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 quality and readability. They check if barcodes meet the required standards for scanning and decoding. Barcode verifiers scan, analyze and report any printing errors or abnormalities in barcodes so that corrective actions can be taken.
Market key trends:
One of the key trends in the barcode verifiers market is the growing adoption of portable handheld barcode verifiers. The convenience and portability offered by handheld barcode verifiers is driving their demand across many industries including manufacturing, logistics and retail. Their mobility allows barcode verification to be conducted anywhere and helps optimize operations through on-the-spot quality control checks. The compact size and ease of use of handheld barcode verifiers is expected to further fuel their adoption over the forecast period.
Market key trends:
One of the key trends in the barcode verifiers market is the adoption of 360-degree verification. Traditional barcode verifiers only verify bars and spaces perpendicular to the scan line. However, 360-degree verification allows capturing the entire barcode and detecting defects from any angle such as voids, blobs, wide/narrow elements, etc. This helps improves accuracy, prevents recalls, and avoids losses due to shipping defective products.
SWOT Analysis
Strength: The barcode verifiers market is less prone to economic cycles compared to conventional buying behavior-driven markets. Weakness: High initial investment requirements for barcode verifiers limit their adoption among small enterprises. Opportunity: Growing e-commerce industry is expected to boost demand for barcode verifiers for logistics and warehouse management. Threats: Development of alternative tracking technologies such as RFID and computer vision pose competitive threats to barcode verifiers.
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 demand for supply chain automation and inventory management across industries.
North America dominated the global barcode verifiers market in 2023, accounting for around 35% of the global market revenue, followed by Europe and Asia Pacific. Stringent regulations regarding inventory management and logistics in US and Canada is driving the barcode verifiers market in North America.
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 is recognized as the global leader with over 30% market share with offerings of multiple product families for both contact and contactless barcode reading and verifying.
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