2D Barcode Reader Market Size USD 13.7 bn | Vendors Analysis (Ingenico, Verifone) By 2032 | US Crisis Impact 2023
WHAT WE HAVE ON THIS PAGE
Market Overview
Published Via 11Press: In 2022, the 2D barcode reader market was estimated to be worth USD 7.06 billion and reach its peak value of USD 13.7 billion by 2032 with a compound annual growth rate (CAGR) of 7% between 2022 and 2032. This growth can be attributed to the increasing adoption of 2D barcode readers across various industries such as healthcare, transportation, retail stores, and logistics services. Furthermore, e-commerce trends and the need for efficient inventory management systems are expected to further fuel market expansion over the forecast period.
The growth of e-commerce and the rising demand for contactless payment options were two primary factors driving market expansion. The COVID-19 pandemic further compounded this trend as businesses turned toward contactless operations to maintain social distancing. Handheld barcode readers dominated the market share with nearly 70% revenue share. The healthcare industry was one of the major end users of 2D barcode readers, with applications in patient tracking, specimen identification, and medication management.
Geographically, Asia-Pacific was expected to experience the highest growth during this forecast period due to the increasing adoption of 2D barcode technology across various industries. North America and Europe also represented significant markets for 2D barcode readers due to large retail and e-commerce firms. It’s important to remember that market conditions may have evolved since my knowledge cutoff date of September 2021 and that COVID-19 may have had an important influence on prices and volumes on hand.
Key Takeaways
- The growing adoption of 2D barcode readers across various industries such as healthcare, transportation, retail, and logistics is fueling the market growth.
- The healthcare industry is expected to experience significant growth due to the increasing use of 2D barcode readers for patient identification and medication management.
- The Asia Pacific region is expected to experience the highest growth during this forecast period due to an increasing need for barcode readers in countries like China, India, and Japan.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Request for PDF sample report
Regional Snapshot
The global 2D barcode reader market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- North America: North America holds a significant share of the market due to the presence of major players and the increasing adoption of 2D barcode readers across various industries such as retail and healthcare.
- Europe: This region is expected to experience rapid growth due to the increasing adoption of 2D barcode readers in the automotive and aerospace industries.
- Asia Pacific: This region is expected to experience the highest growth during the forecast period due to an increasing need for barcode readers in countries such as China, India, and Japan.
- Latin America: This region is expected to experience moderate growth due to the increasing adoption of 2D barcode readers in healthcare and retail settings.
- Middle East and Africa: This region is projected to experience moderate growth due to the increasing adoption of 2D barcode readers in the logistics and transportation industries.
Drivers
- 2D barcode readers are seeing increasing adoption across various industries such as healthcare, transportation, retail, and logistics.
- E-commerce is on the rise and requires efficient inventory management systems.
- Automotive and aerospace firms also see an uptick in 2D barcode reader demand.
- 2D barcode readers are becoming increasingly commonplace in healthcare to aid patient identification and medication management.
Restraints
- High cost of 2D barcode readers.
- Limited functionality when compared with other technologies like RFID.
- Lack of awareness and infrastructure in developing countries.
Opportunities
- 2D barcode adoption is increasing across various industries such as healthcare, retail, logistics and transportation.
- Demand for rapid data capture and analysis has grown tremendously.
- Additionally, there is an ever-increasing need for supply chain automation and inventory management systems.
- Advances in technology such as cloud computing, IoT, and artificial intelligence.
- Expansion of e-commerce and m-commerce industries.
Challenges
- Initial costs associated with the implementation of 2D barcode readers.
- Compatibility issues with existing systems and software.
- Lack of awareness and technical proficiency in some regions.
- Security concerns related to data privacy and cyber threats.
- Dependency on external elements like lighting conditions and barcode quality.
Recent Developments
- Growing Demand for Contactless Payments: With the COVID-19 pandemic, there has been an uptick in interest in contactless payment options, leading to increased adoption of 2D barcode readers across retail and hospitality industries.
- Technology Advancements: 2D barcode reader technology has seen recent advancements, such as improved scanning speed and accuracy, along with the capability of reading barcodes from mobile devices.
- Growth of E-Commerce: The rise of e-commerce has generated an increased need for 2D barcode readers in warehouses and distribution centers to facilitate inventory management and order fulfillment processes.
- Integration with Other Technologies: 2D barcode readers are being integrated with other technologies, like RFID and GPS, to provide real-time tracking and location data for goods and products.
- 2D barcode readers are seeing increasing adoption in healthcare, from patient identification to medication management and inventory control.
Кеу Маrkеt Ѕеgmеntѕ
By Product Type
- Fixed
- Handheld
By Application
- Logistics
- Warehousing
- Factory Automation
- E-commerce
Маrkеt Key Players
- Casio Computer Co., Ltd.
- Denso Wave Incorporated
- Datalogic S.P.A.
- Cognex Corporation
- Juniper Systems Inc.
- Honeywell international inc.
- Marson Technology Co., Ltd.
- Keyence Corporation
- Zebra Technologies Corp.
- Other Key Players
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 7.06 Bn |
| Revenue forecast by 2032 | USD 13.7 Bn |
| Growth Rate | CAGR Of 7% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Frequently Asked Questions
Q: What is a 2D barcode reader?
A: A 2D barcode reader is an electronic device that utilizes imaging technology to scan and decode 2D barcodes such as QR codes or Data Matrix codes.
Q: Why use 2D barcodes?
A: 2D barcodes offer several advantages over traditional 1D barcodes, such as more storage capacity, improved error correction, and compatibility with mobile devices.
Q: In what industries are 2D barcodes used?
A: 2D barcodes can be found in various sectors like healthcare, retail, logistics, transportation, and manufacturing.
Q: What types of 2D barcode readers are available?
A: There are various options for 2D barcode readers, such as handheld scanners, fixed-mount scanners, and mobile devices with built-in scanners
Q: How does a 2D barcode reader work?
A: A 2D barcode reader utilizes either a camera or scanner to capture an image of the barcode, which is then decoded using software in order to extract its data stored within.
Q: When selecting a 2D barcode reader, what factors should be taken into account?
A: Scanning speed, accuracy, durability, compatibility with existing systems, and cost should all be taken into account.
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