2D Barcode Reader Market

Global 2D Barcode Reader Market is valued at USD 7.63 Billion in 2022 and it is expected to reach USD 12.93 Billion by 2029 with a CAGR of 7.82% over the forecast period.

Global 2D Barcode Reader Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029- The market will expand due to the rising adoption of automation in various industries, as well as the increasing need for inventory and supply chain management.

Scope of Global 2D Barcode Reader Market Report-

2D Barcode Reader is a device that can read two-dimensional barcodes, such as QR codes, Datamatrix codes, and Aztec codes, by using optical imaging techniques. These readers can be handheld, stationary, or integrated into a larger system. 2D barcode readers use imaging technology to capture an image of the barcode, which is then processed and decoded using software algorithms. These devices can be handheld or fixed-mount devices and can be connected to a computer or mobile device via USB, Bluetooth, or Wi-Fi.

The first 2D barcode was created in 1994 by a Japanese company called Denso Wave. A QR code (Quick Response code) was developed to improve the speed and accuracy of their manufacturing process. Since then, the use of 2D barcodes has become widespread, and they are used in a variety of applications, including inventory management, product tracking, and mobile marketing.

2D barcode readers are used in various industries, including healthcare, retail, logistics, and transportation. Some of the key applications of 2D barcode readers include inventory management, product tracking, asset management, shipping and receiving, and mobile payments.

The end-users of 2D barcode readers are diverse and include manufacturers, retailers, logistics companies, hospitals, and government agencies.

Covid-19 Impact on the Global 2D Barcode Reader Market:

The need for contactless solutions during the pandemic fueled the demand for 2D barcode readers as it enabled contactless scanning and data capture, reducing the risk of virus transmission. Additionally, with the surge in e-commerce and online retail during the pandemic, 2D barcode readers were in high demand for efficient inventory management, order tracking, and delivery tracking, driving the market growth.

The pandemic also highlighted the importance of supply chain visibility and traceability. 2D barcode readers were utilized for tracking and tracing products, ensuring safety and quality compliance in the supply chain, leading to its increased adoption.

However, the pandemic also disrupted global supply chains and manufacturing operations, leading to delays in the production and delivery of 2D barcode readers, causing temporary shortages and impacting market availability. Many businesses faced economic challenges during the pandemic, resulting in budget constraints and reduced spending on non-essential technologies, including 2D barcode readers, which may have slowed down market growth.

Key Players of Global 2D Barcode Reader Market Report-

The 2D Barcode Reader market is served by a variety of market players.

• Cognex Corporation
• Datalogic S.p. A
• Denso Wave Inc
• General Data Company Inc
• Handheld Group
• Honeywell International Inc
• Intermec Inc
• Keyence Corporation
• KOAMTAC Inc
• Motorola Solutions Inc
• NCR Corporation
• Newland Auto-ID Tech Co. Ltd
• Opticon Sensors Europe B.V
• Panasonic Corporation
• Riotec Co. Ltd
• SATO Holdings Corporation
• Scandit AG
• Shenzhen Unique Electronic International Limited
• Sick AG
• Toshiba Tec Corporation
• Wasp Barcode Technologies
• Zebra Technologies Corporation
• ZIH Corp
• Bluebird Inc
• Code Corporation.

Global 2D Barcode Reader Market Segmentation:-

By Type:

• Handheld 2d Barcode Readers
• Fixed 2d Barcode Readers

By Connectivity:

• Wired
• Wireless

By Component:

• Hardware
  • Barcode Scanner
  • Mobile Computers
  • Barcode Printers
  • Others
• Software
  • Barcode Scanning Software
  • Inventory Software
  • Asset Tracking Software
  • Others

By Service:

• Professional Services
• Managed Services

By End Users:

• Retail
• Healthcare
• Logistics And Transportation
• Manufacturing
• Hospitality
• Others

By Regional & Country Level:

• North America
  • US.
  • Canada
• Europe
  • UK.
  • France
  • Germany
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • GCC
  • Africa
  • Rest of Middle East and Africa

Revenue Generation model:

2D barcode readers are used in various industries, including healthcare, retail, logistics, and transportation. Some of the key applications of 2D barcode readers include inventory management, product tracking, asset management, shipping and receiving, and mobile payments.

Supply Chain Model:

The supply chain for 2D barcode readers includes manufacturers of the devices and components, distributors, and resellers. The manufacturers may also provide software solutions and technical support to end users.

Value Chain Model:

The value chain for 2D barcode readers includes the development and manufacturing of the devices, software solutions, technical support, and distribution to end-users. The value chain also includes the integration of 2D barcode readers into larger systems, such as inventory management and point-of-sale systems.

Market Drivers:

Growing adoption of automation: Automation refers to the use of technology to automate tasks or processes that were previously performed by humans. In recent years, there has been a growing trend toward automation in industries such as manufacturing, logistics, and healthcare. The adoption of automation is driven by several factors, including the need to increase efficiency, reduce costs, and improve accuracy.

For instance; an assessment by the World Economic Forum (WEF) on North American and European industrial employment revealed that around 48% of hours were spent on manual labor. And it is anticipated that by 2030, just 35% of that time would be spent on such routine work. It is also anticipated that 10-15% of jobs, primarily in manufacturing, transportation and storage, and wholesale and retail commerce, will be highly automated.

In addition, the employment of industrial robots in businesses throughout the world is rapidly increasing. According to the 2021 World Robot Report, the global average robot density in the industrial industries was 126 robots per 10,000 people, which is roughly double the figure from five years ago.

2D barcode readers enable quick and accurate data capture, which is essential for automating processes such as inventory management, product tracking, and quality control. As businesses seek to increase efficiency and reduce costs through automation, the requirement grows for reliable and accurate data capture devices to support these efforts.

Increasing need for inventory management: The need for effective inventory management is expected to drive the demand for 2D barcode readers. As businesses seek to reduce costs and improve customer satisfaction through better inventory management, they will need reliable and accurate data capture devices to support these efforts. 2D barcode readers are well-suited for this task, as they provide a cost-effective and efficient way to manage inventory.

Effective inventory management is critical for businesses to remain competitive. Poor inventory management can result in stockouts, excess inventory, and reduced customer satisfaction. To address these issues, businesses are increasingly turning to technology solutions such as 2D barcode readers to manage their inventory more effectively.

2D barcode readers enable businesses to track inventory in real time, which can help them make more informed decisions about when to order new products, how much to order, and when to restock shelves. This can help businesses reduce inventory holding costs and improve order fulfillment times.

In addition, 2D barcode readers can be used to track the movement of inventory within a warehouse or distribution center. This can help businesses optimize their warehouse layout, reduce the time it takes to pick up and pack orders and improve overall warehouse efficiency.

Market Restraints:

High cost: The cost of 2D barcode readers can be a significant barrier to adoption, particularly for small businesses. The cost of purchasing and installing 2D barcode readers can be significant, especially for small and medium-sized enterprises. While the cost of these devices has decreased over time, it can still be prohibitive for some businesses. Generally, 2D barcode scanners for industrial or commercial use can range between $500 to over $2,000.

Additionally, the cost of training employees to use the technology can add to the overall cost. As a result, some businesses may be hesitant to invest in 2D barcode readers, particularly if they have other pressing expenses.

Security concerns: The use of 2D barcodes can create security concerns, particularly when used for mobile payments or other sensitive applications. Also, as 2D barcode technology becomes more prevalent in various industries, it is also becoming a target for cybercriminals who seek to exploit vulnerabilities in the system. Barcode readers can be hacked, leading to potential data breaches, and unauthorized access to sensitive information.

This has resulted in concerns among businesses about the security of their data, which can limit their willingness to adopt 2D barcode readers. As a result, businesses and consumers may be hesitant to adopt 2D barcode readers for these types of applications.

Market Opportunities:

Popularity of e-commerce and omnichannel retailing: As more and more consumers shop online and through mobile devices, there is a growing need for technologies that can provide accurate and timely information about inventory levels, pricing, and promotions. 2D barcode readers can help retailers improve the accuracy and speed of their order processing, reduce errors and delays, and enhance the overall customer experience.

Growing demand for advanced features: As the technology behind 2D barcode readers continues to evolve, there is a growing demand for devices that can provide advanced features such as image capture and decoding, voice recognition, and augmented reality capabilities. These features can help businesses improve the accuracy and speed of their data capture and processing, while also enhancing the overall functionality and versatility of their barcode scanning devices.

Market Trends:

Product and Technology Trends:

Growing use of augmented reality: some 2d barcode readers are now incorporating augmented reality capabilities, allowing users to overlay digital information and graphics onto real-world objects. This technology has potential applications in areas such as retail, where it can be used to provide customers with more detailed product information and enhance the overall shopping experience.

Increasing use of cloud-based technology: Many 2D barcode readers are now being developed with cloud-based capabilities, allowing users to access and analyze data from their devices in real-time. This technology is particularly useful in applications such as logistics and supply chain management, where real-time data is critical for effective decision-making.

Customer Trends:

Emphasis on User-friendly design and functionality: With the increasing complexity of barcode scanning technologies, customers are looking for devices that are easy to use and provide intuitive functionality. This trend is particularly important in industries such as retail and hospitality, where employees may have limited training and experience with barcode scanning devices.

Increasing focus on data security: With the growing importance of data security and privacy, customers are looking for 2D barcode readers that offer advanced security features such as encryption and authentication. This is particularly important in industries such as healthcare and finance, where sensitive information is often stored and transmitted using barcode scanning technologies.

Market Competition Nature:

The competition in the 2D barcode readers market is intense, with key players such as Honeywell International Inc., Zebra Technologies Corporation, and Cognex Corporation dominating the market. To stay competitive, these companies are investing in product and technology development, as well as in strategic partnerships and acquisitions.

For example; Honeywell has recently launched a new line of industrial mobile computers with integrated 2D barcode scanners, while Zebra has introduced a new 2D barcode scanner that can read codes from a distance.

Looking to the future, key market players are likely to focus on developing more advanced and sophisticated 2D barcode readers that can provide greater accuracy and efficiency, as well as on expanding their product portfolios to cater to a wider range of industries and applications.

Additionally, strategic partnerships and collaborations are likely to play a key role in driving growth in the market, as companies seek to leverage each other's strengths and capabilities to deliver more value to customers.

Geography Analysis:

North America:

The 2D barcode reader market in North America is driven by the increasing demand for inventory management, and the need for better supply chain management. The 2D barcode reader market in North America is one of the largest and most mature markets globally. The non-profit group GS1 U.S., which develops and maintains global supply chain standards, has also declared a target of moving the industry from 1D to 2D barcodes by 2027.

2D barcode scanners are mainly used in the logistics sector to trace items as they move through the supply chain, from the manufacturer to the end user. Businesses employ this to increase supply chain visibility, save inventory holding costs, and shorten order fulfillment times.

The retail sector is one of the largest end-users of 2D barcode readers in North America, followed closely by the healthcare and manufacturing industries. 2D Barcode Readers have gained significant importance in the healthcare sector for tracking patient information and medication administration. Hospitals and healthcare facilities can use barcodes to track patient information, including medical history, allergies, and other vital information. This helps to ensure that healthcare professionals have access to accurate and up-to-date information when treating patients.

An example of 2D barcode reader usage in healthcare is the U.S. Department of Veterans Affairs' (VA) barcode medication administration (BCMA) system. This system uses barcodes to verify medications and ensure that they are administered to the correct patient. The BCMA system has been shown to reduce medication errors and improve patient safety.

Europe:

The increasing need for automation across various industries is driving the demand for 2D barcode readers in Europe. The need for automation in industries is increasing rapidly in Europe, and 2D barcode readers play a vital role in enabling automation. According to a report by the World Economic Forum (WEF), Europe had the highest density of industrial robots per 10,000 employees in 2020, with 114 robots.

With the growth of industries such as automotive, electronics, and pharmaceuticals, the market for 2D barcode readers is expected to grow significantly in the region. For example; 2D barcode readers are used to track parts and components throughout the manufacturing process, ensuring quality control and efficiency.

In the electronics industry, 2D barcode readers are used for inventory management, tracking components, and ensuring that the right parts are used in the manufacturing process.  Additionally, the trend towards Industry 4.0 and the Internet of Things (IoT) is also driving the adoption of 2D barcode readers in Europe, as they enable connectivity and real-time data exchange between machines and systems.

Key Benefits of Global 2D Barcode Reader Market Report–

• Global 2D Barcode Reader Market report covers in-depth historical and forecast analysis.
• Global 2D Barcode Reader Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global 2D Barcode Reader Market report helps to identify opportunities in the marketplace.
• Global 2D Barcode Reader Market report covers extensive analysis of emerging trends and competitive landscape.