North America is likely to hold a substantial market share in the global barcode scanner market
North America is expected to create total incremental opportunity of more than US$ 1500 Mn between 2017 and 2027. The North America barcode scanner market is expected to account for a little more than 30% value share by the end of 2017. The region is projected to expand at a CAGR of 6.9% over the forecast period. Sales of barcode scanners in the U.S. is estimated to be valued at US$ 1404.8 Mn by the end of 2017 and is expected to witness significant growth over the forecast period, exhibiting high value–high growth. However, the barcode scanner market in Canada is expected to incline towards low value–high growth during the forecast period. Canada is projected to represent total incremental opportunity of more than US$ 240 Mn between 2017 and 2027.
Increasing use of barcode scanners in the healthcare sector is fuelling the growth of the barcode scanner market in North America
Barcode scanners are being increasingly adopted in every aspect of the healthcare industry. According to the Institute of Medicine of the National Academies (IMNA), most of the medical errors caused in a hospital during the stay of a patient are due to improper medication, which in turn is a result of wrong diagnosis resulting in loss of life. Hence, hospitals these days prefer a computer prescribed database to feed the updated information of a patient. Through the use of barcode scanners, every possible error can be rectified. Tracking exact patient records and reducing drug-related mistakes during a patient’s hospital stay becomes easy. This has led to an increase in demand for barcode scanners in North America.
Use of barcode scanners is rapidly growing in the retail and manufacturing industries in North America. Barcode scanners have become one of the best solutions for product information capturing. Retailers worldwide use barcodes for hassle-free recording of supplies and commodities. Barcodes imprinted on labels are pasted on products, which help in recording information regarding product count, date of manufacturing, date on which the product was supplied to the retailer, selling price, etc. When these products are scanned, the information is retrieved and monitored. This entire process, which is completed within a few seconds, not only increases efficiency but also minimises errors. This has helped retailers record their products and inventory on shop floors and warehouses. Major retailers such as Walmart, Carrefour, Costco and IKEA put barcodes on all their products. This in turn is driving the growth of the barcode scanner market in North America.
Extensive application of barcode scanners is a new trend in North America
Barcoding is widely adopted in all regions; however, each region adopts different technologies and systems for barcoding. Implementation of barcodes in products was first initiated in the U.S. when a barcode was printed on a pack of chewing gum in the early 1950’s. Currently, barcoding has become a norm as far as information tracking and recording of products is concerned. North America has adopted high-end barcode scanners such as cordless scanners, rugged scanners, omni-directional scanners and stationary scanners in multiple industries. The growth rate of barcode scanner technologies such as CCD and pen type reader is lesser when compared to other technologies implemented in this region. Another trend is the development of dedicated barcode scanners for specific applications such as barcode scanners for usage in hospitals and theme park admission tickets.
Portable/Handheld segment by product type is expected to hold significant value share over the forecast period in the North America barcode scanner market
The portable/handheld segment (includes rugged, cordless, automatic, PDA and other scanners) is estimated to be pegged at 5,164,760 units in 2017 and is projected to increase at a CAGR of 5.7% over the forecast period. By technology, the camera based reader segment is projected to gain 430 basis points during the forecast period due to increasing demand from the retail and manufacturing sectors in North America. The healthcare end-use segment is projected to gain more than 350 basis points during the forecast period due to increasing demand for barcode scanners in hospitals in North America.
APEJ and North America hold significant market potential in the global barcode scanner market. Europe is struggling with sluggish growth in the manufacturing industry, hence growth prospects for the barcode scanner market in the region are limited. Barcode scanning is a highly popular technique that is used for capturing a product with the help of a unique identifier comprising barcodes and numbers. This technology faces a medium level threat of being replaced by RFID technologies. We at Future Market Insights have examined the global barcode scanner market in detail in our new publication titled “Barcode Scanner Market: Global Industry Analysis and Opportunity Assessment 2017–2027,” which will give a crystal clear picture of the current market scenario to our clients. While studying the various market segments, our analysts have observed that in APEJ, China and India are projected to achieve better growth. On the other hand, medium growth potential is expected in Western Europe, Eastern Europe and Latin America. Growth potential in Japan is likely to remain steady.
The growth rate of the global manufacturing sector is anticipated to grow at a significant rate over the next decade, especially in countries such as China and India, which have allowed foreign investors to establish manufacturing units by enabling tax relaxation. This will have a medium level impact on the growth of the barcode scanner market. Our analysts have noticed that with e-commerce further improving the growth rate, retail sales growth from the global perspective has increased considerably on a yearly basis, influencing better prospects for the growth of barcode scanners during the estimated period.
Market participants’ opinion on the current scenario of the global barcode scanner market
The business manager of one of the key barcode scanners manufacturing companies in the APAC region explained to our analysts that the barcode scanner market is one of the most challenging markets, owing to a rise in the number of local manufacturers of barcode scanners in developing economies such as China and India. However, various barcode manufacturers have started manufacturing barcode scanners at their production sites.
The product manager of a Western Europe barcode scanners manufacturing company said that cost and high distance reading ability are the two major factors considered while purchasing or producing specific barcode scanners. “Barcode production is our primary business concern. If we can get an adequate supply of scanners with high reading ability at lower costs, there is no need for us to move into producing barcode scanners ourselves.”
The product development manager of an Eastern Europe barcode scanners manufacturing company believes that migrating from 1D barcode scanners to 2D barcode scanners is a shifting trend in the barcode scanner market. “Our company is progressively concentrating on developing new and enhanced 2D barcode scanner technology that can transform customers’ experience in the retail and healthcare sectors.”
By Product Type
By End Use
Our report on the global barcode scanner market commences with an overview of the market followed by key definitions and an executive summary. We have also included market dynamics and have presented our independent analysis of the various factors, challenges, and market trends that we feel will define the market in the next few years. Our analysts have devoted the last section of the report to study the market performance of some of the top companies operating in the global barcode scanner market. We have profiled a few of the leading market players and have presented a detailed analysis of their overall business performance and a comprehensive evaluation of their short-term and long-term business and go-to-market strategies.
Future Market Insights has leveraged secondary research extensively to ascertain the overall size of the global barcode scanner market and top industry players. In addition, our experienced team of analysts have gathered relevant market insights and data by speaking to the various manufacturers of barcode scanners and other key stakeholders based in various regions. Another notable feature of our report is an analysis of the revenue forecast of the global barcode scanner market by absolute dollar opportunity. While this is usually overlooked when forecasting the market, we believe absolute dollar opportunity analysis is critical in assessing the level of opportunity that market providers can look to achieve and also to identify potential resources in the global barcode scanner market. Finally, we know the importance of dissecting the different market segments in terms of their growth and performance in the global barcode scanner market, and towards this end, we have developed a unique market attractiveness index to help market players identify current and future market opportunities.