Global 2D Barcode Reader Market Research Report: By Product Type (Handheld and Fixed), By Application (Warehousing, Logistics, E-commerce, and Factory Automation), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
Global 2D barcode reader market size was USD 6.35 billion in 2022, and is expected to reach USD 11.77 billion by 2031, growing at a Compounded Annual Growth Rate (CAGR) of 7.1% from 2023 to 2031. A 2D barcode reader employs optical technology to examine and decipher two-dimensional barcodes. These particular barcodes possess the capacity to store significantly more information compared to conventional linear barcodes, granting them enhanced versatility and usefulness across various industries, including retail, healthcare, and logistics. The process involves capturing the barcode image using cameras or laser scanners within the 2D barcode reader, followed by software processing to extract the encoded data. These readers are commonly found in mobile devices like smartphones and tablets, as well as in dedicated barcode scanners. The speed, accuracy, and reliability of 2D barcode readers have rendered them indispensable tools for numerous businesses.
Global 2D BARCODE READER MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
6.35 Bn |
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Projected Market Value (2031) |
11.77 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product Type, By Application, & Region |
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Segments Covered |
By Product Type, By Application, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global 2D Barcode Reader Market Dynamics
The expansion of the 2D barcode reader market may be attributable to numerous reasons, including increased e-commerce use and the need for efficient supply chain management. Furthermore, the increased use of smartphones and other mobile devices that allow barcode scanning propels the business. Furthermore, the growing popularity of contactless payment methods, as well as the need for improved inventory management in the retail sector, fuel demand for 2D barcode scanners. 2D barcodes are a key driver in the healthcare business, where they play an important role in prescription monitoring, patient identification, and medical equipment management. Overall, technical advances such as higher scanning precision and quicker processing rates contribute to the growth of the 2D barcode reader market.
Global 2D Barcode Reader Market Drivers
The increasing adoption of e-commerce and the need for streamlined supply chain management are driving forces behind the growth of the 2D barcode reader market. As e-commerce continues to expand, businesses require efficient methods for tracking and managing inventory. 2D barcode readers enable accurate scanning and decoding of barcodes, allowing for improved inventory control and enhanced supply chain efficiency in the e-commerce sector.
Restraints:
One of the restraints in the 2D barcode reader market is the high initial investment costs. Implementing a 2D barcode reader system involves substantial upfront expenses, including hardware, software, and integration. This cost factor can pose challenges, particularly for small and medium-sized businesses with limited budgets. The initial investment required may deter some companies from adopting 2D barcode reader solutions, impacting the market's growth potential.
Opportunities:
Advancements in artificial intelligence (AI) and machine learning (ML) present opportunities for the 2D barcode reader market. Integration of AI and ML technologies with 2D barcode readers can enhance functionalities such as intelligent data extraction and automated decision-making. This integration enables more efficient and accurate barcode scanning systems. By leveraging AI and ML, 2D barcode readers can provide advanced features like real-time data analysis, predictive analytics, and automated inventory management, driving the market's growth and expanding its capabilities across various industries.
Segment Overview:
By Product Type
Based on the product type, the global 2D barcode reader market is segmented into handheld and fixed. The handheld segment is dominating the market with the largest revenue share of around 70.8% in 2022. Handheld barcode readers provide convenience and portability, enabling employees to freely move and scan barcodes without being restricted to a specific location. Their versatility allows them to read diverse barcode formats, making them suitable for various applications. Moreover, handheld barcode readers are cost-effective compared to fixed devices, making them accessible to small businesses. With the rising adoption of mobile devices and the demand for mobile barcode scanning solutions, the handheld segment is anticipated to experience growth in the market.
By Application
Based on the type, the global 2D barcode reader market is segmented into warehousing, logistics, e-commerce, and factory automation. The warehousing segment is dominating the market with the largest revenue share of around 70.8% in 2022. The heavy reliance of warehousing operations on barcode technology for inventory management, order processing, and shipment tracking has led to the increased demand for 2D barcode readers. These readers are well-suited for these applications due to their versatility and efficiency. The growing e-commerce sector has further fueled the need for warehousing services and, subsequently, the demand for 2D barcode readers, which in turn drives the market growth during the forecast period.
Global 2D Barcode Reader Market Overview by Region
By Region, the global 2D Barcode Reader Market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific held the largest share, of around 41.5% in 2022. In the Asia-Pacific region, the rapid growing e-commerce industry fuels the demand for 2D barcode readers in inventory management and order processing. The region's significant manufacturing sector relies on 2D barcodes for product tracking and quality control.
Furthermore, the rising adoption of smartphones and mobile devices in the region has contributed to the growth of the 2D barcode reader market. Moreover, the rising government initiatives aimed at enhancing supply chain efficiency and combating counterfeit products have also played a role in driving the demand for 2D barcode readers in Asia-Pacific.
Global 2D Barcode Reader Market Competitive Landscape
The global 2D barcode reader market is characterized by the dominance of a few major players who have established a strong regional presence. These leading participants are highly committed to continuous research and development efforts and actively engage in strategic growth initiatives such as product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to solidify their market position and expand their customer base, thereby capturing a significant market share.
Several well-known companies stand out in the global 2D barcode reader market. These include Casio Computer Co., Ltd., Cognex Corp., Datalogic S.P.A., Denso Wave Inc., General Data Company, Inc., Honeywell International, Inc., JADAK - A Novanta Company, Juniper Systems Inc., Keyence Corp., Marson Technology Co., Ltd., Omron Microscan Systems, Inc., Sato Holdings Corp., Scandit, SICK AG, Unitech Electronics Co., Ltd., Wasp Barcode Technologies, Zebex Industries Inc., and various other key players. These companies play a crucial role in driving innovation and shaping the market landscape.
Global 2D Barcode Reader Market Recent Developments
In February 2023, Recently, Azenta Inc., a company based in Cambridge, has successfully completed the acquisition of Ziath. Ziath, offers a variety of cutting-edge 2D barcode readers crucial to pharmaceutical, biotech, and academic customers worldwide as an integral part of their laboratory automation workflow.
Global 2D Barcode Reader Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Product Type |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global 2D barcode reader market segmented by product type, by application, region, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of 2D barcode reader between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global 2D barcode reader market
To find out the factors which are affecting the sales of 2D barcode reader among consumers
To identify and understand the various factors involved in the global 2D barcode reader market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
