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Image Based Barcode Reader Market Trends, Top Companies, Share, Growth And Forecast 2033
Image Based Barcode Reader Market Trends
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According to The Business Research Company's, The image based barcode reader Market size has grown strongly in recent years. It will grow from $1.83 billion in 2023 to $1.95 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increasing automation and Industry 4.0, increasing demand for efficient barcode scanning solutions, increasing demand for barcode technology, and increasing revenue and productivity.
The image based barcode reader market size is expected to see strong growth in the next few years. It will grow to $2.50 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing e-commerce and retail sectors, rising adoption of automation and Industry 4.0, increasing demand for image based barcode readers, and increasing requirements for automation. Major trends in the forecast period include AI and machine learning integration, penetration of sophisticated barcodes and QR codes, technological advancements, advancements in imaging technology, and integration into smartphone technology.
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Market Drivers and Trends:
The increasing e-commerce and retail sectors are expected to propel the growth of the image based barcode reader market going forward. E-commerce refers to the buying and selling of goods and services over the internet, and retail encompasses both physical (brick-and-mortar) stores and online sales channels. The popularity of e-commerce and the retail sector is rising due to factors such as the convenience of online shopping, the wide variety of products available, and the increasing use of mobile devices and internet connectivity. Image based barcode readers enhance e-commerce and retail by enabling accurate inventory management, faster checkouts, and efficient order fulfillment through their ability to read various barcode types from any orientation. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, in the first quarter of 2024, e-commerce sales rose by 8.5 percent (±1.1%) compared to the first quarter of 2023, while total retail sales increased by 2.8 percent (±0.5%) during the same period. Therefore, the increasing e-commerce and retail sectors are driving the image based barcode reader market.
Major companies operating in the image based barcode reader market are focusing on developing technologically advanced solutions, such as artificial intelligence (AI)-assisted barcode reader systems, to enhance accuracy, speed, and functionality in barcode scanning applications. AI-assisted barcode reader systems refer to barcode scanning technologies enhanced with artificial intelligence capabilities, enabling advanced image processing algorithms to accurately and swiftly decode barcodes from various orientations and conditions. For instance, in October 2023, Cognex Corporation, a US-based system software company, launched the DataMan 380 series of fixed-mount, image-based barcode readers to maximize throughput and traceability across a variety of applications in logistics and manufacturing. The new readers are equipped with a high-resolution CMOS sensor of up to 16.13 MPixel and are designed to increase throughput by simultaneously processing 1D and 2D codes using AI-accelerated decoding. It simplifies deployments compared to using multiple conventional readers and is ideal for robotic pick-and-place, pallet scanning, and tire barcode reading, enhancing throughput in logistics and manufacturing.
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Major Key Players of the Market:
DENSO Corporation, Honeywell International Inc., Omron Corporation, Zebra Technologies, SICK Vertriebs-GmbH, Cognex Corporation, Datalogic S.p.A., Scandit AG, Blue Bird Corporation, CipherLab Co. Ltd., Code Corporation, Newland Auto-ID Tech Co. Ltd., Jadak a Novanta Company, Argox Information Co. Ltd., RTscan Technology Limited, Socket Mobile Inc., SATO Holdings Corporation, Microscan Systems Inc., Marson Technology Co. Ltd., Opticon Sensors Europe B.V., Axicon Auto ID Ltd., Keyence Corporation, NCR Corporation, MindSEO Lda
Image Based Barcode Reader Market 2024 Key Insights:
• The image based barcode reader market size is expected to see strong growth in the next few years. It will grow to $2.50 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• E-Commerce And Retail Sector Growth Propels Image-Based Barcode Reader Market
• Technological Innovations Drive Competition In The Image-Based Barcode Reader Market
• North America was the largest region in the image based barcode reader Market in 2023
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