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:

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:

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.

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

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

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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

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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Table Of Contents :

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 Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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