Image Based Barcode Reader Market Size Projections Indicate a CAGR of 5.66%, Envisioned to Attain a Value of USD 2971.68 Million by 2030
Zion Market Research
10 min read
Zion Market Research
According to Facts & Factors, the global image based barcode reader market size is projected to reach USD 2971.68 million by 2030 from its value USD 1917.09 million in 2022, at CAGR of 5.66% during forecast period.
NEW YORK, United States, Sept. 30, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Image Based Barcode Reader Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” in its research database.
“According to the latest research study, the global Image Based Barcode Reader Market size was valued at about USD 1917.09 million in 2022. The market is expected to grow at a CAGR of 5.66% and is anticipated to reach a value of USD 2971.68 million by 2030.”
Image Based Barcode Reader Market Overview:
An image-based barcode reader is a scanner that utilizes an imaging system to acquire images of barcode symbols and decode data encoded in the images. Contrary to conventional laser standing methods, image-based barcode readers capture images of the barcode and extract data using image processing techniques. These barcode readers employ camera-based technology with a high resolution to detect both matrix and linear barcodes.
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Automation and Industry 4.0 is likely to propel the growth of the global market
Global demand for image-based barcode readers is being driven by the increasing adoption of Industry 4.0 and automation across various end-user industries, such as manufacturing, automation, and pharmaceuticals. These readers play a crucial role in automating processes, allowing businesses to improve data visibility, reduce errors, and increase productivity.
In addition, the expansion of e-commerce and online retail has increased the demand for image-based barcode readers. These barcode readers aid in the management of high-volume inventory in e-commerce operations, the monitoring of items, and the classification of processes.
Restraints
Integration of the devices is likely to restrain the growth of the global market
Image-based barcode readers sometimes pose integration problems. Integrating these devices into the existing systems and workflows is both a costly and complex task. Compatibility issues with the legacy system pose challenges and require additional investments, which is likely to restrain the growth of the global image based barcode reader market.
Image Based Barcode Reader Market: Segmentation
The global image based barcode reader market can be segmented into sales channels, connectivity technology, end-user, and others.
By sales channel, the market can be segmented into online and offline channels. The offline sales channel is the fastest-growing segment in the global image based barcode reader market because customers prefer to check the product physically.
By connectivity, the market can be segmented into POE (power over ethernet), Wi-Fi, Bluetooth, and USB. The power over internet (POE) segment accounts for the largest share of the image based barcode reader industry. It is a technology that permits both the power and data to be transferred over an ethernet cable.
By technology, the market can be segmented into autofocus, C mount lens, S-mounted lens, and others. The autofocus segment is expected to register a notable growth in the forthcoming years because of its feature to permit devices to automatically adjust the focus of the camera or the image system.
By end user, the market can be segmented into retail & commercial, manufacturing, automotive, semiconductors, general manufacturing, healthcare, defense, and others. The retail and commercial segment is likely to dominate the global image based barcode reader industry because of the growing use of image based barcode readers extensively for tracking, point of sale systems, and inventory management all across the supply chain.
Browse the full “Image Based Barcode Reader Market Size, Share, Growth Analysis Report By Sales Channels (Online And Offline Channels), By Connectivity (POE (Power Over Ethernet), Wi-Fi, Bluetooth, and USB), By Technology (Autofocus, C Mount Lens, S-Mounted Lens, And Others), By End-User (Retail & Commercial, Manufacturing, Automotive, Semiconductors, General Manufacturing, Healthcare, Defense, And Others), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” Report at https://www.fnfresearch.com/image-based-barcode-reader-market
Regional Analysis:
North America to lead the global market during the forecast period
North America is a significant region in the global image-based barcode reader industry because of its advanced commercial and industrial sectors. The market is expected to exhibit a steady growth rate in the forthcoming years because of the increasing requirement for automation, greater accuracy in data capturing & tracking, and improved supply chain management.
Significant technological advancements, such as enhanced image processing algorithms, high-resolution cameras, and the ability to scan 2D barcodes such as Data Matrix codes and QR codes, are anticipated to spur substantial growth in the regional market in the coming years. Industry 4.0 is likely to play a significant role in the regional industry's expansion.
Asia-Pacific is also anticipated to experience tremendous development in the coming years due to the region's expanding commercial sector, increasing adoption of automation, and rapid industrialization. Numerous industries, including electronics, automobiles, retail & logistics, manufacturing, pharmaceuticals, and others, make extensive use of image-based barcode readers.
Competitive Players:
The report contains qualitative and quantitative research on the global Image Based Barcode Reader market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Image Based Barcode Reader market include;
What is the market size and growth rate forecast for Image Based Barcode Reader industry?
What are the main driving factors propelling the Image Based Barcode Reader Market forward?
What are the leading companies in the Image Based Barcode Reader Industry?
What segments does the Image Based Barcode Reader Market cover?
How can I receive a free copy of the Image Based Barcode Reader Market sample report and company profiles?
Key Offerings:
Full in-depth analysis of the parent market
Important changes in market dynamics
Segmentation details of the market
Former, on-going, and projected market analysis in terms of volume and value
Assessment of niche industry developments
Market share analysis
Key strategies of major players
Emerging segments and regional markets
Testimonials to companies in order to fortify their foothold in the market
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