Barcode Scanner Market Is Estimated To Be Worth US$ 16.86 Bn By 2033: FMI
Weigh in the Prominent Trends that Keep the Adoption of Barcode Scanner Up and Rising!
According to freshly released FMI data, the barcode scanner market is expected to be valued $8.10 billion in 2023. The market is estimated to increase at a CAGR of more than 7.6% between 2023 and 2033. The market is expected to be valued US$ 16.86 billion by 2033.
Growth in the Retail Sector is Propelling the Barcode Scanner Market.
Internal and external factors were expected to have a good and negative impact on the firm. The rise of the retail sector in developing countries has boosted the market.
The introduction of new items into the market, the expansion of the e-commerce industry, and the technical advancements in 2D imaging technology have all been contributing factors to the market’s rise globally during the course of the forecast period. However, it has been predicted that the high installation cost may impede the market growth during the projection period.
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What May Curb Demand for Barcode Scanners
The threat of alternatives like RFID tags, which use electromagnetic fields to automatically identify and scan the tags attached to various items, is a major barrier to the global market for barcode scanners.
RFID scanning technology can read many patterns simultaneously, unlike barcode scanners. In the global warehousing and logistics sector, RFID tags are becoming more popular. Over the projected period, this is anticipated to restrain the market for barcode scanners from expanding.
North American Market is Expected to be Dominant Globally.
Due to the region’s growing use of barcode scanners in the manufacturing and retail sectors, North America has held the largest market share and is predicted to maintain its dominance during the projected period.
Europe and APAC have come after this region in importance. Due to the growing retail, logistics, and healthcare industries as well as the rising number of retail chains, Asia Pacific has been predicted to have the biggest barcode scanner market growth opportunities.
- Barcode scanner is projected to reach US$ 2.1 billion in Indian market by 2033.
- Barcode scanner is estimated to capture a US$2.5 billion market in China by 2033.
- Barcode scanner market revenues are expected to reach US$ 307.5 million in Germany by 2033.
- Barcode scanner revenues are projected US$ 311.4 million in UK market by 2033.
- US market is predicted to become US$3.7 billion by 2033.
- Portable/Handheld may experience growth in the product type category at a CAGR of 7.1% over the course of the projection year.
- Over the course of the forecast period, the US market may expand at a CAGR of 6%.
- In the technology sector, Laser Scanner might expand at a CAGR of 6.9% during the forecast period.
- The CAGR for the UK market during the predicted period may be 5.5%.
- The German market may expand at a CAGR of 8.4% over the course of the forecast period.
- India’s barcode scanner market is projected to increase at a CAGR of 8.2% from 2023 to 2033.
- The Chinese barcode scanner market is anticipated to grow at a CAGR of 8.9% between 2023 and 2033.
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Key contenders in the barcode scanner industry include Zebra Technologies Corporation, Honeywell International Inc, DataLogics S.P.A, Cognex Corporation, SATO Holdings Corporation and others.
The key players in barcode scanner market are anticipated to have an impact on the market during the forecast period.
- ProGlove – Unveiled Wearable Scanner
ProGlove, a significant manufacturer of wearable barcode scanners with headquarters in Germany, unveiled the MARK Basic standard range (SR) wearable scanner in June 2021. It meets the requirements of businesses that prioritise short-range scanning, including workflow documentation in inbound processes like packing, retail inventory, and assembly.
- Omron Corporation – Unveiled Portable Barcode Reader Series
The V410-H portable barcode reader series, which was unveiled by Omron Corporation in September 2020, is a flexible, potent, and simple-to-use solution for a variety of applications. It offers a solution for traceability across industrial manufacturing and beyond with algorithms that easily capture difficult codes like direct part marks (DPMs) and ultra-compact symbols.