PUBLISHER: 360iResearch | PRODUCT CODE: 1470384
PUBLISHER: 360iResearch | PRODUCT CODE: 1470384
[184 Pages Report] The 2D Barcode Reader Market size was estimated at USD 13.60 billion in 2023 and expected to reach USD 14.94 billion in 2024, at a CAGR 9.77% to reach USD 26.14 billion by 2030.
A Two-Dimensional (2D) Barcode Reader, also widely known as a 2D Scanner or QR Code Scanner, is a highly efficient tool that facilitates decoding information embedded within a 2D barcode or a QR (Quick Response) code. Unlike traditional linear or 1D barcodes that hold data in a single direction, 2D barcodes can store information vertically and horizontally within a defined space, significantly enlarging the capacity of data that it can hold. The 2D Barcode Reader employs advanced imaging technology to interpret and decode the two-dimensional composition of these barcodes and further converts this data into a format that digital devices understand. The market for 2D barcode readers refers to the global platform where various individuals, businesses, and industries sell and buy 2D barcode scanning devices. The 2D barcode readers use cameras, image processing techniques, and software applications to read barcodes. Industries such as logistics, supply chain, healthcare, education, and e-commerce widely employ these scanners to track, identify, and manage their inventory and assets. Primarily, these devices are utilized in inventory management, ticket verification, patient identification in healthcare, asset tracking, and document management. The 2D barcode reader market sees substantial growth due to various factors such as the growth of the eCommerce sector and the need for timely logistics activities, the high adoption of QR codes for contact tracing and mobile marketing, and the expanding use of wearable 2D barcode scanners and their availability online. However, several challenges exist in the 2D barcode reader market, such as latency issues of 2D wireless barcode readers and availability and preference for RFID technologies, limiting the market's growth. On the other hand, various potential opportunities, including technological advancements in 2D barcode readers and private investments for factory automation worldwide, influence the market positively.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 13.60 billion |
Estimated Year [2024] | USD 14.94 billion |
Forecast Year [2030] | USD 26.14 billion |
CAGR (%) | 9.77% |
Product: Growing usage of portable 2D barcode readers due to its flexibility and convenience
Fixed 2D barcode readers are deployed in high-volume scanning environments such as warehouses and distribution centers, where they offer matchless consistency. Large-scale logistics management greatly benefits from fixed units due to their ability to process thousands of scans per minute and handle enormous databases. Handheld 2D barcode readers are designed for flexibility and convenience. They come in handy in retail outlets, healthcare facilities, and on-field operations where mobility is a paramount concern. Due to their ease of use and adaptability, handheld readers are gaining increasing traction in different market sectors.
Barcode Type: Rising potential of QR codes owing to their user-friendly nature
Aztec code is a type of 2D barcode distinguished by a central "bullseye" surrounded by a data matrix. This high-density barcode encodes a large range of data, including ASCII, bytes, and numeric data. The data matrix, widely used to label small items, has a relatively high data density. It supports numeric and text data and includes error correction codes. This barcode type has gained momentum in healthcare for labeling small medical equipment. GS1 composite codes amalgamate linear GS1 barcodes with 2D counterparts. It can convey additional information such as batch number, product weight, or expiration date. With the rising trend of traceability, this barcode type is increasingly being used in the FMCG and pharmaceutical sectors. MaxiCode, principally used by United Parcel Service (UPS) for sorting mail, is distinguished by a bullseye pattern. It can encode both letters and numbers and offer faster and more reliable scans due to its fixed size. The PDF417 barcode is a stacked linear barcode symbol format used in a variety of applications, predominantly in the transportation sector, for storing data on identification cards and tickets. QR codes, characterized by their square shape and three-corner alignment squares, store significant amounts of data and are readily scanned by smartphones. Due to their user-friendly nature, QR codes are preferred in advertising and retail industries.
Connectivity: Growing application of wireless 2D barcodes for extensive operations across industries
Wired 2D barcode readers, also referred to as corded scanners, generally connect to a computer or terminal through a cable. They are favored for applications that require high-speed, uninterrupted data transmission and low latency. Wired scanners are often employed in environments such as warehouses, industries, and retail outlets where the point of scanning is stationary. Wireless 2D barcode readers offer the tremendous advantage of flexibility and mobility. They allow users to move around freely and scan items located at different places, making them more suitable for large-scale operations and venues where items to be scanned are scattered. Their disadvantage is their reliance on batteries, which can be a limiting factor in continuous, extensive operations.
End-User: Emerging application of 2D barcode readers across retail & grocery sectors for inventory management, and customer loyalty programs
In the healthcare sector, the usage of 2D barcode readers plays a pivotal role in ensuring patient safety and enhancing healthcare outcomes. These devices are widely utilized in the tracking and tracing of medicinal products, patient identification, and inventory management, amongst other tasks. The manufacturing sector also employs 2D barcode readers at various stages, from raw material procurement to the packaging of finished goods. The demand for these devices in the sector can be attributed to the need for quality control, process automation, and waste reduction. In the retail & grocery sector, there's a predominant use of 2D barcodes during checkout, inventory management, and customer loyalty programs. This demonstrates the shift towards reducing manual data entry errors and enhancing customer engagement. The transportation & logistics industry utilizes 2D barcode readers primarily for accessing shipping information, tracking packages, and managing inventory. In warehouse distribution, 2D barcode readers are used for inventory control, tracking, and shipment validation. The push for automation and efficiency has led to an increased demand for these devices.
Regional Insights
In the developed markets of the United States and Canada, 2D barcode reader technology is growing due to increased usage in sectors including government, healthcare, shipping, and retail. Consumers in this region are tech-savvy and willing to invest in efficient technology, promising a vibrant future for the 2D Barcode Reader industry. Government regulatory bodies such as the U.S. Federal Trade Commission regulate barcodes and related technologies in the Americas, ensuring scanning accuracy and imposing sanctions for false advertising or misrepresentations. The Asia Pacific region, housing economic powerhouses such as China, Japan, and India, has seen an upsurge in using 2D barcode readers primarily due to the blossoming of e-commerce and digital payment systems. The large population and increased digitization drive substantial demand in this region. India and Indonesia are emerging markets for 2D Barcode readers. The requisite political support is present with numerous digital initiatives introduced by the government, such as 'Digital India,' aiming to transition to a paperless economy. Moreover, their demographic diversity and sheer size create a vast potential customer base. The increasing penetration of smartphones and government initiatives to encourage digital payment methods are fostering product reachability and awareness. The 2D Barcode reader market in the EMEA region is experiencing a significant surge, driven by market-friendly policies, technological progression, and the expanding adoption of IoT and Industry 4.0. The ongoing digital transformation in businesses across the region has stimulated the need for these devices to enhance robustness in data handling. Corporations are now embracing this technology to mitigate errors, reduce processing time, and streamline operations. In the Middle East and Africa, retail and eCommerce industry growth significantly contributes to the rise of 2D barcode reader usage. Many governments in this region, such as the UAE, are encouraging businesses to adopt digital and automated solutions. Such initiatives support the accelerated incorporation of technologies such as 2D Barcode Readers and also provide a conducive environment for the growth of relevant markets.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the 2D Barcode Reader Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the 2D Barcode Reader Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the 2D Barcode Reader Market, highlighting leading vendors and their innovative profiles. These include Adesso Inc., Bluebird Inc., CASIO Europe GmbH, Code Corporation, Cognex Corporation, Datalogic S.p.A., DENSO Corporation, General Data Company, Inc., Honeywell International, Inc., Juniper Systems Inc., Keyence Corporation, Marson Technology Co., Ltd., NETUM, Newland Auto-ID Tech, Novanta Inc., Omron Electronics, LLC, Opticon Sensors Europe BV, RIOTEC Co., Ltd., Sato Holdings Corporation, Scandit AG, SICK AG, Toshiba Corporation, Unitech Electronics Co., Ltd., Zebex Industries Inc., and Zebra Technologies Corporation.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the 2D Barcode Reader Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the 2D Barcode Reader Market?
3. What are the technology trends and regulatory frameworks in the 2D Barcode Reader Market?
4. What is the market share of the leading vendors in the 2D Barcode Reader Market?
5. Which modes and strategic moves are suitable for entering the 2D Barcode Reader Market?