2D Barcode Reader Global Market Report 2024

The 2d barcode reader market size has grown strongly in recent years. It will grow from $6.85 billion in 2023 to $7.33 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. Historical growth can be attributed to several factors, including robust economic expansion in emerging markets, the growth of the world population, and the increased adoption of barcode scanners within the healthcare sector.

The 2d barcode reader market size is expected to see strong growth in the next few years. It will grow to $9.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. Forecasted growth is due to global population rise, urbanization, booming e-commerce, increased leisure spending, higher retail penetration, expanded internet and smartphone use, and a preference for contactless delivery. Major trends include high-speed readers, next-gen barcode scanners, advanced reader systems leveraging AI, and web-integrated scanners.

The increase in demand in the e-commerce and logistics sectors is expected to propel the growth of the 2D barcode reader market over the coming years. The growing incidence of online shopping is considered one of the driving factors for the growth in the e-commerce and logistics sectors, leading to the deployment of more distribution centers and warehouses and driving the 2D barcode reader industry. The Indian market for e-commerce increased by 36% in 2020 and is expected to reach up to USD 111 billion by 2024, leading to the increasing growth rate of the 2D barcode reader market as well. Therefore, the growing e-commerce and logistics industries drive the 2D barcode reader market.

The 2D barcode reader market is poised for growth due to the increasing number of smartphone users and expanding internet penetration. The proliferation of smartphones, coupled with a rise in internet accessibility, facilitates broader usage of 2D barcodes such as QR codes. Smartphones serve as tools for scanning QR codes, linking the digital and physical realms. These QR codes are prevalent on various products and services, providing information on items such as cereal boxes, advertisements, posters, museum exhibits, beverage cups, and library books. For example, the projected number of smartphone users in India is expected to reach 1.1 billion by 2024. Consequently, the surge in smartphone users and enhanced internet accessibility is anticipated to empower more individuals to access information through 2D barcodes, driving market growth.

A notable trend in the 2D barcode reader market is the development of technologically advanced reader systems. The market witnesses the adoption of diverse advanced barcode readers, encompassing QR codes, Data Matrix, PDF417, Aztech 2D, machine vision, digital image scanning, RFID, and decoding technology. Companies in the 2D barcode reader sector are incorporating RFID technology into their systems. For instance, in December 2021, Denso Wave introduced an SP1 scanner with an autopilot function, representing an evolution in RFID scanning. This technology transforms smart devices into high-speed UHF RFID scanners, enhancing scanning speed and data management capabilities. As RFID tags and Near Field Communication (NFC) gain popularity, the demand for 2D barcode scanners is expected to grow.

The integration of Artificial Intelligence (AI) into reader systems is a prominent trend in the 2D barcode reader market. AI, a machine learning technology emulating human intelligence, is harnessed for capabilities such as reasoning and problem-solving. Market players are developing barcode scanning systems empowered by AI to read both 1D and 2D barcode data, catering to various applications such as bills, receipts, taxes, and compliance with the American Association of Motor Vehicle Administrators (AAMVA) standards. In November 2021, Smart Engines, a Russia-based developer, introduced the GreenOCR technology, an AI-driven solution for extracting barcode data on devices with limited processing power, including affordable smartphones, tablets, thin clients, and data collection terminals. The technology enables automatic, real-time barcode scanning directly on the device from video or a single photo without data transmission.

In June 2021, Brady Corporation, a US-based security software provider, acquired the Code Corporation, a prominent barcode scanner provider, for around $173 million. This acquisition allows Brady Corporation to expand its range of barcode reader devices and software, specifically tailored for industrial track-and-trace applications. Code Corporation, headquartered in the United States, specializes in manufacturing 2D barcode readers.

Major companies operating in the 2d barcode reader market report are Honeywell International, Inc., Omron Corporation, Keyence Corporation, Cognex Corporation, Datalogic S.p.A., Zebra Technologies Corp., Zebex Industries Inc., Sick AG, Denso Wave Incorporated, Opticon Inc., General Data Co, Unitech Electronics Co. Ltd., Wasp Barcode Technologies, Tencent, Alibaba, INSPIRY, SUNLUX IOT, MINDEO, Argox, CipherLab, Casio Computer Co. Ltd., Denso Corporation, JADAK - A Novanta Company, Juniper Systems Inc., Marson Technology Co. Ltd., Scandit, Sato Holdings Corporation, Jadak, Pooyeh International Networks, BlueStar.

Asia-Pacific was the largest region in the 2D Barcode Reader market in 2023. The regions covered in the 2d barcode reader market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the 2d barcode reader market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Types of 2D barcode readers include corded and cordless variants. Corded scanners maintain charge continuously by being connected to a system via a USB cord, while cordless scanners, using built-in Bluetooth, enable scanning within a specified range. Cordless scanners are adaptable for use with computers and smartphones. These readers are applied in warehousing, logistics, e-commerce, and factory automation, utilized across various sectors such as retail, hospitality, transportation and logistics, manufacturing, healthcare, and others.

The 2D barcode reader research report is one of a series of new reports that provides 2D barcode reader statistics, including 2D barcode reader industry global market size, regional shares, competitors with 2D barcode reader shares, detailed 2D barcode reader segments, market trends and opportunities, and any further data you may need to thrive in the 2D barcode reader industry. This 2D barcode reader research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The 2D barcode reader market consists of sales of illumination systems, sensors, and the decoder. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.