2D Barcode Reader - Global Market Outlook (2021-2028)

2D Barcode Reader - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global 2D Barcode Reader Market is accounted for $6.88 billion in 2021 and is expected to reach $10.69 billion by 2028 growing at a CAGR of 6.5% during the forecast period. 2D barcodes permit products to be tracked within the premises as well as at remote locations. However, they can be read only using a barcode reader. As such, a barcode reader happens to be a core factor for decoding and interpreting the data stored in a barcode. The use of 2D barcodes has become widespread as barcode data collection automation is emerging as a smart solution to eliminate human errors and increase productivity.

Market Dynamics:

Driver:

Rising Demand in the E-Commerce

With the growing circulation of the internet, digital shopping is becoming more convenient and gained popularity among consumers worldwide. The introduction of wireless technology has strengthened the shift to digital shopping. The barcode scanners are also integrated with high-speed, wireless networks that can help in reducing long waiting times in retail stores. Thus, combining bar code scanners with automated billing systems is making the shopping process transparent, faster, and efficient and at the same time, it enhances the satisfaction of the consumers. These factors are encouraging businesses to opt for this which are driving the growth of the market.

Restraint:

High Cost of Raw material

The higher cost of the 2D barcode reader is a key factor that can hamper the growth of the global market. In addition, 2D barcode readers are costlier than 1D barcode readers due to new technology. Specialized hardware and software scanners are required to generate and decode these barcodes which can be expensive. The complex algorithm needs to be designed for 2D barcodes which make things much more complex as compared to linear barcodes.

Opportunity:

Increasing Usage in Numerous Healthcare Facilities

Several healthcare facilities in the U.S. use barcode technology to prevent errors in the identification of patients throughout their admission process, organize the patient admittance process, and track the care admission and medication being administered to patients. Each patient is given a unique barcode wristband, which is linked to the facility’s computers, thereby ensuring a unique patient record. When a nurse scans the wristband for the medication to be administered, it is sent to the central computer, where a software cross-checks various databases, and either an approval is generated or a warning is triggered. In event of a mismatch between the barcode label on the medication and the patient’s record, a warning is issued, which in turn, helps in avoiding any medication errors. This eventually drives process optimization and increases the usability of 2D barcode readers across the healthcare sector.

Threat:

Highly Competitive

Due to the increase in the new entrances, witness strong competition among numerous key players operating in the market. Additionally, small players are trying to enter the market owing to the increasing demand. Performance, design, and ergonomics are among the top factors of competition among 2D-barcode vendors.

Warehousing segment is expected to be the largest during the forecast period

The segment is expected to dominate the market over the forecast period. As online retail has gained traction over the past decade, it continues to expand at a healthy pace across the globe, with developments in warehousing and logistics playing a significant role in its overall growth. To ensure accurate tracking of products within the online shopping industry, it has become of paramount importance to maintain sales information, precise lead timing, and product tracking in the supply chain network. The ability to accurately track products is turning out to be a core requirement for online shopping providers. Thus, the growing need to manage and record sales information of products across the warehousing and logistics areas is emerging as one of the key factors that are expected to drive the growth of the market.

The Handheld segment is expected to have the highest CAGR during the forecast period

Due to the numerous benefits, such as mobility and operational flexibility, handheld barcode readers can offer as compared to fixed barcode readers. Handheld barcode readers are lightweight and compact and hence increase the device portability in a facility while storing and scanning goods and products that are difficult to lift. A handheld reader is typically designed like a handgun and features a trigger and a grip to activate the scanning operation.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to increasing investments and funds and in the healthcare & pharmaceuticals, transportation, military applications, and other sectors in the countries such as China and India. The aspects such as modern life and an increasing number of businesses in online platforms in China have resulted in increased demand for the 2D reader in the country. There is a massive manufacturing industry and they are getting support from the government encouraging them to adopt advanced technology to improve their business activity. The increasing popularity of e-commerce and retail distribution is anticipated to boost the adoption of barcode readers, as this device helps in improving business logistics.

Region with highest CAGR:

The Middle East & Africa is projected to have the highest CAGR, the rapidly-changing customer preferences for more convenient and less time-intensive retail experiences coupled with the advent of digitalization in the retail industry are driving the growth of the e-commerce industry across the Gulf countries. The growing levels of per capita income across the region, increasing social media penetration, and continued rollout of high-speed internet networks are expected to encourage buyers to shop online. As e-commerce sales continue to increase, new startups are expected to build warehouses and storage facilities to cater to the rising e-commerce sales. The subsequent need to manage and record the sales information of products and track the inventory in the warehouses is expected to drive the growth of the MEA regional market.

Key players in the market:

Some of the key players in 2D Barcode Reader Market include Casio Computer Co., Ltd, Cognex Corporation, Datalogic S.p.A, Denso Wave Incorporated, General Data Company Inc, Honeywell International, Inc, JADAK, a Novanta Company, Juniper Systems, Inc, Keyence Corporation, Marson Technology Co., Ltd., Omron Microscan Systems, Inc, SATO Holdings Corporation, Scandit AG, SICK AG, Unitech Electronics Co., LTD., Zebra Technologies Corp.

Key developments:

In April 2021: Sick launched its first vision camera. This camera has a pre-installed Deep Learning app onboard to make it easy to develop custom quality inspections of complicated or irregular-shaped goods, packaging & assemblies, specifically the place where they have earlier defied automation utilizing traditional systems.

In April 2020: Cognex Corporation launched its DataMan 475 Inline Barcode Verifier (475V). This launch provides contract-compliant assurance as per the International Organization for Standardization (ISO), this high-speed system offers the most reliable code verification & quality reporting for 1D, 2D, and direct part mark (DPM) codes.

In December 2020: Honeywell launched the latest N4680 Decoded 2D scan engine series. The compact design, snappiness and global shutter with a high motion tolerance makes it appropriate for next-generation medical diagnostic gadgets, mobile payments, handheld scanners, electronic appliances, kiosks, and vending machines.

In February 2018: Zebra Technologies Corporation launched TC25, a new rugged smartphone especially developed for small- and medium-sized businesses (SMBs). This TC25 empowers field mobility workers to scan barcodes on parts, operate routes, and finish invoices on the spot.

Types Covered:
Data Matrix Code
QR Codes
PDF417codes
Aztech 2D Barcodes

Products Covered:
Fixed
Handheld

Technology’s Covered:
Camera-Based Reader
Charge Coupled Device (CCD) Reader
Laser Scanner
Omni-Directional Scanner
Pen-Type Scanner
Radio Frequency Identification Reader (RFID) Scanner
Smartphone-Based Scanner

Applications Covered:
Advertisements
Consumer Goods
E-commerce & Retail
Libraries
Logistics
Parking
Tracking & Marketing
Transportation
Warehousing

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances