Global 2D Barcode Reader Market Extends at a Healthy CAGR of 6.5% by 2031

Introduction

A barcode reader is a device that scans and decodes information encoded as patterns of black and white lines. The data can then be transmitted to another system, either locally or remotely, over a network. As inexpensive and simple identifying techniques for physical objects, barcodes have gained popularity because they provide fast access to huge amounts of information on books, warehouse inventories, and shipping containers, among other things. A 2D barcode reader is a permanent or portable electronic device that can scan and collect data from 2D barcodes. A 2D barcode reader's key pieces are a reader or scanner, sensor, decoder, and cable.

Market Dynamics

Reducing Error Rate and Improving the Operational Efficiency Drives the Global Market

Using barcode technology as an automatic identification/scanning mechanism has drastically decreased human error in several industries. It is believed that the typical mistake rate for human data entry is one error for every 300 characters entered. However, the mistake rate of a barcode scanner is predicted to be one error per 35 trillion characters. Barcode scanners are now used in a wide range of business operations, whether to speed up the checkout process in retail or to keep track of inventory in a warehouse. The devices aid firms in conserving resources, optimizing data entry, enhancing real-time product visibility, and boosting employee productivity. Barcode readers have come to play a crucial role in boosting the operational efficiency of businesses. Barcode scanning systems are becoming a significant instrument for streamlining internal and external processes due to their high accuracy, speed, reduced clerical costs, and improved customer service.

The Growth of E-Commerce and Logistics Sectors Creates Tremendous Opportunities

The capacity to manage and track merchandise has become a necessity for online shopping suppliers. Hence, the rising necessity to handle product records and sales data throughout warehousing and logistics is the primary reason driving the barcode reader market. Online shopping providers are taking proactive steps to limit the number of packages lost in transit. Technology enhancing cargo transparency and accuracy is becoming a top focus for businesses. This increases the demand for handheld scanners and barcodes, which can enhance end-to-end visibility for incoming goods. In addition to offering lucrative opportunities for market expansion, this innovation minimizes the frequency with which incorrect goods are delivered to end customers.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global 2D barcode reader market and is anticipated to grow at a CAGR of 6.4% during the forecast period. The expansion of the retail and e-commerce industries in the Asia-Pacific area is the cause of the growth. As production processes continue to advance, the adoption of automated warehouses has boosted the demand for 2D barcode readers. The Asia-Pacific region has the most significant market share due to increasing investments and funding in healthcare and pharmaceuticals, transportation, and military applications in countries such as China and India. In addition, China has witnessed an increase in demand for 2D readers as a result of factors such as modern lifestyles and the proliferation of online marketplaces. There is a substantial industrial sector, and the government encourages using cutting-edge technologies to boost corporate activity.

North America is estimated to grow at a CAGR of 4.3% over the forecast period. This is due to the presence of numerous vital manufacturers serving the North American market and rising capital expenditures in countries such as the United States and Canada. Numerous significant leading players, including Cognex Corporation, General Data Company, Honeywell International Inc., Juniper Systems Inc., and Omron Microscan Systems Inc., are driving the expansion of the worldwide 2D barcode reader market.

Key Highlights

• The global 2D barcode reader market was valued at USD 7.7 billion in 2022. It is estimated to reach USD 13.5 billion by 2031, growing at a CAGR of 6.5% during the forecast period (2023–2031).
• Based on product type, the global 2D barcode reader market is divided into handheld and fixed barcode scanners. The handheld segment is responsible for the largest market share and is anticipated to grow at a CAGR of 5.8% over the forecast period.
• Based on application, the global 2D barcode reader market is segmented into warehousing, logistics, e-commerce, and factory automation. The warehousing segment owns the highest market share and is estimated to grow at a CAGR of 5.6% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global 2D barcode reader market and is anticipated to grow at a CAGR of 6.4% during the forecast period.

Competitive Players

Competitive Players

The key players in the global 2D barcode reader market are Denso Wave Incorporated, Casio Computer Co., Ltd., Cognex Corporation, Datalogic S.p.A., Honeywell International, Inc., General Data Company, Inc., Sick AG, Juniper Systems Inc., Zebra Technologies Corp., Zebex Industries Inc., Marson Technology Co., Ltd., Omron Microscan Systems, Inc., Unitech Electronics Co., Ltd., and Wasp Barcode Technologies.

Recent Developments

Market News

• In February 2023, Ziath, a sample management specialist, announced that Azenta Inc. acquired it (Burlington, MA, USA). The Cambridge-based business, established in 2005, provides a variety of innovative 2D barcode readers as a crucial part of the laboratory automation workflow for pharmaceutical, biotech, and academic customers worldwide.

Segmentation

Global 2D Barcode Reader Market: Segmentation

By Product Type

• Handheld
• Fixed

By Applications

• Warehousing
• Logistics
• E-commerce
• Factory Automation

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa