The global 2D barcode reader market size is expected to reach USD 8.60
billion by 2025, registering a CAGR of 4.7% over the forecast period, according
to a new report by Grand View Research, Inc. The market is expected to grow as
incumbents of industries, such as retail, transportation & logistics,
warehousing, and e-commerce, continue to adopt various tools to increase the
operational efficiency of their business operations. Initiatives being
undertaken by businesses to develop innovative strategies and adopt strategic
methods and tools to gain a competitive edge in the marketplace also bode well
for the growth of the market.
A barcode reader is emerging as one of the
solutions that can potentially help businesses in ensuring lean operations and
improving productivity. As a result, manufacturers operating in the market are
responding to the situation by focusing on the development of innovative
technologies for enhancing the barcode reading capabilities and offering
numerous benefits to several end-use industries. The development of
2-Dimensional (2D) barcode scanners has particularly helped in solving several
problems and challenges, such as having the capability to scan 2D barcodes
while also ensuring the backward compatibility to scan 1-Dimensional (1D)
barcodes.
A 2D barcode reader has assumed a pivotal
role in increasing the operational efficiency of businesses. Owing to
advantages such as higher accuracy, higher scanning speed, reduction in
clerical cost, and improvement in customer service, the 2D barcode reader has
cemented its position as a prominent tool for streamlining internal and
external operations. Apart from being compact and flexible, the reader can also
turn out to be an economical solution with a payback period of just 3-6 months.
It is particularly getting vital for the industrial sector as a result.
The adoption of barcode technology as an automatic
identification/scanning system has helped significantly in reducing human
errors. A typical error rate for human data entry is estimated at around 1
error per 300 characters typed. However, the error rate of a barcode reader is
estimated at 1 error per 35 trillion characters. Thus, from accelerating the
checkout process in the retail industry to tracking inventories in warehouses,
barcode scanners have eventually proliferated into a myriad of business
operations. These scanners can not only help businesses in conserving their
resources but in optimizing the data entry process, improving real-time
visibility of the products, and enhancing the productivity of employees.
However, the proliferation of mobile
barcode Software Development Kits (SDKs) is anticipated to hinder the growth of
the market. Organizations with low-volume operations are particularly
preferring smartphones over scanners for barcodes to reduce their operational
costs. The adoption of Bring Your Own Device (BYOD) policies is also
anticipated to encourage the adoption of barcode scanning apps over readers. In
other words, any growth in the usage of smartphones for scanning barcodes can
potentially take a toll on the demand for dedicated 2D barcode readers.
Access Research Report of 2D Barcode
Reader Market @ https://www.grandviewresearch.com/industry-analysis/2d-barcode-reader-market
Further key findings from the report suggest:
· The global market for 2D barcode reader was
valued at USD 6.39 billion in 2018 and is expected to exhibit a CAGR of 4.7%
from 2019 to 2025
· The handheld segment accounted for the
largest revenue share of over 65% in 2018 and is anticipated to register a CAGR
of 5.2% over the forecast period
· The logistics segment is anticipated to
exhibit the highest CAGR of 6.1% over the forecast period as transporters
continue to deploy barcode readers at their logistics facilities
· The warehousing segment dominated the
market in 2018 and was valued at USD 2.60 billion as warehousing companies
aggressively adopted 2D barcode readers to track inventories
· The Asia Pacific regional market was valued
at USD 2.66 billion in 2018 and is expected to register a significant growth
rate owing to the booming e-commerce industry and the continued rollout of
warehousing network, particularly in developing countries, such as India and
China
· The key players dominating the 2D barcode
reader market include Zebra Technologies Corporation, Datalogic S.p.A., Cognex
Corporation, Honeywell International Inc., and Keyence Corporation, among
others
Grand View Research has segmented the
global 2D barcode reader market on the basis of product type, application, and
region:
2D Barcode Reader Product Type Outlook
(Revenue, USD Million, 2015 - 2025)
·
Handheld
·
Fixed
2D Barcode Reader Application Outlook
(Revenue, USD Million, 2015 - 2025)
·
Warehousing
·
Logistics
·
E-commerce & Retail
2D Barcode Reader Regional Outlook
(Revenue, USD Million, 2015 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
South America
o
Brazil
·
MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
