Poster in Mar 25, 2023 12:21:41

Barcode scanners are being widely adopted across various industries due to their advantages

Barcode scanners are being widely adopted across various industries due to their advantages

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The global barcode scanner market is estimated to grow healthy between 2021 and 2031 as against the 5% CAGR registered from 2016 to 2020. The market is expected to register growth at a robust pace on the back of healthy demand from retail, e-commerce and logistics, and manufacturing facilities. The demand for barcode scanners is likely to accelerate, with the top 5 providers holding nearly 30% of the barcode scanner market in 2021.

With the digitalization of the public distribution system and the increase in the number of e-retailers, the market players have ample scope for expansion. Barcode scanners are being widely adopted across various industries due to their advantages, such as reduced downtime, prevention of incorrect deliveries, and robust control of tracking assets and quality information.

The increasing use of barcode technology as an automatic identification system to reduce human errors will emerge as a chief growth driver. Besides this, the rising demand from the healthcare sector is expected to drive growth during the forecast period. Healthcare centers are using the latest barcode technology to manage medicinal records and prevent data errors. Similarly, the increasing demand for barcode scanners in supermarkets and hypermarkets is propelling barcode scanner market growth opportunities.

In order to cater to the demand from diverse sectors, market players are focusing on expanding their portfolios.

Which are Some Prominent Drivers of the Barcode Scanner Market?
The adoption of digital technologies for scanning and analyzing data inventory, particularly in the retail and warehousing industries, is likely to drive substantial growth in the barcode scanner market.

Some of the aspects that make the barcode scanner popular in these areas are its cutting-edge features and technical benefits. Additionally, the adoption of barcode technology is projected to simplify inventory tracking and supply for retail and warehousing firms. All of these reasons are projected to create profitable barcode scanner market growth opportunities in the future.

What Could Inhibit Demand for Barcode Scanners?
The danger of other substitutes, such as RFID (Radio-Frequency Identification) tags, which employ electromagnetic fields to automatically identify and scan the tags affixed to various objects, is a significant business restraint for the barcode scanner market.

Unlike barcode scanners, RFID scanning equipment can read many patterns at once. As a result, they can scan more products at once than a barcode scanner. As a result, RFID tags are gaining traction in the warehousing and logistics industry around the world. This is expected to impede the growth of the barcode scanner market over the forecast period.

The Contribution of the Technology Segment in Boosting the Market Growth

Top Technology
By the technology segment, laser scanners are expected to dominate the potential market for barcode scanners by 2033. CD readers are distinguished from pen-type or laser-based barcode readers by a critical feature.

CCD scanners measure ambient light emitted by the barcode, whereas pen-type or laser-based barcode scanners measure reflected light of a specific frequency emitted by the scanner itself. Furthermore, these scanners can be made from CMOS (Complementary Metal Oxide Semiconductor) sensors, resulting in a lower production cost.

Rising Barcode Scanner Application in Healthcare Sector to Facilitate Growth

Barcode scanners are being increasingly adopted in every aspect of the healthcare industry, which is a major segment of the end users of barcode scanners.

According to the Institute of Medicine of the National Academies (IMNA), most of the medical errors caused in a hospital during the stay of a patient are due to improper medication, which in turn is a result of wrong diagnosis resulting in loss of life. Hence, hospitals these days prefer a computer-prescribed database to feed the updated information of a patient.

Through the use of barcode scanners, every possible error can be rectified. Tracking exact patient records and reducing drug-related mistakes during a patient’s hospital stay becomes easy. This has led to an increase in demand for barcode scanners in North America.

Barcode Scanning Becoming a Norm in the Retail Sector
The adoption of barcode scanners is rapidly growing in the retail and manufacturing industries in North America. Barcode scanners have become one of the best solutions for product information capturing. Retailers worldwide adoption of barcode scanners for the hassle-free recording of supplies and commodities.

Barcodes imprinted on labels are pasted on products, which help record information regarding product count, date of manufacturing, the date on which the product was supplied to the retailer, and selling price, among others. When these products are scanned, the information is retrieved and monitored.

This entire process, which is completed within a few seconds, not only increases efficiency but also minimizes errors. This has helped retailers record their products and inventory on shop floors and warehouses. Major retailers such as Walmart, Carrefour, Costco, and IKEA put barcodes on all their products. This, in turn, is driving the barcode scanner market growth opportunities in North America.

North America to Emerge Dominant in Barcode Scanner Market
North America is expected to create a total incremental opportunity of more than US$ 1500 Million between 2023 and 2033. The North American barcode scanner market is expected to account for more than 30% value share. The region is projected to expand at a CAGR of 6.9% over the forecast period.

Currently, barcoding has become a norm as far as information tracking and recording of products is concerned. North America has adopted high-end barcode scanners such as cordless scanners, rugged scanners, oMillioni-directional scanners, and stationary scanners in multiple industries.

United States
United States is expected to reach a barcode scanner market size of US$ 3.7 billion by 2033. The United States market is projected to expand at a CAGR of 6% over the forecast period. Sales of barcode scanners in the USA are estimated to be valued at US$ 1404 Million by the end of 2021 and are expected to witness significant growth over the forecast period, exhibiting high value-high growth.

Barcoding is widely adopted in all regions; however, each region adopts different technologies and systems for barcoding. Implementation of barcodes in products was first initiated in the USA when a barcode was printed on a pack of chewing gum in the early 1950s.

Canada
The barcode scanner market in Canada is expected to incline towards low-value-high growth during the forecast period. Canada is projected to represent a total incremental opportunity of more than US$ 240 Million between 2021 and 2031.

The growth rate of barcode scanner technologies such as CCD and pen-type readers is lesser when compared to other technologies implemented in this region. Another trend is the development of dedicated barcode scanners for specific applications such as barcode scanners for usage in hospitals and theme park admission tickets.

These insights are based on a report on the

barcode scanner market

by Future Market Insights

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