The barcode scanner market survey offers insights into chief growth drivers and restrains impacting the overall growth trajectory. The survey also provides insights into competitive landscape of global barcode scanner market, identifying the key market players and analyzing the impact of their growth strategies.
DUBAI, U.A.E, July 15, 2021 /PRNewswire/ -- As per a study by FMI, the global barcode scanner market is expected to reach a valuation of US$7bn and grow at a CAGR of 7.6% between 2021 and 2031. Despite the outbreak of COVID-19, the demand for barcode scanners rose consistently. The market also registered a shift in preference from handheld laser scanning to imaging solutions.
According to a study by FMI, the global barcode scanner market registered a CAGR of 5% during its historical period of 2016 to 2020. Expansion of manufacturing facilities, logistics, and e-commerce sectors has presented a conducive environment for barcode scanner sales.
Barcode scanning is highly sought-after across various industries as it offers a robust tracking system that prevents risk of incorrect delivery and downtime in transit. Retailers are increasingly adopting the technology for keeping a track of their inventories and products in warehouses and shops. Major retailers such as IKEA, Costco, Carrefour, and Walmart apply barcode on all their products. This is expected to create lucrative opportunities for growth of the global market.
Barcode scanners are increasingly being adopted in the healthcare industry. According to Institute of Medicine of the National Academies (IMNA), most of the medical errors in hospital occur due to improper medication during a patient's stay. To avoid these errors, hospitals prefer computer prescribed database to update patient's information. The implementation of barcode scanners rectifies every possible error and track exact details of a patient to minimize drug related mistakes.
The Middle East and Africa is expected to emerge as a fast growing regional market over the forecast period as it is experiencing rapid changes in customer preference for less time intensive and more convenient retail experience. The advent of digitalization in the retail industry is further boosting sales in this region.
"Key players are focusing on introducing cutting-edge features to keep pace with the evolving retail industry and changing consumer preferences. As competition continuous to soar, product diversification has emerged as key strategies among companies aiming at competitive advantage," says the FMI analyst.
Asia Pacific is expected to lead the market as this region is witnessing substantial growth in e-commerce and retail industry.
Demand in portable/handheld segment is expected to rise at a CAGR of 5.7% during the forecast period due to the demand for better convenience.
Camera-based technology segment will expand owing to increasing demand from manufacturing and retail sectors.
Innovations in healthcare infrastructure and easy access of technologically advanced medical services are expected to create lucrative growth opportunities in North America.
Retail and manufacturing industries will exhibit higher adoption of barcode scanner as they enable hassle free recording of commodities and suppliers.
Diversification of products to cater the rising need for recording information such as product count, date of manufacturing, information about supplier, retailers, and selling price is expected to boost sales for barcode scanner.
Increasing sales through online channels have boosted the demand for barcode scanner. The pandemic has impacted and changed shopping preferences. Increasing number of people are making online purchases, which encouraging demand for barcode scanners.
Rising investment in technological development has bolstered adoption of high-end barcode scanners such as stationary scanners, omni-directional, rugged, and cordless scanners.
Inadequate infrastructure and lack of access to required expertise might hamper barcode scanner production during the forecast period.
Lower adoption of barcode scanners in developing economies and lack of awareness will hinder sales.
Key players operating in the global barcode scanner market are focusing on improving their market presence by pursuing numerous strategies such as new product launches, mergers & acquisitions, partnerships, joint ventures, product development, and strategic collaborations.
In November 2020, Datalogic S.p.A. launched its new Gryphon 4200 linear imager series. This novel product is ideal for numerous healthcare applications such as manufacturing work-in-progress applications, order processing, entertainment access control, ticketing, and retail POS checkout.
The key players operating in the global barcode scanner profiled by FMI are
Zebra Technologies Corporation
Honeywell International Inc
SATO Holdings Corporation
Wasp Barcode Technologies
Toshiba TEC Corporation
JC Square Inc
More Insights on the Barcode Scanner Market:
FMI provides an unbiased analysis of the barcode scanner market, presenting historical demand data (2016-2020) and forecast statistics for the forecast period from 2021-2031. The study divulges compelling insights on the global barcode scanner market with a detailed segmentation on the basis of
Key Questions Covered in the Microalgae in Barcode ScannerMarket Report
The report offers detailed insights into microalgae in barcode scanner demand outlook for 2021-2031
The market study also highlights projected sales growth for barcode scanner market between 2021 and 2031
Barcode scanner market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
Barcode scanner market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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