Global barcode software market valued at $ 609.5 million

According to a new report the global barcode software market was valued at $ 609.5 million in 2019 and is projected to reach $1,046.7 million by 2027; it is expected to grow at a CAGR of 7.1% from 2020 to 2027. 

Barcode is an automatic identification technology that finds applications in asset management, package tracking, time tracking, and so on. Barcode software solutions help in design and generation of barcodes, offer traceability feature, and read printed barcodes along with providing scanning abilities.

The need for accurate real-time data collection process; and increased use of barcode in logistic & transportation and healthcare sector are the key factors driving the barcode software market growth.

The barcode software market is segmented on the basis of application, vertical, and geography. Based on application, the market is segmented into asset management, package tracking, employee attendance and time tracking, and others. The asset tracking segment is projected to dominate the market during the forecast period; Based on vertical, the market is segmented into manufacturing, transportation and logistics, retail, healthcare, and others. The manufacturing segment accounted for the largest revenue share in 2019, whereas the transportation and logistics segment is projected to register the fastest CAGR during the forecast period.