The Global Barcode Scanners Market, By Product Type (Portable/handheld (Rugged scanners, PDA scanners, Automatic readers and Others) and Fixed Position (Stationary scanners, Presentation scanners, Automatic readers and Others), By End-Use (Retail & Commercial, General Manufacturing, Healthcare, Logistics & Warehouse, Commercial Aviation, Defense and Others), By Technology (Pen type Reader, Laser Scanner, CCD (Charge Coupled Device) Readers. Camera Based Reader, Omni directional barcode Scanner, Smartphone based Scanner and RFID (Radio Frequency Identification Technology) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 10,765.6Million by 2027, exhibiting a CAGR of 7.6% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Overview
A barcode scanner is an electronic device used to read the information encrypted in the form of coded bar lines to the computer. It is generally used to capture the information marked on a product. In general, all barcode readers have circuitry analyzing provided by sensors. Barcode scanners consist of a light source and sensors that capture the encrypted information. 2D barcode scanners are the most popular and fast-moving barcode scanners in the market. Portable scanners are available as cordless and also with USB. Fixed scanners can be mounted on a table and can scan faster in comparison to portable scanners. They are usually preferred in the retail sector.
The global Barcode Scanners Market was accounted for US$ 5,960.1 Mn in terms of value and 234,513,29.4 in terms of volume in 2019 and is expected to grow at CAGR of 7.6% for the period 2020-2027.
Market Driver
High growth of the e-commerce industry is expected to support growth of the global barcode scanners market during the forecast period
E-commerce industry has witnessed significant growth in the recent past, especially in emerging economies such as China and India. According to the India Brand Equity Foundation (IBEF), the Indian e-commerce market was valued at US$ 38.5 billion in 2017 and is expected to reach US$ 200 million by 2026. This is owing to rising penetration of smartphones and internet across the region. As a result of this, adoption barcodes as well as barcode scanners has increased significantly in warehouses. Thus, these factors are expected to drive growth the global barcode scanners market during the forecast period.
Market Opportunity
Rising demand for barcode printers and scanners in supply chain industry can present lucrative growth opportunities
Supply chain industry is increasingly adopting barcode printers and scanners, in order to keep track on products and inventory. Barcodes are an effective tool that helps track product and reduce errors in a greater manner. It is affordable, easy to handle, and accurate. Major players in the market can capitalize on these opportunities by providing novel products and gain a competitive edge in the market.
Market Restraint
High initial cost is expected to hamper the global barcode scanners market growth of the forecast period
The major challenge is high capital investment. Compared to 1D barcode scanners, advanced 2D barcode scanners require higher capital investment, which is one of the major restraints for the barcode scanners market. This, in turn, is expected to hamper the global barcode scanners marker growth over the forecast period.
Market Trends
- Japan Trends