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Barcode Verifiers Market 2022 Global Industry Key Strategies, Size, Growth, Share, Application, Segmentation, Trends and Opportunities Forecast to 2025

In a recent published report, Kenneth Research has updated the Market report for Barcode Verifiers Market for 2022 till 2031. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Barcode Verifiers Market Products.

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Furthermore, growing focus of companies to improve customer experience for maintaining customer loyalty is also predicted to accelerate market growth in the years to come. In addition, there is an increase in the penetration of smartphones around the world, coupled with heightened implementation of technologies such as artificial intelligence (AI) and automated onboarding. As of 2022, the total number of smartphones users in the world is more than 6 billion, which means about 75% of the world’s population currently owns a smartphone. This number is estimated to grow up to approximately 7 billion by 2024. This, in turn, is assessed to offer profitable opportunities to the market in the near future.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The adoption rate of barcode verifiers in different industries – such as pharmaceuticals, logistics, healthcare, supply chain inventory, retail, and automotive – in India is expected to expand at an approximate rate of 33% in the next five years. Based on technology, barcode verifiers can be segmented into barcode verifiers with camera-based readers, charge-coupled device readers, laser scanners, omnidirectional barcode scanners, pen type readers, radio-frequency identification (RFID) readers, and smartphone-based scanners. Depending on the type, barcode verifiers are categorized into rugged barcode scanners and non-rugged barcode scanners. Out of the different types of barcode verifiers, rugged barcode scanners are the ones most widely used across various industries. Among the major players, Zebra Technologies, Honeywell, SATO, Argox, and TVS Electronics acquired a share of more than 75% in the barcode verifiers market in India.
Export-import:
In India, both the export and import of barcode scanners have increased between FY 2014 and FY 2018, in terms of value and volume. The largest export destination of Indian barcode scanners is France. Value-wise, India has recorded the highest import of barcode scanners from China; volume-wise, the maximum number of barcode scanners have been imported from Taiwan.

Market trends:
o RFID technology has evolved as a substitute for barcode technology for identifying and locating objects.
o Two-dimensional (2D) barcodes and barcode scanners are the next generation of barcodes, since they are technologically more advanced than 1D bar codes.
o Developers have started designing smarter barcodes so that authorized individuals can retrieve the barcode data, while ensuring consumer protection.

Key growth driver of the market:
Currently, a number of industries, like retail, healthcare, aviation baggage, logistics and supply chain inventory, and automotive, use barcode verifiers for collating and computing the data which help them in inventory management and in keeping track of sales figures. This, in turn, is driving the growth of the barcode verifier market in India.

Key deterrents to the growth of the market:
Unreadable barcodes (owing to low contrast prints, and dead zone violation) can cause problems in the scanning process. Malfunctioning of verifiers and their inability to read the SKU codes of products result in stained seller-buyer relationships.

Companies covered:
o Bar Code India Limited
o Bartronics India Limited
o Honeywell Automation India Limited
o Best IT World (India) Private Limited (iBall)
o Intex Technologies India Limited
o Pegasus Technologies Private Limited
o SATO Argox India Private Limited
o TVS Electronics Limited

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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Barcode Verifiers Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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About Kenneth Research:

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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