With Rapid Growth In The E-Commerce Market, The 2D Barcode Reader Market Is Expected To Grow At An 8% Rate As Per The Business Research Company's 2D Barcode Reader Global Market Report 2022

7/7/2022 11:47:44 AM

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LONDON, July 07, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company's research report on the 2D barcode reader market , the rapid growth in the e-commerce market requires better tracking, order fulfillment, and other functionality, thus driving the demand for 2D barcode readers during the forecast period. E-commerce channels allow customers to purchase a number of products at ease and also generate cost savings for manufacturers who use 2D barcode readers in products for labelling, tracking, and fulfillment. Digital shopping is becoming more convenient and has gained popularity among consumers worldwide.

For instance, according to a United Nations Conference on Trade and Development (UNCTAD) 2021 report, online retail sales grew markedly in several countries, with the Republic of Korea reporting the highest share at 25.9% in 2020, up from 20.8% the year before. In countries such as India, for instance, e-commerce portals have boosted the sales of various goods by giving greater exposure to producers who were confined to one geography. Further, COVID-19-related boosts in online shopping resulted in U.S. e-commerce growth of 32% in 2020 to reach $790 billion, up from $598 billion in 2019. The increasing e-commerce market ensures greater availability and reach of a number of products, thus driving the 2D barcode reader market during the forecast period. With reducing delivery times and leaner supply chains, the demand for last-mile delivery, where a parcel moves from a transportation hub to its final destination in e-commerce, is expected to drive the demand for 2D barcode readers.

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The global 2D barcode reader market size is expected to grow from $5.87 billion in 2021 to $6.35 billion in 2022 at a compound annual growth rate (CAGR) of 8.17%. This global 2D barcode reader market demand is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.92 billion in 2026 at a CAGR of 8.87%.

Asia Pacific was the largest region in the 2D barcode reader market and was worth $2.09 billion in 2021. The market accounted for 0.006% of the region's GDP. In terms of per capita consumption, the market accounted for $0.49, $0.3 lower than the global average. The 2D barcode reader market in Asia Pacific is supported by the high demand in the e-commerce and logistics sector, the rise in internet penetration, and smartphone usage. The rise in internet penetration leads to a rise in e-commerce, which will ultimately drive the growth of the market. For example, there were 5.29 million internet users in Singapore in January 2021.Between 2020 and 2021, the number of internet users in Singapore increased by 146 thousand (+2.8%).

Major players in the 2D barcode reader market are Denso Wave Incorporated, Casio Computer Co., Ltd., Cognex Corporation, Datalogic S.p.A., Honeywell International, Inc., General Data Co., Inc., JADAK-A Novanta Company, Juniper Systems Inc., Keyence Corporation, Marson Technology Co., Ltd., Omron Microscan Systems, Inc, Sato Holdings Corporation, Scandit, Sick AG, Unitech Electronics Co., Ltd., Wasp Barcode Technologies, Zebex Industries Inc., Zebra Technologies Corp., Toshiba Tec Corporation, Adesso Inc, Dynamsoft, Shenzhen Alacrity Barcode Technology Co., Ltd., SSE Technologies, and RIOTEC Co., Ltd.

TBRC's global 2D barcode reader market analysis is segmented by type into fixed, portable; by reader type into cord, cordless; by application into warehousing, logistics, e-commerce, factory automation; by end-user into retail, hospitality, transportation and logistics, manufacturing, healthcare, others.

The regions covered in the global 2D barcode reader industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

2D Barcode Reader Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide 2D barcode reader market overviews, 2D barcode reader market analyze and forecast market size and growth for the whole market, 2D barcode reader market segments and geographies, 2D barcode reader market trends, 2D barcode reader market drivers, 2D barcode reader market restraints, 2D barcode reader market leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.

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