Smart Barcode Readers Market Size, Share, Growth, and Industry Analysis, By Type (Handheld Barcode Reader, Stationary Barcode Reader), By Application (Retail and Wholesale, Logistics and Warehousing, Industrial Manufacturing, Healthcare, Others) and Regional Forecast to 2031

Updated On: 15 April 2024

SMART BARCODE READERS MARKET REPORT OVERVIEW

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The global smart barcode readers market size was USD 2443.05 million in 2022 and the market is projected to touch USD 3866.74 million by 2031, exhibiting a CAGR of 4.7% during the forecast period.

An electrical device called a barcode interpreter or smart barcode reader serves to read image-based barcodes imprinted on various objects. Over the course of the forecast period, increasing requirements for barcode readers across a range of sectors and applications, including manufacturing, warehousing, retail, e-commerce, logistics, and healthcare, is anticipated to propel smart barcode readers market growth.

Barcode technology developments and digitalization are two other elements promoting market revenue growth. Many companies use barcode technology to keep records of different products by tracking and storing product information. This technique saves time and lessens the need for human data entry into computers.

COVID-19 Impact: Short-Term Imbalance in Demand to Deplete Market Share 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market has faced both possibilities and challenges as a result of the pandemic. Some manufacturers have experienced delays and other problems as a result of supply chain disruptions. Semiconductor foundries were forced to close their doors due to a short-term imbalance in demand from the consumer electronics industry. The disruption of the supply chain also had an immediate effect on delivery times, backlog commitments, projections, costs, and labour management.

LATEST TRENDS 

"Wearable Wristbands Imbedded with Barcode Scanners to Stimulate Market Development  "

These readers are utilized in supermarkets and shopping centers to track a variety of products as well as online transactions because they provide precision, speed, durability, and exceptional performance. They are being utilized more and more in the government and school sectors to scan papers, attendance, registration, and other things.

Wearable wristbands with barcode readers are widely utilized for patient medical record management and automatic identification. In order to fulfill the growing demand from a variety of sectors, major players in the market are concentrating on boosting production of quality products.

SMART BARCODE READERS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into handheld barcode reader, stationary barcode reader.

Over the course of the projected period, the handheld category is anticipated to record the quickest revenue CAGR. Automatic readers, PDA scanners, and rugged scanners are a few of the most popular types of handheld barcode scanners. Since handheld devices are portable, user-friendly, and perform well, it is anticipated that their adoption would grow over the course of the projected period and propel this segment's revenue growth. In industrial and logistics applications, fixed-position barcode scanners are typically utilized to track inventories or products as they progress through the manufacturing process.

• By Application

Based on application the global market can be categorized into retail and wholesale, logistics and warehousing, industrial manufacturing, healthcare, others.

Among all application segments within the worldwide market in 2020, the warehouse segment had the biggest revenue share. Factors such as growing e-commerce, quick urbanization, and increasing requirements for these barcode readers within inventory control and management systems for warehouses are anticipated to drive this segment's revenue growth throughout the projection period. When it comes to organizing, managing, and storing important data about different products in inventories warehouse services, logistics, warehousing, industrial manufacturing and healthcare, smart barcode readers are a potential alternative.

DRIVING FACTORS

"Assistance in the Maintenance of the Inventory to Aid Market Expansion  "

Products have barcodes printed on labels to help with recording data including the number of products, the date of manufacture, the date they were delivered to the store, the price at which they were sold, and so forth. When these goods are scanned, the data is retrieved and tracked. This whole process, which only takes a couple of seconds to finish, lowers errors while simultaneously increasing efficiency. This has made it easier for companies to maintain inventory and product records in warehouses and on retail floors. As a result the market is anticipated to grow at a rapid rate during the projected period.

"Implementation in Hospitals Segment to Foster Industry Progress "  

These readers have become more commonplace in every facet of the healthcare sector. The wrong medicine, which stems from an inaccurate diagnosis and ultimately results in death, is the primary cause of medical errors that occur in hospitals during patient stays. Hospitals now prefer to include current patient data into computer-driven databases as a result of this. The sector is also progressing due to the increasing need for barcode readers within supermarkets and hypermarkets. Retailers are starting to accept barcode scanning as standard. One of the best methods for gathering product data these days is to use a barcode scanner.

RESTRAINING FACTOR

"Costly Nature of Scanners to Stop Market Evolution"

The costly nature of barcode scanners, the difficulty of transferring the scanner from one location to another, and some merchants' ignorance of the barcode scanning machine are some of the factors that are anticipated to constrain the market.

SMART BARCODE READERS MARKET REGIONAL INSIGHTS

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"Asia Pacific to rule the Marketplace Ascribed to Significant Rise in E-Tailors "

Asia Pacific anticipated to lead among them because of the substantial uptake of modern technologies within the public distribution network. Over the course of the forecast period, the region is anticipated to witness an impressive expansion rate within the smart barcode readers market share.

The barcode readers industry is indirectly being driven by the significant rise in e-tailors in the area as a result of consumers' preference for online shopping due to its convenience and variety. E-tailors can easily maintain track of inventory and record it while it is being shipped thanks to barcode technology. The Asia Pacific is a dominant player particularly the market due to the presence of many important players in India, China, Japan, and South Korea.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• SUNLUX IOT (China)
• Opticon Sensors (U.S.)
• CipherLAB (Taiwan)
• Denso Wave (Japan)
• Newland (China)
• Zebex (India)
• MINDEO (China)
• SICK (Germany)
• Honeywell (U.S.)
• NCR (U.S.)
• Symbol Technologies (Zebra) (U.S.)
• Datalogic (Italy)
• Argox (SATO) (India)
• Code (U.S.)
• Cognex (U.S.)
• Omron (Microscan) (U.S.)

INDUSTRIAL DEVELOPMENT 

January 2023: The Omron VS-2000 is a brand-new image-based barcode reader from Omron Corporation. High-performance, industrial-grade barcode scanner that can scan a variety of barcodes, notably 1D, 2D, and QR codes, is the Omron VS-2000. It is intended for application in multiple sectors, such as manufacturing, shipping, retail, and medical.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.