(MENAFN- GlobeNewsWire - Nasdaq) New York, United States , May 22, 2023 (GLOBE NEWSWIRE) -- The Global 2D Barcode Reader Market Size is to grow from USD 6.37 billion in 2022 to USD 12.77 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
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A 2D barcode reader is a device that can read and interpret two-dimensional barcodes, which can store much more data than traditional linear barcodes. The most common types of 2D barcodes are QR codes and data matrix codes, which can be found on products, packaging, and documents. 2D barcode readers use optical technology such as cameras or laser scanners to capture the barcode image, which is then decoded using software algorithms. These readers are widely used in many industries, including retail, healthcare, logistics, and manufacturing, to track inventory, manage workflows, and improve efficiency. With the increasing popularity of smartphones, many mobile devices now have built-in 2D barcode readers, making them accessible to a wider range of users.
Browse key industry insights spread across 210 pages with 124 market data tables and figures & charts from the report on " global 2d barcode reader market size , Share, and COVID-19 Impact Analysis, By Product Type (Handheld and Fixed), By Application (Warehousing, Logistics, E-commerce, and Factory Automation), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032" Get Detailed Report Description Here:
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The fixed segment is expected to grow at a higher CAGR of around 8.5% during the forecast period.
Based on product type, the global 2D barcode reader market is segmented into handheld and fixed. Organizations are increasingly turning towards automating their industrial processes due to the growing demand for accurate and efficient tracking of goods and inventories. The adoption of fixed devices helps to minimize the manual effort required by employees in documenting, collecting, and scanning large inventories. This approach enhances efficiency and accuracy by collecting all necessary information while maintaining maximum security. Fixed scanners are also essential solutions in the retail industry, specifically for check-out applications. They ensure fast and precise transactions, resulting in a seamless and hassle-free customer experience in grocery and non-food retail stores.
The logistics segment is anticipated to grow at a CAGR of 8.7% during the forecast period.
Based on application, the global 2D barcode reader market is segmented into warehousing, logistics, e-commerce, and factory automation. The logistics segment is expected to experience significant growth in the 2D barcode reader market due to several factors. Logistics operations rely on barcode technology for shipment tracking, order processing, and inventory management. The growing popularity of e-commerce and the increasing demand for same-day and next-day deliveries are driving the need for more efficient logistics operations, which in turn is driving demand for 2D barcode readers. The use of 2D barcode readers in logistics operations can help improve efficiency, reduce errors, and ultimately lower costs.
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Latin America is predicted to grow at higher CAGR of around 9.5% over the projected period.
Based on region, Latin America is expected to experience significant growth in the 2D barcode reader market during the forecast period. The region has a large and growing retail sector, which uses 2D barcode readers for inventory management, pricing, and customer engagement. Additionally, the increasing adoption of mobile devices in the region is driving demand for 2D barcode readers for mobile payment and ticketing applications. The healthcare industry in Latin America is also expected to drive growth, as 2D barcodes are used for patient identification and medication tracking. Finally, government initiatives aimed at improving supply chain efficiency and reducing counterfeiting are expected to further boost demand for 2D barcode readers in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global 2D barcode reader market include 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., and Zebra Technologies Corp.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global 2D barcode reader market based on the below-mentioned segments:
2D Barcode Reader Market, By Product Type
2D Barcode Reader Market, By Application
Warehousing Logistics E-commerce Factory Automation
2D Barcode Reader Market, Regional Analysis
North America Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of Middle East & Africa
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