Market Overview:

According to a new report by IMIR Market Research on Global market for 2D Barcode Reader was valued at approximately USD 7.69 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 8.5%, reaching a value of USD 14.43 Billion by 2031.

The increasing global e-commerce market, which is in step with the changing advancements in the logistics and warehousing sectors, is responsible for the market's expansion. Sustaining the rapid expansion of the online retail sector will require maintaining sales data, guaranteeing exact timing, and tracking products in real-time throughout supply chain networks. For online retailers, being able to track items in real time has become essential. These days, 2D barcode readers are essential for controlling inventory levels and sales data.

Barcode readers are commonly used in retail stores to quickly and precisely scan the barcodes of goods at the place of sale. Growth in the market is also anticipated due to the increasing use of these devices in sectors like healthcare. To avoid medication errors, for example, intensive care units in the United States are utilizing barcode technology. To ensure that every patient has a distinct medical record, each is provided with a barcode wristband that is connected to the central computers. The nurse uses a barcode scanner to scan both the medicine that needs to be given and the wristband before giving it out. After the data is delivered to the central computer, software verifies the prescription by cross-referencing it with multiple databases.

The technology prevents medication errors by alerting users in the event of a mismatch. During the projected time, these advantages would support industrial expansion even more. Wireless technological advancements are bolstering the shift to online shopping even further. While online shopping is growing in popularity across the globe, supermarkets and hypermarkets are able to shorten checkout lines and remove lengthy wait times thanks to the use of wireless technology into barcode scanners. Thus, the industry's growth is being propelled by the integration of 2D barcode scanners with wireless technology and automated billing systems, which enhance consumer satisfaction, guarantee transparent and efficient checkout procedures, and make shopping even more convenient.

Increasing efficiency in operations across a variety of sectors and verticals, including retail, e-commerce, warehousing, & logistics, has been made possible by barcode readers. Barcode scanning technologies are gaining popularity as a useful tool for optimizing both internal and external processes. These systems offer benefits like increased speed and accuracy, better customer service, and lower clerical expenses. Some of the extra advantages these devices offer in industrial applications are a small form factor, sufficient flexibility, storage capacity, & real-time data tracking. Over the projected timeframe, these elements would support the industry's total growth further.

Market Dynamics:

Market Drivers-

Increasing Adoption of Automation and Digitalization

• The growing popularity of digitization and automation in a variety of industries. The need for sophisticated barcode reading solutions that can easily integrate with automated systems, manufacturing lines, and software for managing inventory is growing as companies look to increase operational efficiency, accuracy, & traceability in their processes. By automating data capture & identification processes, 2D barcode readers help businesses improve productivity, streamline workflows, and lower manual error rates. 2D barcode scanners are essential for the real-time tracking & identification of goods, components, and assets across the supply chain in sectors like manufacturing, logistics, medical care, retail, and transportation. 2D barcode readers are in high demand as a result of organizations looking to use data-driven insights for optimization and decision-making, as well as the growing digitization of corporate operations and the shift to Industry 4.0 projects.

Growing Application Scope in Healthcare and Pharmaceuticals

• The growing use of barcode reader technology in the pharmaceutical and healthcare industries is driving the 2D Barcode Reader Market. In order to enhance patient safety, lower medication errors, and guarantee regulatory compliance, the healthcare sector is progressively implementing 2D barcode readers for medical equipment traceability, patient identification, medication management, and specimen tracking. Pharmaceutical producers use 2D barcode readers to comply with regulatory bodies' requirements for serialization & track-and-trace in order to prevent the sale of fake medications and maintain the integrity of the supply chain. The use of 2D barcode readers for encoding and recording patient data, pharmaceutical information, and medical device IDs is also being fueled by the rise of electronic prescribing structures, electronic health records (EHRs), and also mobile health (mHealth) applications. An organization prioritize investing in barcode reading solutions to improve patient care and regulatory compliance, which creates an ideal setting for market growth in the 2D Barcode Reader Market.

Market Trends-

Integrating Machine Learning (ML) with Artificial Intelligence (AI) Technologies

• The growing incorporation of machine learning (ML) and artificial intelligence (AI) technology into barcode reading systems. Advanced picture identification, decoding, and information extraction from complicated or damaged barcodes are made possible by AI and ML algorithms, which also improve the capabilities of 2D barcode readers. With the use of these technologies, barcode readers can reliably recognize and decode a variety of barcode types, even ones that are broken or badly written, and they can even tell apart patterns or symbols that appear identical.2D barcode scanners may ensure reliable performance in a variety of operating scenarios by utilizing AI and ML algorithms to adjust to changing lighting conditions, surface textures, and environmental changes. Additionally, AI-powered barcode readers offer intelligent features like automatic picture enhancement, error correction, & real-time feedback, that improve overall effectiveness and precision in scanning barcode systems.

Rise of Mobile Barcode Reading Solutions

• The growth of mobile barcode scanning systems as a result of the growing use of smartphones along with other mobile devices. Consumers and companies alike depend on mobile barcode scanning apps for a variety of tasks, such as product identification, pricing comparison, participation in loyalty programs, and ticket validation, due to the growing popularity of mobile applications & e-commerce platforms. Mobile barcode readers turn smartphones and tablets into multipurpose scanning instruments by using their built-in cameras to read and decode 2D barcodes, including Data Matrix and QR codes. The aforementioned applications usually go below simple barcode scanning and enhance user experiences with additional features like virtual reality overlays, inventory management, & document scanning. Due to their ubiquity, accessibility, and convenience of use, mobile barcode scanning systems are becoming more and more widespread in the retail, hotel, transit, & event management industries. The 2D Barcode Reader Market is predicted to develop as a result of mobile barcode reading solutions anticipated increased market penetration and application diversification as mobile technology advances.

Market Restraining Factors-

High Initial Investment Costs

• The high initial costs of obtaining and putting into use barcode reading technologies are the primary driver of the 2D barcode reader market. The initial expenditures of obtaining 2D barcode readers, in addition to any required software licenses, setup, and setup charges, can be significant for businesses, particularly small and medium-sized organizations (SMEs). To make matters more expensive, the overall cost of ownership also includes upgrades, support, and continuing maintenance. The high initial costs associated with barcode scanning systems may discourage certain firms from implementing or enhancing them, especially if they believe the ROI will be inadequate or if they do not have the requisite financial means. Therefore, companies' hesitation to commit large financial expenditures to barcode reading technology may impede market growth.

Report Coverage:

The report will cover the qualitative and quantitative data on the global 2D Barcode Reader Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

List of Companies Profiled:

• 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.
• Zebra Technologies Corp.

Key Industry Developments:

• In January 2023, Zebra Technologies has announced the introduction of the MC9300 Series, a new range of 2D barcode readers. The MC9300 Series features a robust construction, a long battery life, resistance to water and dust, and is intended for use in demanding commercial settings.

2D Barcode Reader Market Segmentation Analysis:

2D Barcode Reader Product Type Outlook

• Handheld
• Fixed

2D Barcode Reader Application Outlook

• Warehousing
• Logistics
• E-commerce
• Factory Automation

2D Barcode Reader Regional Outlook

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

The report also helps in understanding Global 2D Barcode Reader Market dynamics, structure by analyzing the market segments, and project the Global 2D Barcode Reader Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global 2D Barcode Reader Market make the report investor’s guide.

2D Barcode Reader Market Segment Insights:

The market is divided into segments based on By Product, By Application.

By Product

Based on the Product of the market is segmented into Handheld, Fixed.

In 2022, the handheld category had the highest revenue share, exceeding 67.00%. There are many different uses for a portable device. For example, it is an essential tool in the manufacturing industry for monitoring Work-In-Progress (WIP) inventory, receiving, and shipping. It is utilized for configuration demands at the checkout counter in the retail industry since it facilitates precise inventory tracking and offers the business analytics required for operational requirements and future planning. It is utilized in the healthcare industry for prescription verification, accurate patient identification, and thorough electronic medical record management. Additionally, it permits automation in the tracking and recording of the shipped, received, picked, packed, and palletized inventories and items in the transportation and logistics sector.

The fixed product type category is anticipated to increase at the fastest rate during the projection period. Due to the increasing need for precision and speed in inventory and product tracking, organizations are steadily shifting toward the automation of industrial processes. When massive inventory is scanned, recorded, and gathered by fixed equipment, the amount of manual labor performed by employees is reduced. It helps to improve efficiency and accuracy by carefully gathering all pertinent data while upholding the highest standards of security. Furthermore, a stationary scanner is an essential piece of gear for retail check-out applications. Customers may buy at grocery and non-food establishments more easily because this guarantees a speedy and accurate transaction.

By Application

Based on the Platform of the market is categorised into Warehousing, Logistics, E-commerce, Factory Automation.

The warehousing segment surpassed 38.70% to have the largest share in 2022. The transportation of individual goods, containers, and large quantities of inventory between several different sites is an essential aspect of the warehouse's main workflow. During inventory counts, manual data collection can be error-prone and labour-intensive. An automated and computerized procedure is used by a 2D barcode scanner to help keep track of each rack, container, and item. It makes it simpler to track commodities that are received and moved between locations, both inside and outside of warehouses, by assigning inventory and individual commodities a unique identification code. The logistics sector is expected to increase at the fastest rate throughout the projected period.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The Asia Pacific region held the largest amount of market share in 2022, accounting for 41.9%. The rising need for 2D barcode readers is a result of the growing e-commerce, logistics, & warehouse sectors in the Asia Pacific area. The adoption of 5G, the growing government initiatives toward industry 4.0, which aims at digitizing and automating organizations, and the increasing digitization of businesses are also driving the need for 2D barcode readers. The demand for 2D barcode readers is continually rising due to the surge in logistics, manufacturing, and also transportation activities throughout the region. These activities are fueled by the deployment of automated scanning and reading applications, which offer seamless operational capabilities, lower costs, fewer errors, and improved system transparency.

The South America is anticipated to expand at the fastest rate of 10.2% over the course of the projection period. Customers may now buy and return goods whenever it's convenient for them thanks to the increasing spread of online shopping and the growing popularity of social media systems, especially in nations like Brazil. The need for automating in manufacturing facilities is being driven by these expanding trends, which are intended to improve inventory and material management within the facilities. Some of the elements that are anticipated to generate more growth opportunities for the 2D barcode reader market throughout the South American region are the use of 2D barcodes by businesses to help them keep accurate track of information about the product, location, manufacturer, and additional related specifications.

2D Barcode Reader Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• utlook and prospects for the 2D Barcode Reader market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of 2D Barcode Reader Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million