2D Barcode Reader Market Overview
2D Barcode Reader Market Size was valued at USD 7.5 Billion in 2022. The 2D Barcode Reader market is projected to grow from USD 8.2 Billion in 2023 to USD 16.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period (2023 - 2032). The global expansion of e-commerce, together with shifting trends in the warehousing and logistics sectors, and growing use of 2D barcodes across a variety of industries, are the key market drivers enhancing the market growth.
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2D Barcode Reader Market Trends
The rising e-commerce industry worldwide in line with the evolving developments in the warehousing and logistics industries is driving the market growth
The market expansion can be attributed to the global e-commerce sector's expansion along with changing trends in the warehousing and logistics sectors. To support the rapid expansion of the online retail sector, maintaining sales data, assuring correct timing, and tracking products across supply chain networks in real-time are becoming of utmost importance. Real-time product tracking has evolved into a crucial requirement for online retailers. 2D barcode readers are currently playing a crucial role in controlling sales data and inventory levels.
Barcodes can help to minimize data entry errors, which can be expensive and challenging to fix. By reducing the chance of human error, barcode scanning can improve accuracy and productivity. In comparison to manual approaches, it has been shown to be a quicker and more effective means to collect data. Faster scanning choices, quicker checkouts in retail establishments, quicker tracking & processing of products in logistics, and quicker patient processing are all made possible by barcodes. Barcodes are used to trace goods as they move through the supply chain, giving firms more flexibility and control. By reducing the chance of products being stolen or lost, this can improve supply chain efficiency.
Barcode readers are frequently used in retail stores to quickly and precisely scan product barcodes at the point of sale. The increased use of these devices in sectors like healthcare is also anticipated to fuel market expansion. For instance, barcode technology is being used in U.S. acute care institutions to avoid medication mistakes. In order to keep a unique patient record, each patient is given a custom barcode wristband that is connected to the main computers. The nurse uses a barcode scanner to scan the wristband and the medication before giving it to the patient. The information is forwarded to a central computer, where software double-checks several databases before approving the drug.
The system gives a warning in the event of a mismatch, preventing any drug mishaps. These advantages would help the industry's expansion during the forecasted time. The shift to digital shopping is being further strengthened by advancements in wireless technology. While consumers around the world are increasingly choosing to buy digitally, supermarkets and hypermarkets are able to cut down on wait times and speed up the checkout process by integrating wireless technology into barcode scanners. As a result, the combination of wireless technology, automated billing systems, and 2D barcode scanners adds to shopping ease while providing quick and easy checkout procedures and boosting customer happiness, which is causing the industry to grow. Thus, driving the 2D Barcode Reader market revenue.
2D Barcode Reader Market Segment Insights
2D Barcode Reader Product Type Insights
The 2D Barcode Reader Market segmentation, based on product type, includes handheld and fixed. Handheld segment accounted for the largest revenue share in 2022. There are many different uses for a handheld gadget. For instance, it is an essential tool for tracking shipping, receiving, and Work-In-Progress (WIP) stocks in the manufacturing industry. As it aids in precise inventory tracking and offers crucial business intelligence for future planning and operational needs, it is employed in the retail sector to meet configuration needs at the checkout counter.
2D Barcode Reader Application Insights
The 2D Barcode Reader Market segmentation, based on application, includes warehousing, logistics, e-commerce, and factory automation. Warehousing segment dominated the 2D Barcode Reader Market in 2022. Moving bulk inventory, containers, and individual items through a variety of distinctive locations is a vital operating procedure in a warehouse. It can be time-consuming and prone to error to manually collect data for inventory counts.
Figure 1: 2D Barcode Reader Market, by Application, 2022 & 2032 (USD Billion)
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2D Barcode Reader Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America 2D Barcode Reader Market dominated this market in 2022 (45.80%). Customers are now able to buy and return things whenever it is most convenient for them because to the growing popularity of social media platforms and the development of internet shopping, especially in developed nations like the U.S. Further, the U.S. 2D Barcode Reader market held the largest market share, and the Canada 2D Barcode Reader market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: 2D BARCODE READER MARKET SHARE BY REGION 2022 (USD Billion)
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Europe 2D Barcode Reader market accounted for the healthy market share in 2022. Growth opportunities for the 2D barcode reader market in Europe are expected to rise as a result of the increasing adoption of 2D barcodes by businesses for the purpose of accurately tracking product, location, manufacturer, and related specification data. Further, the German 2D Barcode Reader market held the largest market share, and the U.K 2D Barcode Reader market was the fastest growing market in the European region
The Asia Pacific 2D Barcode Reader market is expected to register significant growth from 2023 to 2032. The expansion of the e-commerce, logistics, and warehouse sectors in the Asia Pacific regional market is responsible for the increase in demand for 2D barcode readers. The introduction of 5G, increasing government activities towards industry 4.0 for the automation and digitalization of industries, and expanding digitization are additional drivers driving demand for 2D barcode readers. Moreover, China’s 2D Barcode Reader market held the largest market share, and the Indian 2D Barcode Reader market was the fastest growing market in the Asia-Pacific region.
2D Barcode Reader Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the 2D Barcode Reader market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, 2D Barcode Reader industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global 2D Barcode Reader industry to benefit clients and increase the market sector. In recent years, the 2D Barcode Reader industry has offered some of the most significant advantages to medicine. Major players in the 2D Barcode Reader market, including Casio Computer Co., Ltd., Cognex Corp., Datalogic SpA, Denso Wave Inc., General Data Company, Inc., Honeywell International, Inc., JADAK - A Novanta Company, Juniper Systems Inc., Keyence Corp., Marson Technology Co., Ltd., Omron Microscan Systems, Inc., Sato Holdings Corp., Scandit, Sick AG, Unitech Electronics Co., Ltd., Wasp Barcode Technologies, Zebex Industries Inc., and Zebra Technologies Corp., are attempting to increase market demand by investing in research and development operations.
Cognex Corp. is a for-profit organisation. It creates, develops, and manufactures goods using machine vision technology to automate industrial procedures. Vision systems, vision software, 3D laser profilers, fixed-mount barcode readers, handheld barcode readers, and vision sensors are just a few of the goods offered by the company. Machine vision is used by the business for a variety of tasks, such as finding flaws, tracking, sorting, and identifying parts, as well as controlling assembly robots and monitoring production lines. Cognex provides services to the semiconductor, consumer electronics, food, beverage, pharmaceutical, and medical industries as well as the automation, logistics, and life sciences sectors. Through distribution and integration partners, the corporation markets and sells its goods. Natick, Massachusetts, in the United States, is home to Cognex's headquarters. The DataMan 580, a fixed-price barcode scanner, was introduced by Cognex Corp. in January 2023 to speed up operations while boosting accountability. Its goal is to optimise logistical processes by using cutting-edge intelligence, management, and performance solutions to monitor real-time system performance and enhance operations.
Adesso SE is a German provider of IT services. For the improvement of essential business operations, the organisation provides consulting and software development services. Additionally, it provides pre-made software products for common applications. The majority of the company's sales revenue is produced in Germany by consulting and software development. It is divided into two segments: IT Services and IT Solutions. Adesso bought the Italian software firm WebScience in January 2023. It is a calculated strategy to increase its market share in Italy.
Key Companies in the 2D Barcode Reader market include
- Casio Computer Co., Ltd.
- Cognex Corp.
- Datalogic SpA
- Denso Wave Inc.
- General Data Company, Inc.
- Honeywell International, Inc.
- JADAK - A Novanta Company
- Juniper Systems Inc.
- Keyence Corp.
- Marson Technology Co., Ltd.
- Omron Microscan Systems, Inc.
- Sato Holdings Corp.
- Scandit
- Sick AG
- Unitech Electronics Co., Ltd.
- Wasp Barcode Technologies
- Zebex Industries Inc.
- Zebra Technologies Corp.
2D Barcode Reader Industry Developments
February 2023: Ziath, a sample management expert, announced that Azenta Inc. (Burlington, MA, USA) had purchased it. The Cambridge-based company was founded in 2005 and offers a comprehensive range of cutting-edge 2D barcode readers as an essential component of the laboratory automation workflow for pharmaceutical, biotech, and academic customers globally.
2D Barcode Reader Market Segmentation
2D Barcode Reader Product Type Outlook
2D Barcode Reader Application Outlook
2D Barcode Reader Regional Outlook
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North America
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
2D Barcode Reader Market Highlights:
