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Industry Insights, Market Size, CAGR, High-Level Analysis: 2D Barcode Reader Market The global 2D barcode reader market size was valued at USD 6.39 billion in 2018 and is expected to register a CAGR of 4.7% over the forecast period. Incumbents of various industries and sectors, including manufacturing, retail, and industrial, are expected to aggressively deploy the barcode technology for precise tracking of individual products and product batches as well as for auditing their inventories, thereby driving the growth of the market for 2D barcode reader. 2D barcodes allow 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 component for decoding and interpreting the data stored in a barcode. 2D barcode reader helps not only in ensuring a robust inventory control management but also in improving the operational efficiency of businesses. 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. An automatic identification/scanning system based on the barcode technology can help significantly in reducing human errors. As such, several business verticals, such as marketing, advertising, food delivery, electronics, engineering, healthcare, manufacturing, warehousing, and telecommunications, have started adopting the 2D barcode technology. Reduced downtime, prevention of incorrect deliveries of products and the subsequent recalls, and robust control on tracking assets and retrieving information are some of the benefits associated with the technology. A 2D barcode reader happens to be more reliable, fast, and accurate in tracking goods and products as compared to manual tracking. The reader also ensures a quick turnaround time, thereby reducing the time an employee spends on entering and retrieving data. Besides, 2D barcode reader systems are flexible and easy to use, which means employees can be easily trained to use these systems. All these advantages are prompting businesses to adopt 2D barcode-based systems, thereby driving the growth of the market. The growth of the retail industry shows no signs of abating as the footfall in shopping stores is growing continuously. Retailers can ensure faster turnaround times by deploying the 2D barcode technology. The demand for affordable 2D barcode readers is expected to increase as a result. Similarly, the increasing footfall in grocery shops, supermarkets, and hypermarkets has also necessitated the adoption of the 2D barcode scanning method for identifying the products. As such, 2D barcode readers are contributing toward ensuring maximum employee efficiency and enhancing customer satisfaction levels. On the other hand, the transportation & logistics industry is increasingly adopting the latest digital 2D barcode readers. Such a reader incorporates the latest imaging technologies that are commonly used in image sensors and digital cameras. As a result, this 2D barcode reader can easily read damaged or poorly-imprinted barcodes. Bluetooth technology coupled with Ethernet communication and high-speed image-based barcode reader is providing end users with increased read rates, thereby expediting inventory processing, improving productivity, and guaranteeing seamless business operations from the storage units to the point of sale terminals. Product Type Insights of 2D Barcode Reader Market The handheld segment dominated the market for 2D barcode reader in 2018 and accounted for more than 65% of the market share. Handheld 2D barcode reader is turning out to be an ideal choice out of all the designs available. Handheld reader is mostly designed like a handgun and features a grip and a trigger to activate the scanning operation. It tends to be smaller in size and lighter in weight and can be easily carried around in a facility to scan products that cannot be lifted. The handgun-type design of the handheld barcode reader offers numerous benefits, such as mobility and operation flexibility, as compared to the fixed barcode reader. The fixed 2D barcode reader segment is anticipated to register a CAGR of 3.7% over the forecast period. Fixed 2D barcode reader is a hands-free reader that is prominently used on high-volume and high-speed assembly lines. It is ideal for general purpose as well as for rugged barcoding environments. This reader features various technologies, such as CMOS, laser, imager, and vision. The unabated growth of the e-commerce industry and the subsequent rollout of warehousing networks has triggered the need for automated systems data collection, counting, sorting, and product serialization verification, thereby driving the demand for fixed barcode readers. Application Insights of 2D Barcode Reader Market The warehousing segment accounted for the largest market share of more than 40% in 2018 and is expected to continue to dominate the 2D barcode market over the forecast period. Businesses are investing aggressively to enhance their storage facilities and maintain lean operations. A warehousing process involves the transportation of stock from the suppliers or the production units to the warehouses. The incoming goods are recorded and stored at their designated storage locations. They are later retrieved from their storage locations to prepare them for repackaging and shipment. All such processes require data entry at several levels. Moreover, it is of paramount importance for distribution centers to ensure a meticulous stock control. At this juncture, the barcode technology can be one of the cost-effective technologies used for monitoring and identifying products across the warehousing facilities, thereby driving the adoption of barcode reader at warehouse facilities. The logistics segment is anticipated to exhibit the highest CAGR of 6.1% over the forecast period. Incumbents of the transportation & logistics industry are emphasizing on ensuring timely delivery and updating the current status of the shipment in real time as part of the efforts to retain their competitiveness. The continuously-increasing volumes coupled with a wide array of product choices offered to the consumers are prompting the incumbents of the transportation & logistics industry to adopt barcode reader at their respective logistics facilities. As such, the adoption of barcode readers in the transportation & logistics industry is expected to gain traction over the forecast period. Regional Insights of 2D Barcode Reader Market The Asia Pacific regional market accounted for the highest revenue share in 2018. The growth of the retail industry and the subsequent growth in manufacturing activities are necessitating the use of automated warehouses and have hence triggered the demand for barcode readers. The adoption of a 2D barcode reader not only in warehousing activities but also in logistics and shipping activities are benefitting businesses in the form of seamless business operations management. The digitization of the retail market, particularly in India and China, is also opening several growth opportunities for the 2D barcode reader market. The MEA region is anticipated to register the highest CAGR of 6.4% over the forecast period. Digital technologies and changing shopping preferences of consumers are paving the way for the growth of the e-commerce industry in the Gulf countries. The rising levels of per capita income, continued rollout of high-speed internet networks, and social media penetration are anticipated to encourage consumers to shop online. This is subsequently expected to prompt incumbents of the e-commerce industry to build storage and warehouse facilities to cater to growing online sale of products. The growing number of storage facilities, warehouses, and distribution center would further prompt businesses to eliminate manual operations and adopt advanced technologies, including barcode technologies. The growing demand for barcode readers from enterprises in Saudi Arabia and the UAE is particularly anticipated to drive the growth of the regional market over the forecast period. Market Share Insights of 2D Barcode Reader Market The key players active in the market for barcode reader include DENSO Wave Incorporated; Casio Computer Co., Ltd.; Cognex Corporation; Datalogic S.p.A.; General Data Company Inc.; Honeywell International, Inc.; JADAK; Juniper Systems, Inc.; Keyence Corporation; Marson Technology Co., Ltd.; Omron Microscan Systems, Inc.; SATO Holdings Corporation; Scandit AG; SICK AG; Unitech Electronics Co., Ltd.; Wasp Barcode Technologies; ZEBEX Industries Inc.; and Zebra Technologies Corp.; among others. The marketplace is highly dynamic and characterized by the presence of several prominent and niche market players. As a result, market players are especially emphasizing on expanding their customer base. As part of the efforts toward this end, they are collecting and analyzing market data, mapping their position against competitors, and offering discounts based on the demand as part of the efforts to provide optimal pricing and sign up new customers. Market players are also focusing on developing 2D barcode scanners with innovative features, such as Wi-Fi connectivity, Bluetooth compatibility, and touchscreens. They are also pricing their products aggressively to have a winning edge over their rivals. Other efforts are also being undertaken to widen the market reach and approach more and more customers. As such, barcode readers are being sold across online portals, so that buyers can compare all the available products and make an informed buying decision. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of 2D Barcode Reader Market Research Report This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global 2D barcode reader market report on the basis of product type, application, and region: Product Type Outlook (Revenue, USD Million, 2019 - 2030) Handheld Fixed Application Outlook (Revenue, USD Million, 2019 - 2030) Warehousing Logistics E-commerce & Retail
Table of Contents Chapter 1 Methodology and Scope 1.1 Information Procurement 1.2 Purchased Database 1.2.1 GVR’s internal database 1.3 Research Methodology 1.4 Research Scope & Assumptions 1.5 List of Data Sources 1.5.1 List of primary sources 1.5.2 List of secondary sourcesChapter 2 Executive Summary 2.1 Market Snapshot 2.2 Global 2D Barcode Reader Market 2.2.1 2D barcode reader market size & forecas | read more...