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A12426 | Pages: 342 | Charts: 66 | Tables: 97 |
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.
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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.
[TYPEGRAPH]
On the basis of type, it is categorized into fixed and handheld. The handheld segment accounted for the largest share in 2022.
[APPLICATIONGRAPH]
By application, it is fragmented into retail & wholesale, logistics & warehousing, industrial manufacturing, healthcare, and others. Logistics & warehousing dominated the market in 2022.
[REGIONGRAPH]
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.
KEY BENEFITS FOR STAKEHOLDERS
Key Market Segments
Key Market Players