Enjoy complimentary customisation on priority with our Enterprise License!
The industrial barcode scanner market is estimated to grow by USD 2,076.98 million at a CAGR of 9.47% between 2022 and 2027. The growth of the market depends on several factors, including the evolution of Industry 4.0, the rise in the adoption of wearables in the manufacturing industry, and the increased deployment of the mobile workforce.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The evolution of Industry 4.0 in the manufacturing industry is notably driving the market growth, although factors such as the high cost of these may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The evolution of Industry 4.0 is one of the factors driving the market growth. They are primarily used to improve the productivity and efficiency of workers within the ecosystem. Industry 4.0 is the fourth industrial revolution in the manufacturing industry. The connected ecosystem using the IoT will be instrumental in helping manufacturers and consumers provide improved communication and monitoring systems and increased automation, along with self-diagnosis and new levels of analysis, for a productive future.
Furthermore, Industry 4.0 is the current transformation of industries characterized by data exchange, automation, cloud, cyber-physical systems, robots, big data, artificial intelligence (AI), and (semi-)autonomous technologies. Therefore, the market is expected to see accelerating demand due to the emergence of Industry 4.0 during the forecast period.
The use of wearables with the same functionalities as traditional barcode scanners is one of the key market trends fueling the market growth. Manufacturers are increasingly deploying advanced devices to reduce human error and increase efficiency. For example, data glasses have additional features such as the barcode and QR code scanning functionality. The Vuzix M100 smart glasses can scan QR codes and barcodes. However, the distance between the camera and the barcode poses a challenge.
Hence, with camera-based scanning devices, such as smart glasses, it becomes a challenge to ensure that the barcodes are in the line of sight of the device so that they can be decoded by the onboard computer vision algorithm. With improvements in barcode formats such as linear and laser, smart glasses could replace traditional wearable scanners in the next few years. Such factors will increase the market growth during the forecast period.
The high cost of industrial barcode scanners is one of the factors hampering the market growth. The market is in a growth stage, characterized by increasing sales and decreasing the cost per customer. However, due to the high cost of barcode scanners, they are not widely adopted in all industries. It will be some time before these devices reach consumer-friendly prices and become widely used across the industry. General-purpose barcode scanners usually cost less than these. For instance, Honeywell Voyager XP 1470g offered by Honeywell costs approximately USD 200 compared with these that cost over USD600.
Moreover, the high cost hinders their adoption among industries. In addition, with the adoption of wearables, end-users will be faced with the challenge of quantifying the return on investment (ROI). The increased cost of implementation and procurement and the high ROI associated with smart, innovative products are expected to hinder the growth of wearable scanners during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Advantech Co. Ltd.: The company offers a general duty bar code scanner which is designed to read high-density 1D barcodes and thus used for applications related to retail, pharmaceutical, and post office.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the manufacturing segment will be significant during the forecast period. They are used to track quality control information. By scanning the barcodes of defective products, manufacturers can identify problems early and take corrective action. Barcode scanning is therefore an important tool for improving operations in any manufacturing industry.
Get a glance at the market contribution of various segments View the PDF Sample
The manufacturing segment was valued at USD 866.18 million in 2017 and continued to grow by 2021. In the manufacturing sector, they play an important role in the production process. By scanning barcodes on raw materials and finished goods, manufacturers can track inventory levels, component locations, and production progress. They also help ensure that the correct components are used at every stage of the manufacturing process. This increases efficiency and reduces waste. Such factors will increase segment growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 27% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America has several manufacturing companies such as General Motors and Ford Motor Company. The region is expected to see increased adoption of these in operational activities. Significant investment in the automation of operational processes through digitized process integration will have a positive impact on the demand in the region. Moreover, the introduction of these in the warehousing, hospitality, and entertainment industries is contributing to the growth of the market in North America.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market is driven by the increasing demand for efficient data capture procedures in industrial settings worldwide. These scanners play a crucial role in the identification, tracking, and administration of parts, assets, and supply chain processes. With a focus on robust design and high-performance capabilities, these scanners are adaptable to demanding locations like production floors, warehouses, and logistics hubs. Integrating state-of-the-art technologies such as image and RFID systems, they offer real-time insight into business processes, enhancing inventory management and supply chain optimization. The rise of automation and Machine Learning (ML) has further improved scanning accuracy and efficiency, especially with 2D imaging technology.
The shift towards wireless and mobile barcode scanning solutions has led to the development of smart barcode scanners, particularly beneficial in healthcare settings where data collection accuracy and real-time data processing are critical. These hybrid scanners enable efficient asset tracking and inventory management, supporting past, present, and future analysis. Research methodologies include primary and secondary research, subject-related expert advice, and analysis of economic, social, and political factors, regulations, and government spending. Understanding these factors is crucial for companies like Toshiba TEC, Wasp Barcode, Scandit, and Juniper Systems, as they strive to maintain their position in the market through product innovation, geographical penetration, and strategic approaches. Competitive analysis involves evaluating threats from competitors, with a focus on key developments, new product launches, and company profiles, including financial statements and regional footprints.
Industrial Barcode Scanner Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.47% |
Market growth 2023-2027 |
USD 2,076.98 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.87 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 27% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advantech Co. Ltd., Bluebird Inc., CipherLab Co. Ltd., Cognex Corp., Datalogic Spa, DENSO Corp., EUROTECH Spa, Generalscan, Honeywell International Inc., Mexxen Technology Inc., Newland Digital Technology Co. Ltd., OMRON Corp., Opticon Sensors Europe BV, Portable Technology Solutions LLC, RIOTEC Co. Ltd., SATO Holdings Corp., Unipro Tech Solutions Pvt. Ltd., Unitech Computer Co. Ltd., ZEBEX INDUSTRIES INC., and Zebra Technologies Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.