The global Barcode Verifiers Market is estimated to be valued at US$411.6 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Barcode verifiers are used to verify barcode functionality and quality during printing and scanning operations. They ensure barcodes meet industry standards related to print quality, barcode content, and scanability. Portable and stationary verifiers are commonly used across various end-use industries like retail, healthcare, transportation, and manufacturing.
Market key trends:
One of the key trends in the barcode verifiers market is the integration of artificial intelligence. AI-powered barcode verifiers can analyze images of barcodes faster and more accurately than traditional verifiers. They can automatically capture images, decode barcodes, and check for printing defects or code content issues without human intervention. AI improves verification speeds, reduces costs, and ensures higher accuracy, driving its growing adoption among end-users.
Segment Analysis
The global barcode verifiers market is segmented based on product type, technology type, end use industry, and region. Based on product type, the market is segmented into portable barcode verifiers and fixed mount barcode verifiers. The portable barcode verifiers segment is dominating and is expected to continue dominating during the forecast period. Portable barcode verifiers provide high flexibility and mobility which makes them ideal for verifying barcodes in field operations across various end use industries such as pharmaceutical, FMCG, etc.
Key Takeaways
The global barcode verifiers market size is expected to reach US$529.8 million by 2030, expanding at a CAGR of 3.5% over the forecast period. Increasing usage of barcodes in retail and e-commerce industries for inventory management and traceability is expected to drive the market during the forecast period.
Regional analysis – North America dominated the global market in 2023 and is projected to continue its dominance during the forecast period. High adoption of barcode technologies across industries such as retail, healthcare, and manufacturing in the US and Canada is driving the North America market.
Key players – Key players operating in the barcode verifiers market include Cognex Corporation, Axicon Auto ID Ltd., Webscan, REA VERIFIER, Printronix, DigitalPersona, AIS, Stratix Corp., Microscan, SSE Technologies, Oriental Speedv Code Tech &DEV, and RJS Technologies. Cognex Corporation and Axicon Auto ID Ltd. hold a significant share of the global market due to their diverse product portfolio and wide geographical presence.
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The Barcode Verifiers Market is Estimated To Witness High Growth Owing To Trends In Demand For Higher Accuracy And Resolution
The Barcode Verifiers Market is estimated to be valued at US$411.6 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Barcode verifiers are equipment utilized to validate barcode readability, quality and accuracy. These devices scan images and confirms that the barcodes follows required industry standards and specifications. Different barcode verifiers are utilized for various barcode types such as 1D, 2D and postal codes barcode verification. Barcode verifiers provides higher accuracy testing, reduce manual inspections and improve productivity.
Market key trends:
Rising demand for verifying higher resolution codes owing to increasing adoption of high-density 2D matrix codes in industries such as pharmaceutical, electronics and automotive is a key trend in the barcode verifiers market. These codes are capable of storing huge amounts of data in small spaces and are widely used in track and trace applications. However, verifying such high-density codes require advanced barcode verifiers with higher resolution and expanded field of view cameras. Major players are focusing on developing verifiers with 4K and 8K resolution imaging technologies to read micro and nano scale barcodes used in miniature electronics chips, pharmaceutical vials and medical devices. This rising demand for higher accuracy and resolution verifiers is expected to drive market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and lack of significant economies of scale make the threat of new entrants moderate in the Barcode Verifiers Market.
Bargaining power of buyers: Customers in the Barcode Verifiers Market have moderate bargaining power as there are several established brands to choose from.
Bargaining power of suppliers: The Barcode Verifiers Market relies on a limited number of component suppliers, giving them some bargaining power over manufacturers.
Threat of new substitutes: No direct substitutes currently exist for barcode verifiers that provide the same functionality.
Competitive rivalry: Intense competition amongst established brands.
SWOT Analysis
Strengths: Established brands with global presence and new product innovations.
Weaknesses: Heavy R&D investments and compatibility issues when upgrading systems.
Opportunities: Growing e-commerce industry and integration of barcode verifiers with mobile devices.
Threats: Trade barriers and increasing price pressures from local manufacturers.
Key Takeaways
The global Barcode Verifiers Market is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing e-commerce sales and integration with mobile devices. The Asia Pacific region is expected to dominate the market owing to presence of manufacturing industries and growing retail sector in countries like China and India.
Regionally, the market in North America is expected to grow steadily due to requirement of barcode verifiers in healthcare and automotive industries. However, Asia Pacific is emerging as the fastest growing market for barcode verifiers due to expanding manufacturing sector across major economies like China and India.
Key players operating in the Barcode Verifiers Market are Cognex Corporation, Axicon Auto ID Ltd., Webscan, REA VERIFIER, Printronix, DigitalPersona, AIS, Stratix Corp., Microscan, SSE Technologies, Oriental Speedv Code Tech &DEV, and RJS Technologies. Cognex Corporation dominates the barcode verifiers market with latest product innovations and global service network.
