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.
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.
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.
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.
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.
Growing adoption of advanced technology in barcode scanner in Japan
Japan is one of the hotbeds for the export of electronics even though there was a slight dip in exports, i.e. from 15.6% to 12.9% of its economic output during 2015. Japan electronics market growth is tremendously high with new design innovations. Technological advancements have made Japan the world leader in the electronics market. Thus, the growth of the barcode scanners market is also significantly high in Japan. Japan is the hometown for some of the prominent companies such as Sony, Hitachi, and Casio. Japan is economically strong with many import and export opportunities for businesses. During the forecast period, the barcode scanners market will witness steady and stable growth.
Increasing implementation of 2D barcode scanners in Western Europe
Western Europe region will witness steady growth in barcode scanners market during the forecasted period. Migration from 1D barcode scanners to 2D barcode scanners and also increasing preference for 2D portable/handheld scanners in healthcare, retail and commercial, manufacturing, logistics warehouse, and other sectors will bolster the Western Europe barcode scanners market growth. Investors in Western Europe are introducing new products in the market complying with mandated regulations to cater to the increasing demand from various end-use industries.
Rising adoption of 1D barcode scanners in commercial and retail sectors
Latin America is the region having potential opportunities with countries such as Brazil, Argentina, and Mexico opening for business and exhibiting compelling investment opportunities. Barcode scanners are widely used in retail and manufacturing industries, the growth of the barcode industry is buoyed by regional integration. Market players before entering into this region should consider regulations, political issues, products, and technologies. Demand for barcode scanners is expected to rise over the coming years.
Major companies involved in the global barcode scanners market are JC Square Inc., Zebra Technologies Corporation, Toshiba TEC Corporation, Honeywell International Inc., Wasp Barcode Technologies, Cognex Corporation, Scandit AG, and SATO Holdings Corporation.