BARCODE SCANNERS MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics- Drivers

1. Increasing use of barcode scanners in the healthcare sector is expected to drive growth of the global barcode scanners market during the forecast period

Barcode scanners are being increasingly used in different aspects of the healthcare industry. With barcode scanners, tracking exact patient records has become sophisticated with the rectification of every possible error and reducing drug-related mistakes during a patient’s hospital stay. Moreover, according to IMNA, around 51% of medication errors can be rectified using barcode scanners technology. According to the U.S. Food and Drug Administration (FDA), there is a National Drug Code, which is a 10 digit identification number issued to every drug so that the related drug information can be easily captured and stored. Thus, these factors are expected to drive growth of the global barcode scanners market during the forecast period.

2. Rising preference for retail and manufacturing industry is expected to propel the global barcode scanners market growth over the forecast period

Barcode scanners are being rapidly adopted in retail and manufacturing industries. It has become one of the best solutions for product information capturing. Barcode imprinted on labels help to record information regarding product count, date of manufacturing, date of expiry for perishable products, selling price, date on which the product was supplied to retailer, etc. Major retailers such as Walmart, Costco, Carrefour, and IKEA put barcodes on all their products. This, in turn, is expected to propel the market growth over the forecast period.

Market Dynamics- Restraints

1. Rising threat of RFID tags as a substitute is expected to restrain growth of the global barcode scanners market during the forecast period

Necessary information can be retrieved from barcode though new data cannot be fed into them. In such situations, radio frequency identification (RFID) tags are being adopted. RFID tags are similar to barcodes except information can both be retrieved and stored. Data can be fetched from RFID tags, provided the tag is present within the scanning radius of a radio scanner that does not require a straight line of sight as barcode scanners do. Moreover, RFID tags are implemented in inventory department of logistics and manufacturing units. These factors are expected to restrain growth of the market during the forecast period.

2. High capital investments of the barcode are expected to hinder the global barcode scanners market growth over the forecast period

Different types of barcode scanners are available in the market to include 1D barcode scanners and 2D barcode scanners. However, the major challenge behind adoption of barcode scanners is high capital investment. Compared to 1D barcode scanners, advanced 2D barcode scanners require higher capital investment. This poses a significant challenge to most end-users, particularly in emerging economies. Thus, these factors are expected to hinder the global barcode scanners market growth in the near future.

Market Opportunities

1. Implementation of barcode business to maintain assets can provide lucrative business opportunities

Businesses both SMEs and large multi-national conglomerates are both fixed assets and IT assets. It includes laptops, personal computers, office furnishings, and other required peripherals. The work of the asset management staff can be made easier if barcoding is implemented within the business. After the implementation of barcodes, all assets issued to employers are barcoded, scanned, and recorded. Although barcodes are being adopted in large enterprises, its adoption is still low and medium-scale businesses. Major companies can capitalize on these opportunities and gain a competitive edge in the market.

2. Advent of products with low-cost and high reading distance ability can offer major opportunities

Market players, specifically involved in the manufacturing of barcode scanners, can capitalize on the opportunity to supply good quality products at lower costs with high reading distance. Since barcode scanners are used in multiple industries, especially in logistics and warehouse, capturing information from a long distance is very useful for time management and increasing effective business.

Barcode Scanners Market - Impact of Coronavirus (Covid-19) Pandemic

Many countries around the globe such as India, Spain and Italy have imposed nationwide lockdown. For Instance, India have imposed lockdown from 25 March to 1 June till the further notice. In this lockdown retail shops and Cinema halls in the malls will remain closed. The barcode scanners are widely used in the retail shops and Cinema halls.  Moreover in India, the manufacturing facilities have to be operated in limited manpower. Owing to mentioned factors the COVID-19 is expected to restrain the growth of the market during the year 2020.