Market Trends

Surge in Industrial Barcode Scanner Market Predicted: Detailed Insights Revealed

NEW YORK, May 6, 2024 /PRNewswire/ -- A significant expansion is on the horizon for the global industrial barcode scanner market, which is projected to increase by USD 2.07 billion from 2023 to 2027. Industry experts at Technavio forecast this growth with an expected Compound Annual Growth Rate (CAGR) of 9.47% throughout the forecast period. This uptrend mirrors the surging adoption of technology in various sectors aimed at streamlining operations and enhancing accuracy and productivity.

For a deeper understanding of the market dynamics, Technavio provides a comprehensive analysis with a FREE Sample Report available for download.

Report Attributes Reflect Strong Market Fundamentals

| Report Attribute | Details | | ----------------- | ------------------------------------------------| | Base Year | 2022 | | Forecast period | 2023-2027 | | Historic Data for | 2017 - 2021 | | Segments Covered | Applications and Products, including mobile computers, handheld scanners, and ring scanners. | | Key Companies | Including Advantech Co. Ltd., Zebra Technologies Corp., and others. | | Regions Covered | North America, APAC, Europe, South America, and Middle East and Africa |

Emerging Trends Catalyzing Market Expansion

Manufacturing, transportation, logistics, retail, and food and beverages are among the sectors witnessing the transformative effects of barcoding technology. These trends encompass wearable devices like smart glasses, which are poised to revolutionize the logistics industry. Companies like DHL have pioneered the use of smart glasses, marking a shift towards innovative logistics.

These wearable devices, although offering comparable functionalities to traditional barcode scanners, face challenges like limited camera-to-barcode distance. Yet, continual advancements in barcode technology promise to enable smart glasses and other wearables to potentially overtake the established scanning devices, giving a considerable boost to the market growth.

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Navigating Challenges: The Price Factor

High costs associated with industrial barcode scanners may represent a significant barrier to adoption across various industries. General-purpose barcode scanners are accessible at lower prices, encouraging more widespread use. However, industrial scanners, with price tags well over $600, remain prohibitive for many businesses.

Faced with costly innovations like industrial wearables, companies are being forced to meticulously weigh the return on investment (ROI). The introduction of advanced technologies requires a careful calculation of potential benefits against the costs, a factor that could temper the pace of the market's growth.

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Market Segmentation Insight

The market is categorized by applications and products, both of which embrace various segments that cater to a diverse range of industrial needs.

1. Application Segments:

   • Manufacturing
   • Transportation and logistics
   • Retail
   • Food and beverages
   • Other sectors

2. Product Segments:

   • Mobile computers
   • Handheld scanners
   • Ring scanners

3. Geographical Outreach:

   • North America
   • APAC (Asia-Pacific)
   • Europe
   • South America
   • Middle East and Africa

Sector Spotlight: Manufacturing's Prominent Role

In the realm of applications, manufacturing takes the lead, facilitating quality control measures and process optimization through the use of barcodes. Scanning for defects early in the production line allows for timely intervention, thereby enhancing efficiency.

From 2017's valuation of USD 866.18 million, this segment’s reliance on barcode technology for tracing material and product flows bolsters its dominant position in the market. By guaranteeing the proper allocation of resources throughout the manufacturing cycle, barcode scanners underpin the effectiveness of inventory management and seek to minimize waste, setting the stage for notable growth.

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Rising Retail and E-commerce Trends Bolstering Market Growth

Retailers and warehouse operators are heavily investing in barcode technology to manage their intricate inventories and supply chains efficiently. Barcode readers have become essential tools for e-retailers, who rely on them to keep track of the vast array of goods in their care.

Technological advancements have not only made these tools more efficient but have also rendered barcode-printed goods more easily traceable, streamlining operations in storage facilities and distribution centers. E-commerce, in particular, has seen a significant benefit from this technology, which has expedited processing times and decreased error margins.

Market Dynamics: Automation and Digitization as Driving Forces

The relentless push toward automation and digital workflows across various sectors is the underlying momentum propelling the market forward. The demand for robust data management solutions paired with the rise of IoT has catalyzed the proliferation of barcode scanners.

Key to the positive market outlook is the plethora of types available, from laser to mobile scanners, each offering unique benefits to fit different industry requirements. As the need for real-time inventory management escalates and contactless transactions become the norm, the industrial barcode scanner market stands to benefit significantly.

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Comprehensive Coverage by Technavio

Technavio, a globally recognized technology research and advisory company, provides extensive analysis covering emerging market trends. Their research offers vital insights to support businesses in identifying market opportunities and crafting competitive strategies for optimal positioning. With over 17,000 reports spanning 800 technologies across 50 countries, Technavio aids companies of all sizes, serving a client roster that boasts more than 100 Fortune 500 corporations. By leveraging Technavio's comprehensive resources, businesses acquire the tools necessary to navigate market changes and capitalize on new prospects.

For Further Information:

For more information about Technavio and their offerings, media and marketing inquiries can be directed to Jesse Maida by phone at US: +1 844 364 1100, UK: +44 203 893 3200, or via email at [email protected] Visit their website for a full spectrum of insights and reports at www.technavio.com.

SOURCE: Technavio

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