Regional Analysis

Barcode Verifiers Market: Regional Insight

The barcode verifiers market is segmented on the basis of region into six regions namely, North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.

North America is expected to be the largest region in the global barcode verifiers market over the forecast period. This is owing to high growth of the consumer goods sector in the region. Barcode verifiers are majorly used in the retail industry. Increasing growth of the consumer goods sector in the U.S. is expected to be one of the major driving factors for growth of the market. For instance, according to United States Census Bureau’s Annual Retail Trade Survey, the total sales of consumer goods through retail sector reached to US$ 4,856,334 Million in 2016 from US$ 4,725,993 Million in 2015. Thus, for smooth functioning of such a huge retail market demand for barcode verifiers is also expected to increase.

Asia Pacific is a fastest growing market for barcode verifiers, over the forecast period. This is owing to growth in the retail sector in the region. Major growth engines in the region include emerging economies such as China, India, and Japan. Furthermore, the retail industry in these countries is also witnessing high growth. For instance, according to India Brand Equity Foundation (IBEF), in June 2018, FMCG is the 4^th largest sector of the Indian economy. The retail sector in India is expected to grow to US$ 1.1 trillion by 2020 up from US$ 672 billion in 2016. Moreover, China has also witnessed a significant growth in its retail sector. According to the National Bureau of Statistics of China, in May 2018, the total retail sales of consumer goods reached to US$ 467.39 Billion, which accounted for 8.5% growth as compared to 2017. Barcode verifiers are significantly used in the retail sector for determining the quality of barcodes printed on consumer goods. Thus, with growth in the retail sales of consumer products, demand for barcode verifiers is also expected to increase over the forecast period.

Geographies Covered: North America, Europe, Asia Pacific, Latin America, Middle East, Africa.