[Research Report] The 2D barcode reader market is projected to reach US$ 12,708.70 million by 2028 from US$ 8,373.12 million in 2023. it is expected to grow at a CAGR of 8.7% during 2023–2028.
Factory automation is the implementation of technologies and machines to automate manufacturing processes in order to increase production output and reduce labor costs. It also helps improve the quality of the products by minimizing the risk of human error. Hence, market players are increasingly adopting factory automation which is consider a 2D barcode reader market trend. For instance, in April 2023, Laminar, an automotive technology company, started its operations from the newly developed automated factory. The automation in the factory will help increase the volume of the production units of the sensors. In addition, in November 2022, an electric vehicle (EV) startup, "Weber Drivetrain," opened an automated facility in Pune, India, to produce EV parts. The facility consists of semi-robots and machinery. Such instances will encourage other market players to boost their production output by automating their facilities. Automated factories are increasingly using 2D barcode readers to enhance product tracking and identification. These readers provide accurate product information compared to manual product tracking. They further increase the speed of production output and track information about a product's manufacturing dates and batch number with the help of the product's unique code. This information helps the operator better manage the business processes by providing constant access to the product’s real-time information. Therefore, the rise in factory automation is expected to be a 2D barcode reader market trend during the forecast period.
2D Barcode Reader Market -
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2D Barcode Reader Market: Strategic Insights
Market Size Value in US$ 8,373.12 million in 2023 Market Size Value by US$ 12,708.70 million by 2028 Growth rate CAGR of 8.7% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2023
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2D Barcode Reader Market: Strategic Insights
| Market Size Value in | US$ 8,373.12 million in 2023 |
| Market Size Value by | US$ 12,708.70 million by 2028 |
| Growth rate | CAGR of 8.7% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2023 |
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The US, Canada, and Mexico are among the key countries in North America. The continuously evolving manufacturing industry remains the major factor driving prosperity, jobs, and innovation, as the region is a hub for technological development. In January 2021, US President announced the plan to strengthen the manufacturing sector in the US under the “Made in America” initiative, which focused on establishing technologically advanced and automated manufacturing sectors. Under this initiative, an investment of US$ 300 billion was made for the R&D and inclusion of advanced technologies to boost the country's production output. These technological advancements and automation can act as a catalyst for the US economy. Therefore, the rise in automation in the manufacturing sector in the region is expected to increase the demand for 2D barcode readers, along with a surge in the use of machines and systems to replace manual tasks. A 2D barcode reader helps track the product's information through the manufacturing process, which propels its demand in the manufacturing sector and fuels the 2D barcode reader market growth in North America.
The COVID-19 pandemic positively impacted the e-commerce sector across the globe. During the COVID-19 outbreak, due to a surge in online shopping platforms, e-commerce sales in the US and Canada witnessed significant growth in 2020. In the same year, shoppers shifted to online platforms to purchase different types of products, such as health & hygiene products, medicines, and hand sanitizers. Therefore, the demand for 2D barcode scanners increased in e-commerce as barcodes are used in shipping and sorting systems. The pandemic caused dynamic growth in e-commerce across countries such as the US and Canada, and it has increased the production of 2D barcode readers in e-commerce. In several countries, e-commerce transactions have partially shifted from scanning luxury products to daily necessities. Hence, the applications of 2D barcode readers have increased. This has helped the 2D barcode reader market growth further.
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Market Insights – 2D Barcode Reader Market
Based on application, the global 2D barcode reader market size is segmented into warehousing & logistics, pharmaceuticals, e-commerce & retail, and others. 2D barcode readers are an essential part of the pharmaceutical industry. The readers enable the accurate tracking of products and capture precise and complete vaccine and drug inventory data. The 2D barcode, especially GS1-Datamatrix, has become the standard for electronic product coding in the pharmaceutical industry. These scanners are used in pharmacy payments and pharmacy drug verification. Pharmacies use 2D barcode readers to scan medicines and other medical products to improve immunization records' data quality. By using 2D barcodes, pharmacies can improve data quality in their facilities. For instance, ISafe Mobile launched a multifunctional IS-TH1XX.1 handheld barcode scanner in April 2021, with integrated smartphones, targeting the pharmaceutical industry. This barcode reader allows pharmacists to scan 2D barcodes to get all crucial data into inventory records. Zebra Technologies Corp, Cognex Corporation, Honeywell International Inc, and CILICO are among the prominent players that provide 2D barcode readers for the pharmaceutical industry.
The 2D barcode reader market size is segmented based on product type, application, and geography. In terms of product type, the 2D barcode reader market is categorized into handheld and fixed. Based on type, the 2D barcode reader market is segmented into warehousing & logistics, pharmaceuticals, e-commerce & retail, and others. Based on geography, the 2D barcode reader market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM)
2D Barcode Reader Market Breakdown, by Region
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Adesso Inc, Cognex Corp, Newland Auto-ID Tech Co Ltd, Honeywell International Inc, Keyence Corp, OMRON Corp, Guangzhou Netum Electronic Technology Co Ltd, Datalogic SpA, Zebex Industries Inc, and Zebra Technologies Corp. are among the key market players of the 2D barcode reader market profiled during the market study. In addition to these players, several other important companies were studied and analyzed during this market research study to get a holistic overview of the global 2D barcode reader market.
2D barcode reader market players mainly focus on tailor-made solutions to create customer value.
- In January 2023, Cognex designed DataMan 580 fixed-mount barcode reader for logistics tunnels. The company boasts of high-speed operations and improved traceability.
- In January 2023, Adesso acquired WebScience, an Italian software company. It is a strategic move to strengthen its foothold in the Italian market. This acquisition will enable Adesso to expand its portfolio of software solutions and improve its ability to provide tailored services to customers in Italy.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
New product launches and growth of logistics and e-commerce sector are the major factors that propel the 2D barcode reader market growth.
Rise in factory automation is anticipated to play a significant role in conducting 2D barcode reader market in the coming years.
The incremental growth, expected to be recorded for the 2D barcode reader market during the forecast period, is US$ 12,708.70 million.
The 2D barcode reader market is expected to reach US$ 12,708.70 million by 2028.
The global 2D barcode reader market was estimated to be US$ 8,373.12 million in 2023 and is expected to grow at a CAGR of 8.7 %, during the forecast period 2023 - 2028.
The List of Companies - 2D Barcode Reader Market
- Adesso Inc
- Cognex Corp
- Newland Auto-ID Tech Co Ltd
- Honeywell International Inc
- Keyence Corp
- OMRON Corp
- Guangzhou Netum Electronic Technology Co Ltd
- Datalogic SpA
- Zebex Industries Inc
- Zebra Technologies Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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