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The industrial barcode scanner market size is projected to increase by USD 2.61 billion at a CAGR of 10.68% between 2023 and 2028. The industrial barcode scanner market is experiencing significant growth, driven by the advancement of Industry 4.0, the proliferation of wearables in manufacturing, and the expanding mobile workforce. However, this market encounters challenges such as the high purchasing costs of industrial barcode scanners, the increasing threat from industrial RFID scanners, and the capital-intensive nature of manufacturing 2D barcode scanners. The integration of Industry 4.0 technologies, like IoT and AI, enhances the functionality and efficiency of barcode scanners. Wearable barcode scanners offer mobility and hands-free operation, improving productivity in manufacturing processes. Despite these advantages, the high upfront costs and the emergence of RFID technology as a potential alternative pose significant hurdles to market expansion.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 10 market companies, including 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.
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The market is experiencing significant growth in various sectors, particularly in retail outlets and warehousing. The digitization of industries and the shift towards e-commerce have increased the demand for barcode scanning equipment in industrial settings. Barcode technology facilitates identification, tracking, and data capture procedures for goods, parts, and assets in industrial settings. Industrial cameras are often integrated with barcode scanning equipment to enhance the technological advantages of the system. E-retailers and merchants benefit from barcode scanning as it streamlines tracking and supply processes, ensuring efficient and accurate order fulfillment. The printing of barcodes on merchandise and assets enables quick and easy identification and data capture. The benefits of barcode scanning extend to the courier industry, where it is used to efficiently manage and track packages. Overall, the industrial barcode scanner market holds immense growth potential due to its ability to improve operational efficiency and productivity in industrial settings. Our researchers analyzed the market trends and analysis, market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges 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 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.
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The manufacturing segment was valued at USD 935.30 million in 2018. 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.
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APAC is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio's analysts have provided an extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout 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 forecasting report includes the adoption lifecycle of the market research and growth, 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 market growth and trends 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.
Market analysis and report of 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 research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.68% |
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Market growth 2024-2028 |
USD 2.61 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.38 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 28% |
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Key countries |
US, China, Germany, Canada, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, 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 forecast period |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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