Barcode verifiers are electronic devices used to measure the quality of a 1D, 2D, and Direct Part Mark (DPM) codes. Barcode verifier reads the barcode and performs a series of tests to examine the scan ability and quality of the barcode in comparison to the industry specification and standards. Any trade partner in the supply chain can use the barcode verifier to test the quality of the barcode.

Increasing growth of the consumer goods sector is expected to fuel growth of the global barcode verifiers market

Barcodes have high application in the consumer goods sector. Barcode provides and unambiguous and universal identification for products. A barcode printed on the primary packaging of consumer goods provides important information about the product. There are many advantages associated with using barcodes for consumer goods such as that they allow faster listing of articles, facilitates accurate and faster billing at counters, increases visibility of products online, and others. Barcode verifiers are used to ensure that the barcode is easily interpreted by any intermediate reader in the supply chain with low rate of error. A retailer can impose heavy penalties for barcodes that are not in accordance with the standards. Such penalties can affect the revenue generated for manufacturers by 2% to 10% cent. Thus, it is very important that barcodes comply with the predefined international standards. Measuring accuracy of a barcode is specified by some standards. ISO/IEC 15426-1 (linear) or ISO/IEC 15426-2 (2D) is the current international barcode quality specification standard. This standard defines the quality requirements for barcodes and matrix codes. Verification process validates a barcode with respect to the specific standards and shows that barcode has been properly verified so that the products can be forwarded further in the supply chain for distribution. Thus, using barcode verifiers offers smooth functioning of supply chain in the retail sector. The barcode verifiers market growth is driven by growth in the retail sector. This is owing to rise in consumption of consumer goods. For instance, according to the World Bank Statistics, the global consumption of consumer goods reached to US$ 43.87 Trillion in 2016, up from US$ 42.794 Trillion in 2012. Thus, growth of the consumer goods sector will significantly fuel growth of the market for barcode verifiers.

Barcode Verifiers Market: Regional Insight

The barcode verifiers market is segmented on the basis of region into six regions namely, North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.

North America is expected to be the largest region in the global barcode verifiers market over the forecast period. This is owing to high growth of the consumer goods sector in the region. Barcode verifiers are majorly used in the retail industry. Increasing growth of the consumer goods sector in the U.S. is expected to be one of the major driving factors for growth of the market. For instance, according to United States Census Bureau’s Annual Retail Trade Survey, the total sales of consumer goods through retail sector reached to US$ 4,856,334 Million in 2016 from US$ 4,725,993 Million in 2015. Thus, for smooth functioning of such a huge retail market demand for barcode verifiers is also expected to increase.

Asia Pacific is a fastest growing market for barcode verifiers, over the forecast period. This is owing to growth in the retail sector in the region. Major growth engines in the region include emerging economies such as China, India, and Japan. Furthermore, the retail industry in these countries is also witnessing high growth. For instance, according to India Brand Equity Foundation (IBEF), in June 2018, FMCG is the 4th largest sector of the Indian economy. The retail sector in India is expected to grow to US$ 1.1 trillion by 2020 up from US$ 672 billion in 2016. Moreover, China has also witnessed a significant growth in its retail sector. According to the National Bureau of Statistics of China, in May 2018, the total retail sales of consumer goods reached to US$ 467.39 Billion, which accounted for 8.5% growth as compared to 2017. Barcode verifiers are significantly used in the retail sector for determining the quality of barcodes printed on consumer goods. Thus, with growth in the retail sales of consumer products, demand for barcode verifiers is also expected to increase over the forecast period.

Barcode Verifiers Market: Competitive Landscape

Key players operating in the barcode verifiers market are Cognex Corporation, Axicon Auto ID Ltd., Webscan, REA VERIFIER, Printronix, DigitalPersona, AIS, Stratix Corp., Microscan, SSE Technologies, Oriental Speedv Code Tech &DEV, and RJS Technologies.

Barcode Verifiers Market: Taxonomy

By Product Type:

  • Fixed Mounted
  • Hand-Held

By Application:

  • Packing Printing Industry
  • Quality Control Department
  • Manufacturing & Retailing Industry
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users