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2D Barcode Reader Market Growth Drivers With Rising CAGR of 5.92% Until 2028

Santosh Sargar

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As per the report published by Fior Markets, the global 2D barcode reader market is expected to grow from USD 7.47 billion in 2020 to USD 11.83 billion by 2028, at a CAGR of 5.92% during the forecast period 2021-2028.

The growing demand for a 2D barcode reader as it helps to read or scan both the 1D and 2D barcodes is a major factor that is expected to drive the growth of the global market over the forecast period. Increasing the speed of billing transactions and other related processes and improving customer experience are other main factors that are estimated to fuel the growth of the global 2D barcode reader market to a certain extent. The implementation of the 2D barcode reader as an integrated part is expected to increase in various end-use sectors. Increasing demand for faster, reliable and accurate merchandise tracking, increasing applications in the retail industry, and faster delivery time by retailers are some of the important factors driving the growth of the 2D barcode reader market.

Bar code scanners, also known as barcode readers and point of sale scanners, are portable or stationary devices used to read and record barcode information. These scanners have sensors to capture barcodes and decode relevant information and cables to maintain a stable connection with computer systems. 2D barcode readers can read both 1D and 2D barcodes. A two-dimensional barcode can store much more information than a one-dimensional barcode. The 2D barcode is also used to capture documents, signatures, and product identifiers that may include the product’s price, name, size, and other information about the product. Also, a 2D barcode can scan barcodes from any direction.

The global 2D barcode reader is based on increased digital inventory control, growth in centralised software application, and government tax collection initiatives. Though, the high cost of these systems restricts the market growth. In addition, 2D barcode readers are more expensive than 1D barcode readers due to new technology, and this will likely result in less acceptance of the 2D barcode reader, limiting revenue growth. Moreover, increased investment from the retail industry globally is expected to provide new opportunities in the market.

Key players operating in the global 2D barcode reader are DENSO WAVE INCORPORATED, Zebra Technologies, CASIO COMPUTER CO., LTD., Cognex Corporation, Datalogic S.p.A., General Data Company, Inc., KEYENCE CORPORATION, Honeywell International, Inc., Opticon Inc., Juniper Systems Inc. Some strategic initiatives, such as joint ventures and partnerships, new product developments, strategic collaborations, and mergers and acquisitions, are allowing the market players to defend their respective positions in the market.

  • For example, in November 2020, Datalogic S.p.A announced the launch of the new Gryphon 4200 linear imaging series. The new product is excellent for healthcare applications, retail point-of-sale checkout, ticketing, entertainment access control, order processing, and manufacturing applications Underway.

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Handheld segment dominated the market and held the largest market share of 60% in the year 2020

Based on type, the global 2D barcode reader is segmented into a handheld and fixed 2D barcode reader. The handheld segment dominated the market and held the largest market share of 60% in the year 2020. This growth is attributed to its mobility and operational flexibility. Handheld barcode readers are lightweight and compact and hence increase the device portability in a facility while storing and scanning goods and products that are difficult to lift. There are several handhelds and fixed barcode readers available across different price ranges in the market, and the buyer gets to compare several options suitable for the application the barcode readers are supposed to serve.

Warehousing segment dominated the market and held the largest market share of 35% in the year 2020

Based on application, the global 2D barcode reader is segmented into logistics, e-commerce, warehousing, factory automation. The warehousing segment dominated the market and held the largest market share of 35% in the year 2020. This growth is attributed to the increasing demand for online retail. To ensure that products can be accurately tracked in the online shopping industry, it has become of great importance to maintain accurate sales information, process timing and product traceability in the supply chain network. The Logistics segment is expected to register the highest compound annual growth rate of 6% during the forecast period. Providing up-to-date and timely information on the current status of shipping schedules or stocks has become a prerequisite for global business competitiveness.

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