Press release
2D Barcode Reader Market is expected to reach US$ 12,708.70 million by 2028
2d Barcode Reader Market
With the rapid growth in several industries such as retail, e-commerce, and warehouse, the demand for 2D barcode readers is also increasing. A 2D barcode reader helps maintain product information and manage the inventory; hence, several industries are adopting these readers to boost the productivity and workflow of business operations. To cater to such demand, various 2D barcode reader market players are taking strategic initiatives such as mergers and acquisitions to leverage each other's technologies and explore each other's audience, leading to increased sales and brand value.
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According to our latest study on " 2D Barcode Reader Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type and Application," the market is expected to grow from US$ 8,373.12 million in 2023 to US$ 12,708.70 million by 2028; it is estimated to register a CAGR of 8.7% from 2023 to 2028.
A few strategic initiatives are mentioned below:
• In March 2022, Datalogic SpA-a 2D barcode reader provider-announced the acquisition of Pekat S.r.o., a provider of machine learning and deep learning solution provider. Through this acquisition, Datalogic SpA aims to enhance the features of its hardware products.
• In February 2023, US-based Azenta, Inc. acquired UK-based Ziath, Ltd. and its subsidiaries. Ziath, Ltd. provides 2D barcode readers for life sciences applications. This acquisition will help Azenta use Ziath's technologies in sample or specimen collection, storage, and processing. Ziath's barcode readers will help simplify Azenta's process and manage its 2D barcoded sample tubes.
• In January 2023, Adesso Inc acquired WebScience, an Italy-based software company. This acquisition is an opportunity for Adesso Inc to use WebScience's technologies for its product development and enhancement in order to create a brand image and stand out in the competitive environment.
Such merger and acquisition activities are expected to provide lucrative growth opportunities to increase 2D barcode reader market size.
The 2D barcode reader market is segmented based on product type, application, and geography. In terms of product type, the 2D barcode reader market is categorized into handheld and fixed. Based on type, the 2D barcode reader market is segmented into warehousing & logistics, pharmaceuticals, e-commerce & retail, and others.
The List of Companies - 2D Barcode Reader Market
• Adesso Inc
• Cognex Corp
• Newland Auto-ID Tech Co Ltd
• Honeywell International Inc
• Keyence Corp
• OMRON Corp
• Guangzhou Netum Electronic Technology Co Ltd
• Datalogic SpA
• Zebex Industries Inc
• Zebra Technologies Corp
By geography, the 2D barcode reader market size is segmented into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America is expected to dominate the market during the forecast period (2023-2028), followed by Europe and Asia Pacific. The region's government is focused on introducing automated solutions in manufacturing and other sectors. This has contributed to a rise in the adoption of automation, which is a major factor driving the sales of 2D barcode readers in North America. For instance, in 2020, Radwell International, Inc. constructed a new 86,000-square-foot automated distribution center in its Texas branch. In addition, the market players in the region are introducing new products to cater to the increase in demand for 2D barcode readers. For instance, in January 2023, Cognex Corp launched DataMan 580 fixed-mount barcode reader built for logistics tunnels to enhance operations speed and improve product traceability. Further, the rise in the e-commerce industry in the region is among the factors contributing to the 2D barcode reader market growth.
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