DUBAI, U.A.E /PRNewswire/ As per a study by FMI, the global barcode scanner market is expected to reach a valuation of US$7bn and grow at a CAGR of 7.6% between 2021 and 2031. Despite the outbreak of COVID-19, the demand for barcode scanners rose consistently. The market also registered a shift in preference from handheld laser scanning to imaging solutions.
According to a study by FMI, the global barcode scanner market registered a CAGR of 5% during its historical period of 2016 to 2020. Expansion of manufacturing facilities, logistics, and e-commerce sectors has presented a conducive environment for barcode scanner sales.
Barcode scanning is highly sought-after across various industries as it offers a robust tracking system that prevents risk of incorrect delivery and downtime in transit. Retailers are increasingly adopting the technology for keeping a track of their inventories and products in warehouses and shops. Major retailers such as IKEA, Costco, Carrefour, and Walmart apply barcode on all their products. This is expected to create lucrative opportunities for growth of the global market.
Barcode scanners are increasingly being adopted in the healthcare industry. According to Institute of Medicine of the National Academies (IMNA), most of the medical errors in hospital occur due to improper medication during a patient's stay. To avoid these errors, hospitals prefer computer prescribed database to update patient's information. The implementation of barcode scanners rectifies every possible error and track exact details of a patient to minimize drug related mistakes.
The Middle East and Africa is expected to emerge as a fast growing regional market over the forecast period as it is experiencing rapid changes in customer preference for less time intensive and more convenient retail experience. The advent of digitalization in the retail industry is further boosting sales in this region.
"Key players are focusing on introducing cutting-edge features to keep pace with the evolving retail industry and changing consumer preferences. As competition continuous to soar, product diversification has emerged as key strategies among companies aiming at competitive advantage," says the FMI analyst.
Key Takeaways
- Asia Pacific is expected to lead the market as this region is witnessing substantial growth in e-commerce and retail industry.
- Demand in portable/handheld segment is expected to rise at a CAGR of 5.7% during the forecast period due to the demand for better convenience.
- Camera-based technology segment will expand owing to increasing demand from manufacturing and retail sectors.
- Innovations in healthcare infrastructure and easy access of technologically advanced medical services are expected to create lucrative growth opportunities in North America.
- Retail and manufacturing industries will exhibit higher adoption of barcode scanner as they enable hassle free recording of commodities and suppliers.
Key Drivers
- Diversification of products to cater the rising need for recording information such as product count, date of manufacturing, information about supplier, retailers, and selling price is expected to boost sales for barcode scanner.
- Increasing sales through online channels have boosted the demand for barcode scanner. The pandemic has impacted and changed shopping preferences. Increasing number of people are making online purchases, which encouraging demand for barcode scanners.
- Rising investment in technological development has bolstered adoption of high-end barcode scanners such as stationary scanners, omni-directional, rugged, and cordless scanners.
Key Restrains
- Inadequate infrastructure and lack of access to required expertise might hamper barcode scanner production during the forecast period.
- Lower adoption of barcode scanners in developing economies and lack of awareness will hinder sales.
Competitive Landscape
Key players operating in the global barcode scanner market are focusing on improving their market presence by pursuing numerous strategies such as new product launches, mergers & acquisitions, partnerships, joint ventures, product development, and strategic collaborations.
In November 2020, Datalogic S.p.A. launched its new Gryphon 4200 linear imager series. This novel product is ideal for numerous healthcare applications such as manufacturing work-in-progress applications, order processing, entertainment access control, ticketing, and retail POS checkout.
The key players operating in the global barcode scanner profiled by FMI are
- Zebra Technologies Corporation
- Honeywell International Inc
- DataLogics S.P.A
- Cognex Corporation
- SATO Holdings Corporation
- Scandit AG
- Wasp Barcode Technologies
- Toshiba TEC Corporation
- JC Square Inc
More Insights on the Barcode Scanner Market:
FMI provides an unbiased analysis of the barcode scanner market, presenting historical demand data (2016-2020) and forecast statistics for the forecast period from 2021-2031. The study divulges compelling insights on the global barcode scanner market with a detailed segmentation on the basis of
Product Type
- Portable/Handheld
- Rugged Scanners
- PDA Scanners
- Automatic Readers
- Others
- Fixed Position
- Stationary Scanners
- Presentation Scanners
- Automatic Readers
- Others
End Use
- Retail & Commercial
- General Manufacturing
- Healthcare
- Logistics & Warehouse
- Commercial Aviation
- Defence
- Others
Technology
- Pen Type Reader
- Laser Scanner
- CCD (Charge Coupled Device) Readers
- Camera Based Reader
- Omni Directional Barcode Scanner
- Smartphone Based Scanner
- RFID (Radio Frequency Identification Technology
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
Key Questions Covered in the Microalgae in Barcode Scanner Market Report
- The report offers detailed insights into microalgae in barcode scanner demand outlook for 2021-2031
- The market study also highlights projected sales growth for barcode scanner market between 2021 and 2031
- Barcode scanner market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
- Barcode scanner market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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