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.
Full Research Report On 2D Barcode Reader Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/2d-barcode-reader-market
2D Barcode Reader
Market Report Highlights
- 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
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2D Barcode Reader
Market Segmentation
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.
For more info visit @ https://www.grandviewresearch.com
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