The global 2D barcode readers Market was valued at 4.5 billion dollars in 2022 and is anticipated to grow at a revenue CAGR of 7.5% over the next five years. One of the key drivers boosting market revenue development is the expanding usage of 2D barcode readers across a range of industries, including healthcare, retail, and logistics, to improve operational efficiency and accuracy. The demand for contactless payment and identification systems brought on by the COVID-19 epidemic is also propelling market revenue growth. There is a growing need for 2D barcode readers since 2D barcodes can store more data than traditional 1D barcodes.
They are therefore perfect for processing complicated data in supply chain management, inventory tracking, and asset management, among other applications. Demand for 2D barcode readers has increased as a result of use of 2D barcodes in e-commerce and mobile payments. A large end-user of 2D barcode readers is the healthcare sector. Introduction of 2D barcode readers in hospitals and healthcare facilities is a direct result of the requirement for precise patient identification, prescription tracking, and medical supply management. Need for 2D barcode readers in the healthcare industry is also being driven by rising requirement for data accuracy and patient safety.
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In the retail industry, 2D barcode scanners are essential for monitoring products, tracking prices, and controlling inventory. The rise of omnichannel commerce has led to increased demand for efficient inventory management and tracking across various channels, including online and physical locations, resulting in an increased demand for 2D barcode readers. The logistics industry is another significant user of 2D barcode scanners. These readers are especially useful for real-time shipping and inventory tracking and management. Furthermore, 2D barcodes can store critical product data such as product codes, serial numbers, and expiration dates, which is crucial in the logistics industry.
The revenue growth in the market is attributed to advancements in technology and the increasing demand for smart devices. Manufacturers are striving to create high-performing and affordable 2D barcode readers to meet the increasing demand from various sectors. Moreover, the integration of these readers with smartphones and other smart devices has led to their increased usage in a range of applications, including mobile payments, mobile marketing, and access control systems.
Driving factors of 2D Barcode Reader Market
- Increasing adoption of 2D barcodes in e-commerce and mobile payments
- Growing demand for data accuracy and patient safety in the healthcare industry
- Need for efficient inventory management and tracking in the retail industry due to the rise of omnichannel commerce
- Real-time shipping and inventory tracking and management in the logistics industry
- Advancements in technology and growing demand for smart devices
- Integration of 2D barcode readers with smartphones and other smart devices for various applications, including mobile payments, mobile marketing, and access control systems.
Some of the notable innovations in the 2D Barcode Reader Market
- Integration with smartphones and other smart devices: 2D barcode readers can now be integrated with smartphones and other smart devices, allowing for increased usage in a range of applications, including mobile payments, mobile marketing, and access control systems.
- High-performance and affordable readers: Manufacturers are putting a lot of effort into creating 2D barcode readers that are both high-performing and affordable to meet the increasing demand from various sectors.
- Real-time tracking and management: 2D barcode readers are particularly useful for real-time shipping and inventory tracking and management in the logistics industry.
- Enhanced data accuracy and patient safety: In the healthcare industry, 2D barcode readers are used for precise patient identification, tracking prescriptions, and managing medical supplies, improving data accuracy and patient safety.
- Efficient inventory management and tracking: In the retail industry, 2D barcode scanners play a crucial role in monitoring products, tracking prices, and controlling inventory, ensuring efficient inventory management and tracking across various channels, including online and physical locations.
Major players in the market include
- Zebra Technologies Corporation
- Honeywell International Inc.
- Datalogic S.p.A.
- Cognex Corporation
- SICK AG
- Bluebird Inc.
- Opticon Sensors Europe B.V.
- Tripod Data Systems Inc.
- NXP Semiconductors N.V.
- DENSO Corporation
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