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Barcode Scanner Market reaching 38.7 Mn units over 2031-end
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The barcode scanner market is set to grow at a 7.6% CAGR, reaching 38.7 Mn units by 2031, driven by healthcare and retail sectors.
As per newly released data by FMI, the barcode scanner market is estimated to be worth US$ 7 Bn in 2021. The market is expected to grow at a CAGR of over 7.6% between 2021 and 2031. Increase in healthcare sector is expected to increase the demand for barcode scanners over the assessment period.
Despite challenges posed by COVID-19 outbreak, the barcode scanner demand increased with a rapid shift from handheld laser scanning to imaging solutions.
North America will remain as a leading market, accounting for over 30% value share in 2021. Barcode scanner demand outlook for North America is expected to remain positive with the healthcare sector touted as leading contributor.
The advent of barcode technology has greatly reduced the hassles of tracking supply and commodity sale records for retailers across the globe. Over the years, the technology has been consistently improved and made more efficient.
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Currently, barcode solutions are being used across various domains owing to their exponential capabilities in systematically recording information such as product count, date of manufacturing, date on which the product was supplied to the retailer and selling price. Moreover, the emergence of e-commerce and intra-regional markets that offer specialized services to a wide range of sectors has further expanded its application base.
Future Market Insights (FMI) in its latest report titled “Barcode Scanner Market: Global Industry Analysis and Opportunity Assessment, 2021–2031” reveals that use of barcode technology is rapidly rising in both retail and manufacturing industries. Barcode scanners have become one of the best solutions for recording product information without making any major manual effort.
The technological advantages and cutting-edge features of barcode scanners are also making them popular in the healthcare industry. Barcode technology can help rectify medication errors, medical practitioners and physicians can easily get information about medicines as well as their manufacturing dates.
The report further cites that the global barcode scanners market will account for about US$ 7 Bn by 2032-end. During the same duration, the market is also expected to reflect a CAGR of 6.4% in terms of volume, reaching 38.7 Mn units over 2031-end.
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Additional Highlights of the report Include:
Laser-based scanner is expected to remain as the prime technology. Laser scanners are widely used in regions with established manufacturing and retail sectors such as Western Europe and North America. By the 2021-end, laser scanners are estimated to accounts for 32.3% revenue share of the market and will continue to be the most preferred barcode reader technology throughout the assessment period.
However, camera-based reader is anticipated to see the fast adoption as these scanners are innovative and configured with advanced 2D imaging technology. Based on product type, portable/handheld scanners are expected to remain top choices of barcode scanners amongst consumers over the forecast period.
Owing to characteristics such as faster print speed and versatility, demand for portable/handheld barcode scanners is rapidly increasing in various parts of the world. Use of barcode scanners in the retail and commercial sector continues to be the highest and is expected account for a major chunk of revenue over the forecast period. Meanwhile, the healthcare industry is swiftly adopting the barcode technology as well.
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Amongst regions, markets in Asia Pacific excluding Japan (APEJ) and North America are expected to exhibit high growth potentials. In APEJ, China and India are projected to achieve impressive growth of their barcode scanner market. By 2017-end, the region is projected to account for a revenue share of 29.5%, which is expected to increase to 33.8% towards the end of the forecast period.
Market players are targeting APEJ as their key sales region. Zebra Technologies Corporation, Honeywell International Inc., DataLogics S.P.A, Cognex Corporation, OCOM Technologies, Wasp Barcode Technologies, JC Square Inc., SATO Holdings Corporation, Scandit AG and Toshiba TEC Corporation are some of leading companies profiled in the FMI report.
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The article discusses the growth and future prospects of the barcode scanner market.
How is the healthcare sector influencing barcode scanner demand?
Which regions are leading in barcode scanner adoption?
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