Barcode Technology Market - Share, Growth, Trends and Forecast 2016 - 2024
Today’s barcodes have replaced the traditional pricing of products and become a very convenient way of reading and storing information. The barcode technology helps to eliminate the possibility of human error, increase efficiency in business operations and offers a reliable way to accurately read encoded information. Also, manual data entry, spreadsheet, repetitive task and paper logs have been replaced by barcoding technology. Apart from this, combination of barcode technology with system and application software improves productivity, performance and profitability.
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The barcode technology market is experiencing growth owing to the factors such as real time data collection, accuracy of data unit, cost efficient, labour saving by avoiding manual system and presents unique identity of a product. Also, measurement of work in progress throughout the factory, explosion of e-commerce, rapid access to total production costs, more precise dispatch, and changing consumer habits have led to the increasing growth of this market. Barcodes have been extensively adopted in hospitals for certain applications which includes barcode medication administration systems for shots and drops, medicines, variable workflows, and control of the dispensing of drugs with in a hospital.
The barcode technology market can be segmented on the basis of types and applications .On the basis of type, the market has been segmented into linear (1D) and two-dimensional (2D) barcode systems. The linear barcodes are thick and thin black bars represented on a white background while, 2D matrix uses complicated patterns of blocks and arrangements instead of lines .Further, the application segmentation includes healthcare applications, inventory management, laboratories, library management, quality control, pharmaceutical tracking and attendance system. In quality and inventory management, the functions which are easily completed using barcode technology includes warehouse management, inventory control software and package tracking. Similarly, in mobile data collection industry, barcodes provide best solution for wireless data collection, market activity tracking and batch data collection which needs high level of accuracy and efficiency.
The major players in the global barcode technology market includes OCR Canada Ltd., General Data Company Inc., Honeywell International Inc., SATO, Zebra Technologies, Bluebird Inc., DENSO ADC, Opticon Sensors Europe B.V., Datalogic S.p.A., Motorola solutions, ZEBEX INDUSTRIES INC., and NCR Corporation.
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