According to the latest report by Reports and Data, the global 2D Barcode Reader Market was USD 4.5 Billion in 2022 and is expected to see a revenue CAGR of 7.5% over the forecast period.
The increasing use of 2D barcodes in e-commerce and mobile payments has resulted in a rise in demand for 2D barcode readers. One major user of these readers is the healthcare industry, where they are used for accurate patient identification, prescription tracking, and medical supply management. The healthcare sector’s need for data accuracy and patient safety is driving the demand for 2D barcode readers.
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In the retail industry, 2D barcode scanners are essential for monitoring products, tracking prices, and controlling inventory. The rise of omnichannel commerce has led to increased demand for efficient inventory management and tracking across various channels, including online and physical locations, resulting in an increased demand for 2D barcode readers. The logistics industry is another significant user of 2D barcode scanners. These readers are especially useful for real-time shipping and inventory tracking and management. Furthermore, 2D barcodes can store critical product data such as product codes, serial numbers, and expiration dates, which is crucial in the logistics industry.
The revenue growth in the market is attributed to advancements in technology and the increasing demand for smart devices. Manufacturers are striving to create high-performing and affordable 2D barcode readers to meet the increasing demand from various sectors. Moreover, the integration of these readers with smartphones and other smart devices has led to their increased usage in a range of applications, including mobile payments, mobile marketing, and access control systems.
Driving factors of 2D Barcode Reader Market
Some of the notable innovations in the 2D Barcode Reader Market
Major players in the market include
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