, and business expansion, to enhance their market penetration.
TOP IMPACTING FACTORS
The global barcode reader market includes a surge in demand for accurate and efficient data capture, which fuels the demand for QR code scanner. In addition, there is a growing need for handheld barcode readers. 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 a lucrative barcode reader market opportunity.
HISTORICAL DATA & INFORMATION
The global barcode reader market is highly competitive, owing to the strong presence of existing vendors. Vendors of the global market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Developments/ Strategies
Sato Holding Co., Ltd, Cognex Corporation, Honeywell International Inc., Zebra Technologies, and Unitec Electronics Co., Ltd are the top companies holding a prime share in the global market. Top market players have adopted various strategies, such as product launch, acquisition, expansion, agreement, product development, innovation, branding, collaboration, investment, contract, and upgradation to expand their foothold in the global Barcode Reader Market Demand.
- In April 2023, Zebra Technologies Corporation announced Foodstuffs South Island is using Zebra's mobile computers, tablets, and wearable scanners to achieve greater productivity, inventory visibility and accuracy, and improved shopping experience.
- In March 2023, Cognex Corporation released the DataMan 282 fixed-mount barcode reader, outfitted with the company's high-powered integrated torch (HPIT) and optional dome lighting attachment. These lighting components enhance the product's ability to read direct-part marks (DPMs) by optimizing lighting contrast and minimizing glare and background interference.
- In November 2022, Cognex Corporation launched the DataMan 8700LX, a high-performance handheld barcode reader for label-based codes. The DataMan 8700LX puts industrial-grade label reading in the palm of your hand, with a rugged design that withstands the most demanding manufacturing environments.
- In February 2022, Cognex Corporation launched the DataMan 280 series, fixed-mount barcode readers. The DataMan 280 is engineered to solve a broad range of ID applications, including tough 1D, 2D, and Direct Part Mark (DPM) code applications in manufacturing and logistics.
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 Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 13.3 billion |
 Growth Rate | CAGR of 6.3% |
 Forecast period | 2022 - 2032 |
 Report Pages | 342 |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Unitech Electronics Co., LTD, MOTOROLA SOLUTIONS, INC., Datalogic S.p.A., Honeywell International Inc., Cognex Corporation, Wasp Barcode Technologies, LLC, Opticon, Denso Corporation, Sato Holdings Co., Ltd., Zebra Technologies Corp. |
Analyst Review
The barcode reader market is anticipated to depict a prominent growth during the forecast period, owing to various factors, such as an increase in adoption of handheld barcode readers that fuels the demand for barcode reader market. In addition, the market is influenced by growth in investments in the retail sector and rise in urbanization to drive the market growth. However, the high cost of barcode readers hampers market growth to a certain extent. Each of these factors is anticipated to have a definite impact on the global barcode reader market during the forecast period.
The barcode reader market exhibits high growth potential in logistics and warehousing sectors. The current business scenario has witnessed an increase in demand for security, particularly in developing regions, such as China and India, owing to surge in population and rise in demand for scanning. Companies in this industry have adopted various innovative techniques, such as mergers and acquisitions, to strengthen their business position in the competitive matrix.
The key players of the barcode reader market include 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, and Unitech Electronics Co., LTD.
Logistics and warehousing is the leading application of barcode reader market.
The trends of barcode reader market include surge in demand for accurate and efficient data capture, which fuels the demand for barcode readers. In addition, there is a growing need for handheld barcode readers.
North America is the largest regional market for barcode reader.
The global barcode reader market was valued at $7,422.0 million in 2022.
Sato Holding Co., Ltd, Cognex Corporation, Honeywell International Inc., Zebra Technologies, and Unitec Electronics Co., Ltd are the top companies to hold the market share in Barcode Reader.
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