2D-Barcode Reader Global Market Opportunities And Strategies To 2031

The global 2D barcode reader market reached a value of nearly $6,092.6 million in 2021, having grown at a compound annual growth rate (CAGR) of 3.8% since 2016. The market is expected to grow from $6,092.6 million in 2021 to $8,034.4million in 2026 at a rate of 5.7%. The market is then expected to grow at a CAGR of 6.6% from 2026 and reach $11,061.2 million in 2031.

Growth in the historic period resulted from strong economic growth in emerging markets, growth in world population and increasing use of barcode scanners in healthcare.

Going forward, global population growth and urbanization, rapid growth in ecommerce, rising spend on leisure, increasing retail penetration, increasing internet penetration and smartphone usage and growing preference for contactless delivery solutions will drive the growth. Factors that could hinder the growth of the 2D barcode reader market in the future include increasing warehousing costs, and the Russian-Ukrainian war.

The 2D barcode reader market is segmented by type into fixed and portable. The portable market was the largest segment of the 2D barcode reader market segmented by type, accounting for 64.5% of the total in 2021. Going forward, the portable market is expected to be the fastest growing segment in the 2D barcode reader market segmented by type, at a CAGR of 5.9% during 2021-2026.

The 2D barcode reader market is segmented by reader type into cord and cordless. The cord market was the largest segment of the 2D barcode reader market segmented by reader type, accounting for 67.6% of the total in 2021. Going forward, the cordless market is expected to be the fastest growing segment in the 2D barcode reader market segmented by reader type, at a CAGR of 7.2% during 2021-2026.

The 2D barcode reader market is segmented by application into warehousing, logistics, e-commerce, brick and mortar and factory automation. The brick and mortar market was the largest segment of the 2D barcode reader market segmented by application, accounting for 30.5% of the total in 2021. Going forward, the e-commerce market is expected to be the fastest growing segment in the 2D barcode reader market segmented by application, at a CAGR of 5.9% during 2021-2026.

The 2D barcode reader market is segmented by end-user into retail, hospitality, transportation and logistics, manufacturing, healthcare and other end-users. The retail market was the largest segment of the 2D barcode reader market segmented by end-user, accounting for 39.0% of the total in 2021. Going forward, the other end-users market is expected to be the fastest growing segment in the 2D barcode reader market segmented by end-user, at a CAGR of 6.2% during 2021-2026.

North America was the largest region in the 2D barcode reader market, accounting for 28.4% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the 2D barcode reader market will be Asia Pacific, and, North America where growth will be at CAGRs of 6.5% and 5.8% respectively. These will be followed by Western Europe, and, South America where the markets are expected to grow at CAGRs of 5.5% and 4.8% respectively.

The 2D barcode reader market is fairly concentrated. The top ten competitors in the market made up to 28.34% of the total market in 2021. Honeywell International, Inc. was the largest competitor with 6.61% share of the market, followed by Omron Corporation with 6.11%, Keyence Corporation with 5.61%, Cognex Corporation with 3.65%, Datalogic S.p.A. with 2.82%, Zebra Technologies Corp. with 1.97%, Zebex Industries Inc. with 0.62%, Sick AG with 0.48%, Koninklijke Denso Wave Incorporated with 0.31%, and Opticon Inc with 0.16%.

The top opportunities in the 2D barcode reader market segmented by type will arise in the portable segment, which will gain $1,300.6 million of global annual sales by 2026. The top opportunities in segment by reader type will arise in the cord segment, which will gain $1,119.8 million of global annual sales by 2026. The top opportunities in segment by application will arise in the brick and mortar segment, which will gain $609.4 million of global annual sales by 2026. The top opportunities in segment by end-user will arise in the retail segment, which will gain $776.0 million of global annual sales by 2026. The 2D barcode reader market size will gain the most in the USA at $564.2 million.

Market-trend-based strategies for the 2D barcode reader market include adopting high-speed, omnidirectional readers, introducing next generation of barcode scanners, focus on technologically advanced reader systems, leverage AI-empowered reader systems and develop barcode scanners for web.

Player-adopted strategies in the 2D barcode reader market include providing versatile solutions, offering compact, powerful, and easy-to-use solutions, strengthening business operations through enhancing products portfolio and innovative products with scanning accuracy.

To take advantage of the opportunities, the publisher recommends the 2D barcode reader companies to focus on high-speed, omnidirectional reader for 2D barcode symbologies, introduce next generation of barcode scanners, focus on technological advancements, use artificial intelligence (AI), increase focus on barcode scanners for the web, expand in emerging markets, offer competitive pricing, continue to use B2B promotions, continue to participate in events and conferences, focus on fast-growing end-users and focus on fast-growing applications.

This report describes and explains the 2D barcode reader market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.