The global 2D barcode reader market size is expected to reach
USD 8.60 billion by 2025, registering a CAGR of 4.7% over the forecast period,
according to a new report by Grand View Research, Inc. The market is expected
to grow as incumbents of industries, such as retail, transportation &
logistics, warehousing, and e-commerce, continue to adopt various tools to
increase the operational efficiency of their business operations. Initiatives
being undertaken by businesses to develop innovative strategies and adopt
strategic methods and tools to gain a competitive edge in the marketplace also
bode well for the growth of the market.
A barcode reader is emerging as one of the
solutions that can potentially help businesses in ensuring lean operations and
improving productivity. As a result, manufacturers operating in the market are
responding to the situation by focusing on the development of innovative
technologies for enhancing the barcode reading capabilities and offering
numerous benefits to several end-use industries. The development of
2-Dimensional (2D) barcode scanners has particularly helped in solving several
problems and challenges, such as having the capability to scan 2D barcodes
while also ensuring the backward compatibility to scan 1-Dimensional (1D)
barcodes.
A 2D barcode reader has assumed a pivotal role in
increasing the operational efficiency of businesses. Owing to advantages such
as higher accuracy, higher scanning speed, reduction in clerical cost, and
improvement in customer service, the 2D barcode reader has cemented its
position as a prominent tool for streamlining internal and external operations.
Apart from being compact and flexible, the reader can also turn out to be an
economical solution with a payback period of just 3-6 months. It is
particularly getting vital for the industrial sector as a result.
The adoption of barcode technology as an automatic
identification/scanning system has helped significantly in reducing human
errors. A typical error rate for human data entry is estimated at around 1
error per 300 characters typed. However, the error rate of a barcode reader is
estimated at 1 error per 35 trillion characters. Thus, from accelerating the checkout
process in the retail industry to tracking inventories in warehouses, barcode
scanners have eventually proliferated into a myriad of business operations.
These scanners can not only help businesses in conserving their resources but
in optimizing the data entry process, improving real-time visibility of the
products, and enhancing the productivity of employees.
However, the proliferation of mobile barcode
Software Development Kits (SDKs) is anticipated to hinder the growth of the
market. Organizations with low-volume operations are particularly preferring
smartphones over scanners for barcodes to reduce their operational costs. The
adoption of Bring Your Own Device (BYOD) policies is also anticipated to
encourage the adoption of barcode scanning apps over readers. In other words,
any growth in the usage of smartphones for scanning barcodes can potentially
take a toll on the demand for dedicated 2D barcode readers.
Browse full research report on 2D
Barcode Reader Market: https://www.grandviewresearch.com/industry-analysis/2d-barcode-reader-market
Further key
findings from the report suggest:
- The global market for 2D barcode reader was valued at USD 6.39
billion in 2018 and is expected to exhibit a CAGR of 4.7% from 2019 to
2025
- The handheld segment accounted for the largest revenue share of
over 65% in 2018 and is anticipated to register a CAGR of 5.2% over the
forecast period
- The logistics segment is anticipated to exhibit the highest CAGR
of 6.1% over the forecast period as transporters continue to deploy barcode
readers at their logistics facilities
- The warehousing segment dominated the market in 2018 and was
valued at USD 2.60 billion as warehousing companies aggressively adopted
2D barcode readers to track inventories
- The Asia Pacific regional market was valued at USD 2.66 billion in
2018 and is expected to register a significant growth rate owing to the
booming e-commerce industry and the continued rollout of warehousing
network, particularly in developing countries, such as India and China
- The key players dominating the 2D barcode reader market include
Zebra Technologies Corporation, Datalogic S.p.A., Cognex Corporation,
Honeywell International Inc., and Keyence Corporation, among others
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/2d-barcode-reader-market/request/rs1
Grand
View Research has segmented the global 2D barcode reader market on the basis of
product type, application, and region:
2D Barcode
Reader Product Type Outlook (Revenue, USD Million, 2015 - 2025)
- Handheld
- Fixed
2D Barcode
Reader Application Outlook (Revenue, USD Million, 2015 - 2025)
- Warehousing
- Logistics
- E-commerce &
Retail
2D Barcode
Reader Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- MEA
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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