The global 2D Barcode Reader market size is expected to be worth around US$ 21.06 billion by 2030, according to a new report by Vision Research Reports.
The global 2D Barcode Reader market size was valued at US$ 16.79 billion in 2020 and is anticipated to grow at a CAGR of 16.7% during forecast period 2021 to 2030.
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The growing preference for online shopping and the subsequent growth in and logistics is expected to drive the growth of the market. Businesses in several industries and industry verticals, including retail and manufacturing, are aggressively using barcodes and allied systems to precisely audit the inventory and track individual products or product batches remotely in a large facility. Thus, a barcode scanner becomes a core component for decoding and interpreting the data stored by the barcode. Barcode scanners ensure robust inventory control management and help in improving the accuracy, speed, and efficiency of tracking goods.
The growing preference for online shopping has prompted e-commerce and logistics companies to establish warehouses and distribution centers. Moreover, these companies are aggressively looking to expand the storage space in line with the growing demand for products ordered online. Businesses have also increased their investments to maintain lean operations and enhance their storage facilities. In addition to expanding floor spaces, investments are also being made in automation and worker-augmented solutions, which have become a priority for decision-makers. Decision-makers have realized that 2D barcode readers can be a superior technology to help in automating inventory maintenance and data collection and have hence taken an incremental approach to modernize warehouse operations.
The handheld segment dominated the 2D barcode reader market in 2020 and accounted for more than 60% of the revenue share. The segment is projected to register a CAGR of over 5.0% over the forecast period owing to the numerous benefits, such as mobility and operational flexibility, handheld barcode readers can offer as compared to the fixed barcode readers. Handheld barcode readers are lightweight and compact and hence increase the device portability in a facility while storing and scanning goods and products that are difficult to lift. A handheld reader is typically designed like a handgun and features a trigger and a grip to activate the scanning operation.
The warehousing segment dominated the market in 2020 and accounted for more than 35.0% of the global revenue. The segment is expected to continue dominating the market over the forecast period. Moreover, as online retail has gained traction over the past decade, it continues to expand at a healthy pace across the globe, with developments in warehousing and logistics playing a significant role in its overall growth. To ensure accurate tracking of products within the online shopping industry, it has become of paramount importance to maintain the sales information, precise lead timing, and product tracking in the supply chain network.
The logistics segment is anticipated to exhibit the highest CAGR of 6% over the forecast period. Delivering timely and updated information on the current state of shipping schedules or stocks has become a prerequisite to global trade competitiveness. The continuously increasing volumes of online retailing coupled with a wide array of product choices being offered to consumers shopping online have boosted the adoption of barcode scanning in logistics facilities.
The Asia Pacific dominated the market in 2020 and accounted for a global revenue share of over 45.0%. The growth can be attributed to the growing e-commerce and retail industry in the regional market. Moreover, as manufacturing activities continue to evolve, the deployment of automated warehouses has also triggered the demand for 2D barcode readers. The increasing deployment of these barcode readers in shipping activities, logistics activities, and warehousing activities is benefitting in the form of seamless business operations management.
|Market Size||US$ 21.06 billion by 2030|
|Growth Rate||CAGR of 16.7% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product Type, Application, Region|
|Companies Mentioned||DENSO WAVE INCORPORATED, CASIO COMPUTER CO., LTD., Cognex Corporation, Datalogic S.p.A., Honeywell International, Inc., Juniper Systems Inc., Zebra Technologies Corp., KEYENCE CORPORATION|
- DENSO WAVE INCORPORATED
- CASIO COMPUTER CO., LTD.
- Cognex Corporation
- Datalogic S.p.A.
- Honeywell International, Inc.
- Juniper Systems Inc.
- Zebra Technologies Corp.
- KEYENCE CORPORATION
Product Type Outlook
- Application Outlook
- Factory Automation
- Regional Outlook
- North America
- Asia Pacific
- South America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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