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Find Out More About 2D Barcode Reader Market Global Growth With Rising CAGR And Forecast Till 2030|G

Author : Mrudula Karmarkar | Published On : 02 Feb 2024

 

The global 2D barcode reader market size is estimated to reach USD 13.59 billion by 2030, growing at a CAGR of 8.5% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The market growth can be attributed to the increasing proliferation of barcode scanners in electronic shopping systems, reduction in error rate, and improvement in operational efficiency, along with the surge in digitization and the adoption of automated systems. Furthermore, the rising demand for barcode readers from the e-commerce, retail, warehouse, and logistics sectors is expected to drive the demand for barcode readers, supporting the market growth. Individuals in metro cities are increasingly preferring supermarkets and hypermarkets for shopping for their everyday needs.

As a result, supermarkets and hypermarkets are witnessing a larger footfall, especially on weekends and holidays, when managing the long queues and busy billing counters becomes a tedious task for store employees. Hence, supermarkets and hypermarkets are increasingly resorting to digitalization. Retail stores are aggressively implementing electronic shopping systems to reduce workforce pressure without compromising the shopping experience. At this juncture, mobile 2D barcode readers are particularly allowing store employees to scan and track items on-the-go, and subsequently, to improve efficiency and productivity. Businesses are investing heavily to enhance their storage facilities and maintain lean operations.

The use of barcodes has become widespread, helping users optimize operations in retail, e-commerce, logistics, and other industries. The key factors driving the product demand in these industries are the rising need for transportation & logistics, the growing e-commerce & retail landscape, and increasing government support for digitization & automation across emerging economies. The logistics segment will register the fastest CAGR from 2023 to 2030. In the logistics industry, the device acts as a key for effective and smooth logistics and inventory management. To remain competitive and avoid errors, companies constantly incorporate barcodes across different parts of their operation processes from tracking, receiving, transferring, and delivering products to ensure the parcels are leaving the building on the right transport medium and reach the specific destination on a defined time.

The market growth can be attributed to the rising e-commerce industry worldwide in line with the evolving developments in the warehousing and logistics industries. Maintaining sales information, ensuring precise timing, and tracking products across the supply chain networks in real-time are becoming of paramount importance to support the robust growth of the online retail industry. The ability to track products in real time has become a core need for online shopping providers. At this juncture, 2D barcode readers are playing a vital role in helping in managing sales information and inventory levels.

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Barcodes can reduce data entry errors, which can be costly and difficult to rectify. Barcode scanning can increase accuracy and productivity by minimizing the possibility of human error. It is proved to be a faster and more efficient way to capture data compared to manual methods. Barcodes are capable of providing quicker scanning options, enabling faster checkouts in retail stores, faster tracking & processing of goods in logistics, and faster patient processing in healthcare. When commodities move through the supply chain, barcodes are used to track them, offering businesses more flexibility and control. This can increase efficiency in supply chains by minimizing the possibility of products being stolen or misplaced.

2D Barcode Reader Market Report Highlights

  • The handheld product segment is expected to register the fastest CAGR from 2023 to 2030. Handheld barcode readers are used for a wide range of applications
  • For instance, in the manufacturing sector, it acts as a crucial tool for tracking shipping, receiving, and Work-In-Progress (WIP) inventories
  • Key industry players have an extended operating history, a large customer base, and significant competitive strengths
  • For instance, in January 2023, Scandit launched SparkScan, a pre-built smartphone scanning interface, which has high-performance barcode scanning
  • The Scandit Smart Data Capture platform allows easy, quick, and flexible scanning in scan-intensive workflows, such as goods receipt in logistics and inventory management in retail

To rapidly and accurately scan product barcodes at the point of sale, barcode readers are widely utilized in retail shops. The rising utilization of these devices in industries, such as healthcare, is also expected to drive market growth. For instance, intensive healthcare facilities in the U.S. are using barcode technology to prevent medication errors. Each patient is given a unique barcode wristband linked to the central computers as part of the process to maintain a unique patient record. Before administering the medication, the nurse scans the wristband and the medication to be administered using a barcode scanner. The data is sent to the central computer where software cross-checks various databases before approving the medication.

In the event of a mismatch, the system issues a warning, thereby preventing any medication errors. These benefits would further supplement the growth of the industry during the forecast period. Advances in wireless technology are further strengthening the transition to digital shopping. While digital shopping is becoming a popular shopping method for consumers worldwide, the integration of wireless technology into barcode scanners is allowing supermarkets and hypermarkets to eliminate long waiting times and accelerate the check-out process. As such, the combination of 2D barcode readers integrated with wireless technology and automated billing systems is adding to the convenience of shopping while ensuring transparent and efficient checkout processes and augmenting consumer satisfaction, thus driving the industry’s growth.

Barcode readers have gained a pivotal role in increasing operational efficiency across various industries and verticals, such as retail, e-commerce, warehousing, and logistics. With advantages, such as higher accuracy and speed, enhanced customer service, and reduced clerical costs, barcode scanning systems are becoming a prominent tool for streamlining internal and external operations. A compact design, adequate flexibility, storage capacity, and real-time tracking of data are some of the additional benefits these devices provide in industrial applications. These factors would further supplement the growth of the overall industry during the forecast period.

List of Key Players of 2D Barcode Reader Market

  • Casio Computer Co., Ltd.
  • Cognex Corp.
  • Datalogic S.p.A.
  • Denso Wave, Inc.
  • General Data Company, Inc.
  • Honeywell International, Inc.
  • JADAK - A Novanta Company
  • Juniper Systems Inc.
  • Keyence Corp.
  • Marson Technology Co., Ltd.
  • Omron Microscan Systems, Inc.
  • Sato Holdings Corp.
  • SCANDIT