Global Barcode Scanner Market to Soar at a CAGR of 7.6%

The advent of barcode technology has greatly reduced the hassles of tracking supply and commodity sale records for retailers across the globe. Over the years, the technology has been consistently improved and made more efficient. Currently, barcode solutions are being used across various domains owing to their exponential capabilities in systematically recording information such as product count, date of manufacturing, date on which the product was supplied to the retailer and selling price. Moreover, the emergence of e-commerce and intra-regional markets that offer specialised services to a wide range of sectors has further expanded its application base.

Future Market Insights (FMI) in its latest report titled "Barcode Scanner Market: Global Industry Analysis and Opportunity Assessment, 2017-2027" reveals that use of barcode technology is rapidly rising in both retail and manufacturing industries. Barcode scanners have become one of the best solutions for recording product information without making any major manual effort. The technological advantages and cutting-edge features of barcode scanners are also making them popular in the healthcare industry. Barcode technology can help rectify medication errors, medical practitioners and physicians can easily get information about medicines as well as their manufacturing dates.

The report further cites that the globalbarcode scanners market will expand at a CAGR of 7.6% over the forecast period (2017-2027) and account for US$ 10.8 Bn by 2027-end. During the same duration, the market is also expected to reflect a CAGR of 6.4% in terms of volume, reaching 38.7 Mn units over 2027-end. Around 20.7 Mn units of barcode scanners are expected to be sold by the end of 2017.