The report further cites that the global barcode scanners market will account for almost US$ 7 Bn by 2031-end. During the same period, the market is also anticipated to reflect a CAGR of 7.6% in terms of volume, reaching 38.7 Mn units over 2031-end.
The advent of barcode technology has greatly decreased the hassles of tracking supply and commodity sale records for retailers across the globe. Over the years, technology has been always enhanced and made more efficient.
Currently, barcode solutions are being used across various domains owing to their exponential capabilities in systematically recording information such as product count, date of manufacturing, the date on which the product was supplied to the retailer and selling price. Moreover, the emergence of e-commerce and intra-regional markets that offer specialized services to a wide range of sectors has further expanded its application base.
Future Market Insights (FMI) in its latest report titled “Barcode Scanner Market: Global Industry Analysis and Opportunity Assessment, 2021–2031” reveals that the use of barcode technology is rapidly rising in both retail and manufacturing industries. Barcode scanners have become one of the best solutions for recording product information without making any major manual effort.
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The technological advantages and cutting-edge features of barcode scanners are also making them popular in the healthcare industry. Barcode technology can help rectify medication errors, and medical practitioners and physicians can easily get information about medicines as well as their manufacturing dates.
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The laser-based scanner is expected to remain the prime technology. Laser scanners are widely used in regions with established manufacturing and retail sectors such as Western Europe and North America. By the 2021-end, laser scanners are estimated to account for 32.3% revenue share of the market and will continue to be the most preferred barcode reader technology throughout the assessment period.
However, the camera-based reader is anticipated to see fast adoption as these scanners are innovative and configured with advanced 2D imaging technology. Based on product type, portable/handheld scanners are expected to remain the top choice of barcode scanners amongst consumers over the forecast period.
Owing to characteristics such as faster print speed and versatility, demand for portable/handheld barcode scanners is rapidly increasing in various parts of the world. The use of barcode scanners in the retail and commercial sector continues to be the highest and is expected to account for a major chunk of revenue over the forecast period. Meanwhile, the healthcare industry is swiftly adopting barcode technology as well.
Amongst regions, markets in the Asia Pacific excluding Japan (APEJ) and North America are expected to exhibit high growth potential. In APEJ, China and India are projected to achieve impressive growth in their barcode scanner market. By 2017-end, the region is projected to account for a revenue share of 29.5%, which is expected to increase to 33.8% towards the end of the forecast period.
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Market players are targeting APEJ as their key sales region. Zebra Technologies Corporation, Honeywell International Inc., DataLogics S.P.A, Cognex Corporation, OCOM Technologies, Wasp Barcode Technologies, JC Square Inc., SATO Holdings Corporation, Scandit AG and Toshiba TEC Corporation are some of the leading companies profiled in the FMI report.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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