Moreover, the adoption of Industry 4.0 has influenced manufacturing firms to increasingly turn to asset tracking and monitoring technologies to efficiently track and monitor asset locations and their status. Image based barcode readers are the core devices for such activities.
With the high penetration of extremely sophisticated smartphones, QR codes and bar codes are being used as the next step for app-based retail solutions. Presently, businesses are voraciously absorbing the might of image-based barcodes as it serves as a lead magnet through aggressive marketing campaigns.
- The image-based barcode reader market is expected to grow at a CAGR of 7% through 2030
- Capturing ~28% of the value share, North America remained the market kingpin in 2019
- Despite a pandemic-induced slowdown, an 80% drop in volume share in countries such as China the market is expected to rebound through 2021
- ICT spending tantamount to US$ 689Bn in 2020 will further boost market prospects for image-based barcode readers
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These insights are according to a new study on the image-based barcode reader market by ESOMAR-certified research and consulting firm Future Market Insights. Increasing penetration of Industry 4.0 has spurred the deployment of advanced technologies such as cyber-physical systems, cloud, robotics, artificial intelligence (AI), big data, and autonomous techniques across the manufacturing industry. This is helping manufacturing firms to ensure uninterrupted operations and curb the pressure on workers.
Market Outlook for Image-Based Barcode Readers and Key Findings
- The market for image-based barcode readers is estimated to develop at a 7% CAGR through 2030.
- North America maintained its market dominance in 2019, accounting for 28 percent of the value share.
- Despite a pandemic-induced slowdown and an 80% reduction in volume share in countries such as China, the market is predicted to recover by 2021.
- ICT spending of $689 billion in 2020 will improve market possibilities for image-based barcode readers even further.
Rapid Advances in Sensor Technology to Augur Well for Market Growth
A high-powered integrated torch (HPIT) image creation system, driven by high-speed liquid lens technology and time-of-flight (ToF) distance measurement, are making a measurable impact by allowing dynamic autofocus at frames per second (FPS). The most recent image based barcode readers come with HPIT feature for use cases including, high-rate tunnel sortation and warehouse handling in situations where product dimensions and packages can differ considerably, demanding the camera to swiftly adjust to various focal ranges.
The HPIT light offers superior illumination ability for fixed-position image based barcode readers. HPIT is perfect for hard to read barcodes, presentation scanning, and use cases that confront the challenge of shifts in working distances. The solution leverages high-rate autofocus technology, distance sensors to deliver top-quality 1D and 2D code image creation, and 16 programmable LED lights.
“QR codes have been around for a long time, though they often have been perceived as a mere tech solution in pursuit of a problem. However, as is the case with swarms of things in the new normal, the COVID-19 pandemic is providing new meaning to QR codes as an elegant enabler of contact-less commerce,” say analysts at FMI.
North America Takes the Lead, East Asia Reflects Potential Growth Avenues
North America has been a test bed for tech-enabled innovations and is characterized by a well-established digital ecosystem. The developed region continues to offer opportunities for growth and profitability to image based barcode reader manufacturers over the following decade. The US spearheads the regional market, where image based barcode readers are significantly used in the retail sector for a smooth shopping experience.
Moving, the market in East Asia is experiencing tremendous growth, owing to the flourishing retail sphere and subsequent development in manufacturing projects that are accenting the need for automated warehouses and thus, triggering the demand for barcode readers. Adoption of 2D Image/ Code Scanning in warehousing activities as well as in shipping and logistics operations is benefitting enterprises in the form of smooth business operations management. Digitization of the retail market, especially in China, and India, is further opening doors of opportunities for the image based barcode reader market.
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To Know More About Image-Based Barcode Reader Market:
A new market research report published by Future Market Insights (FMI) on the global image based barcode reader market report provides extensive insights into the market demand trends and analysis of opportunities over the forecast period. The report analyzes the image based barcode reader market through seven different segments – imaging type, product type, end-use, technology, connectivity, sales channel, and region.
The image based barcode reader market report also offers an in-depth assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of image based barcode readers and product adoption across several end-use industries.
About Future Market Insights (FMI)
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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