Industrial Barcode Scanner Market size to record USD 2.07 billion growth from 2023-2027, Use of wearables with the same functionalities as traditional barcode scanners is one of the key market trends, Technavio

NEW YORK, May 6, 2024 /PRNewswire/ -- The global industrial barcode scanner market size is estimated to grow by USD 2.07 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 9.47% during the forecast period.

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Key Trends Fueling Growth

• Use of wearables with the same functionalities as traditional barcode scanners:
• A notable trend anticipated in the upcoming period is the rising acceptance of wearable devices serving the functions of conventional barcode scanners. Manufacturers are increasingly rolling out sophisticated devices to minimize human errors and bolster efficiency.
• Notably, smart glasses are finding utility in industrial settings. Enterprises like DHL have embraced smart glasses, setting a new logistics standard. Smart glasses now boast additional features like barcode and QR code scanning. Vuzix M100 and M300 smart glasses can perform such scanning tasks, though camera-to-barcode distance presents a hurdle.
• Despite this challenge, advancements in barcode formats like linear and laser are likely to see smart glasses supplant traditional wearable scanners in the foreseeable future. These developments are set to fuel growth in the global industrial barcode scanner market.

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Major Challenges:

• High purchasing cost of industrial barcode scanners
  • The industrial barcode scanner market is growing steadily, driven by rising sales and decreasing costs per customer. However, the high price of barcode scanners poses a challenge to widespread adoption across industries. It will take time for these devices to become more affordable and gain traction across various sectors.
  • General-purpose barcode scanners, like the Honeywell Voyager XP 1470g, are notably cheaper, priced around $200, compared to industrial barcode scanners, which can cost over $600. This price disparity limits the adoption of industrial scanners among businesses.
  • Furthermore, the emergence of industrial wearables presents another hurdle as end-users grapple with calculating the return on investment (ROI). The increased expenses associated with implementing and acquiring these technologies, coupled with the potentially high ROI of innovative products, are expected to slow the growth of wearable scanners in the industrial sector.
  • Therefore, despite the promising market outlook, barriers such as cost and ROI assessment need to be addressed for widespread adoption of barcode scanners and wearable technologies in industries.

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Segmentation Overview

1. Application 
• 1.1 Manufacturing
• 1.2 Transportation and logistics
• 1.3 Retail
• 1.4 Food and beverages
• 1.5 Others
2. Product 
• 2.1 Mobile computers
• 2.2 Handheld scanners
• 2.3 Ring scanners
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Manufacturing- The manufacturing segment is expected to experience significant market share growth in the coming years. Barcode scanning plays a crucial role in this growth, aiding in quality control by identifying defects early on. With the ability to scan barcodes of faulty products, manufacturers can swiftly address issues, enhancing operational efficiency. Valued at USD 866.18 million in 2017 and continuing to grow through 2021, barcodes are integral in the manufacturing process.

• They facilitate tracking of raw materials and finished goods, enabling efficient inventory management and production monitoring. By ensuring the right components are utilized at each stage, barcode scanning optimizes efficiency and minimizes waste. These factors contribute to the segment's upward trajectory, positioning it for further expansion in the forecast period.

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Analyst Review

The Industrial Barcode Scanner Market is experiencing significant growth in the Retail outlets and Warehousing sector due to the digitization and e-commerce trend. Barcode scanning equipment, utilizing barcode technology, plays a crucial role in identification, tracking, and data capture procedures in industrial settings. Industrial cameras and robust designs ensure efficient scanning in various conditions.

Courier services and e-retailers heavily rely on barcode readers for tracking and supply chain management, leading to technological advantages and increased merchants' growth potential. The benefits of barcode scanning extend to the printing of barcodes on goods, parts, and assets, streamlining the entire process. In industrial usage, barcode scanning enhances productivity, accuracy, and efficiency, making it an indispensable tool in the modern business landscape.

Market Overview

The Industrial Barcode Scanner Market is experiencing significant growth due to the increasing demand for automation and digitization in various industries. Outlets for these scanners include manufacturing, logistics, healthcare, and retail sectors. The market consists of various types of barcode scanners such as laser scanners, 2D barcode scanners, and mobile barcode scanners. These scanners enable faster and more accurate data processing, reducing human error and increasing productivity.

The market is driven by factors such as the need for real-time inventory management, increasing adoption of IoT technology, and the growing trend towards contactless transactions. The market is expected to continue growing in the coming years, driven by technological advancements and the increasing need for efficient data management solutions.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Application 
• Manufacturing
• Transportation And Logistics
• Retail
• Food And Beverages
• Others
• Product 
• Mobile Computers
• Handheld Scanners
• Ring Scanners
• Geography 
• North America
• APAC
• Europe
• South America
• Middle East And Africa

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.

Contacts

Technavio Research
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Website: www.technavio.com/

SOURCE Technavio