The barcode equipment market is projected to grow at a CAGR of 7.03% to reach US$11.732 billion by 2026, from US$7.291 billion in 2019.
Barcode is essentially a method used to portray data in a visual, machine-readable form. The data is represented by using widths and spacing of parallel lines. These barcodes are available in one-dimensional and two-dimensional forms. The two-dimensional barcodes can be read using a mobile phone with an inbuilt camera. These bars represent binary digits 0 and 1. Once scanned, the device stores or immediately processes the data. Barcode equipment is of various types, including, barcode scanners, barcode printers, and barcode verifiers.
A major reason for the growth of this market is the rise in the application of barcodes in different sectors.
The worldwide barcode scanner market has been completely transformed over a few decades. A number of sectors such as transportation, Healthcare, logistics, and retail are increasingly adopting the use of barcodes. In the retail sector, barcode helps in quickly identifying the products. In other words, these barcodes are extensively used in the retail sector as a part of the purchasing process. In the healthcare industry, barcodes are widely used to track patient medication and recognize them throughout their entire stay. In the transportation sector, the barcode helps customers to buy tickets in an efficient manner, thereby promoting the use of no paper tickets. In the logistics sector, barcodes are essentially used in the purchase and return process. With such wide acceptance, the global Barcode Equipment market is expected to witness growth.
The benefits associated with barcode scanners are expected to drive the demand for this market in the forecast period.
The benefit of barcodes to read by smartphones and tablets and to hold data both evenly and vertically is anticipated to fuel the demand for the barcode scanner. These barcode scanners can be easily used and implemented. Moreover, it helps in preventing human error and is very time effective.
The growth in the demand for barcode printers is anticipated to fuel the growth of this market.
Barcode printers are extensively used nowadays. The printers are very user-friendly and are deployed with advanced technologies. These printers are faster and more cost-efficient when compared with ordinary printers.
The rising digitalization and e-retailers are also projected to positively impact the sales of barcode equipment
The world is witnessing rapid digitalization. The number of e-retailers is increasing across the globe. The demand for barcode equipment is surging in the retail and warehousing industries. Moreover, the advanced features and cutting-edge technology offered by various companies are anticipated to propel the market demand for barcode equipment. In addition, the industries are constantly demanding remote solutions to achieve efficiency. The number of malls, supermarkets, and hypermarkets is increasing significantly across the globe. This would further augment the growth of the barcode equipment market.
The share of different regions in the global barcode equipment market.
The barcode equipment market by geography is segmented as, North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific region. The Asia Pacific region is anticipated to dominate the market and account for the largest share in the global market for barcode equipment. The growth is projected to attribute to the rising e-commerce industries in the region. The region is constantly undergoing digitalization and urbanization. These barcodes will be extensively used in the logistics and warehousing sectors.
The Middle East and Africa region is also projected to witness growth owing to the dynamic environment and changing consumer preferences. Consumers are demanding less time-consuming retail products. Also, the region is witnessing an emergence in startups. This would further augment the market growth.
By product, the barcode equipment market is segmented as, Barcode Scanner, Barcode Printer, Barcode Verifiers, and Others.
By Application, the Barcode equipment maid divided as, logistics and supply chain, Retailing, Inventory Management, and Others.
Key Restraints hindering the growth of the barcode equipment market.
Some of the key restraints that are anticipated to hinder the market growth for barcode equipment include the high cost of barcode equipment, the lack of awareness towards various barcode equipment in developing nations, and the inconvenience of shifting this equipment from one place to another. These factors are projected to pose severe challenges for the barcode equipment market.
The impact of the outbreak of COVID-19.
The outbreak of the COVID-19 pandemic has disrupted the global economy. It has severely impacted almost all industries across the world. Strict government norms have resulted in restrictions over movement. Hence, the demand for contactless payment and delivery is increasing rapidly.
The impact of coronavirus on the barcode equipment market is expected to be positive.
|Market size value in 2019||US$7.291 billion|
|Market size value in 2026||US$11.732 billion|
|Growth Rate||CAGR of 7.03% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Honeywell International, OCR Canada, General Data Company, Cognex Corporation, Printronix, SATO Holdings Corporation, Zebra Technologies, Toshiba, Avery Dennison, Juniper Systems Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global barcode equipment market?
A1. Barcode Equipment Market was valued at US$7.291 billion in the year 2019.
Q2. What will be the barcode equipment market size by 2026?
A2. The barcode equipment market is projected to reach a market size of US$11.732 billion by 2026.
Q3. What are the growth prospects for the barcode equipment market?
A3. The global barcode equipment market is projected to grow at a CAGR of 7.03% over the forecast period.
Q4. What factors are anticipated to drive the barcode equipment market growth?
A4. A major reason for the growth of the barcode equipment market is the rise in the application of barcodes in different sectors.
Q5. Which region holds the maximum market share of the barcode equipment market?
A5. The Asia Pacific region accounts for the largest share in the global barcode equipment market owing to the rising e-commerce industries in the region.
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