Industrial Barcode Scanner Market size to grow at a CAGR of 9.47% from 2022 to 2027, Advantech Co. Ltd. and Bluebird Inc. emerge as key contributors to growth

NEW YORK, April 20, 2023 /PRNewswire/ -- The industrial barcode scanner market size is set to grow by USD 2,076.98 million from 2023 to 2027, and register a CAGR of 9.47%, according to Technavio's latest market research report. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. Get a comprehensive report summary describing the market size and forecast along with research methodology. Read our Sample Report

The report also covers the following areas:

Industrial Barcode Scanner Market size

Industrial Barcode Scanner Market trends

Industrial Barcode Scanner Market industry analysis

Factors such as evolution of Industry 4.0, rise in adoption of wearable barcode scanners in the manufacturing industry, and increased deployment of mobile workforce will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The industrial barcode scanner market is fragmented, and the degree of fragmentation will accelerate during the forecast period.

Industrial Barcode Scanner Market 2023-2027: Segmentation

The industrial barcode scanner market is segmented by:

Application

Product

Geography

The market share growth by the manufacturing segment will be significant for the market growth during the forecast period. Barcode scanners are used to track quality control information and by scanning the barcodes of defective products, manufacturers can identify problems early and take corrective action. Barcode scanners play an important role in the production process in the manufacturing sector. By scanning barcodes on raw materials and finished goods, manufacturers can track inventory levels, component locations, and production progress, it helps ensure that the correct components are used at every stage of the manufacturing process. This technology is known to increase efficiency and reduces waste. Such factors will increase segment growth during the forecast period.

Industrial Barcode Scanner Market 2023-2027: Vendor Analysis and Scope

Some of the major vendors of the industrial barcode scanner market include 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. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market.Vendor Offerings

Advantech Co. Ltd. - The company offers 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.

Bluebird Inc. - The company offers BI500 rugged mobile bar code scanner that can be seamlessly paired with any Android, apple iOS and Windows smartphone, thus designed to scan 1D and 2D objects.

Cognex Corp. - The company offers data man 8700 series bar code readers which is designed to accommodate 1D and 2D label-based barcodes as well as direct part marked codes for the widest variety of surfaces and marking methods.

Market trends such as use of wearables with the same functionalities as traditional barcode scanners is likely to emerge as one of the primary drivers of the market. However, factors such as high purchasing cost of industrial barcode scanners may threaten the growth of the market.

Industrial Barcode Scanner Market 2023-2027: Market Dynamics

Key Drivers

A major driver for the industrial barcode scanner market is the evolution of industry 4.0. Industry 4.0 is the fourth industrial revolution in the manufacturing industry, where 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. Moreover, Industry 4.0 is the current transformation of industries characterized by features such as data exchange, automation, cloud, cyber-physical systems, robots, big data, artificial intelligence (AI), and (semi-)autonomous technologies. Hence, the barcode scanner market is expected to see accelerating demand due to the emergence of Industry 4.0 during the forecast period.

Major Trends

An emerging trend in the industrial barcode scanner market is the use of wearables with the same functionalities as traditional barcode scanners. Manufacturers increasingly deploy advanced devices to reduce human error and increase efficiency. For instance, 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. But, the distance between the camera and the barcode poses a challenge. Thus, through 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. Hence, such factors will increase the market growth during the forecast period.

Key Challenges

A major challenge hindering the industrial barcode scanner market is the high cost of industrial barcode scanners. The market for industrial barcode scanners is in a growth stage. The stage is characterized by increasing sales and decreasing the cost per customer. But due to the high cost of barcode scanners, they are not widely adopted in all industries. It will be a while before these devices reach consumer-friendly prices and become widely used across the industry. General-purpose barcode scanners usually cost less than industrial barcode scanners: for instance, Honeywell Voyager XP 1470g offered by Honeywell costs approximately USD 200 compared with an industrial barcode scanner that costs over USD 600. Hence, such high costs impede the market growth during the forecast period.

Drivers, upcoming trends, and various challenges have an impact on market dynamics, that can further impact businesses. Find more insights in the sample report!

Industrial Barcode Scanner Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027

Detailed information on factors that will assist industrial barcode scanner market growth during the next five years

Estimation of the industrial barcode scanner market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behavior

The growth of the industrial barcode scanner market

Analysis of the market's competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of industrial barcode scanner market vendors

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Industrial Barcode Scanner Market Scope

Report Coverage

Details

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 Vendors, Market Positioning of Vendors, 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 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

Customization purview

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Table Of Contents :

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global industrial barcode scanner market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Manufacturing - Market size and forecast 2022-2027

6.4 Transportation and logistics - Market size and forecast 2022-2027

6.5 Retail - Market size and forecast 2022-2027

6.6 Food and beverages - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Application

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Mobile computers - Market size and forecast 2022-2027

7.4 Handheld scanners - Market size and forecast 2022-2027

7.5 Ring scanners - Market size and forecast 2022-2027

7.6 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 APAC - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 Canada - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Advantech Co. Ltd.

12.4 Bluebird Inc.

12.5 CipherLab Co. Ltd.

12.6 Cognex Corp.

12.7 Datalogic Spa

12.8 DENSO Corp.

12.9 EUROTECH Spa

12.10 Generalscan

12.11 Honeywell International Inc.

12.12 OMRON Corp.

12.13 Opticon Sensors Europe BV

12.14 SATO Holdings Corp.

12.15 Unipro Tech Solutions Pvt. Ltd.

12.16 Unitech Computer Co. Ltd.

12.17 Zebra Technologies Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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