Global Barcode Scanner Market Expected to Reach $11 Billion by 2027 at a CAGR of 7.25%

The global barcode scanner market was valued at USD 6.94 billion in 2021 and is slated to reach at USD 11.07 billion by 2027 at a CAGR of 7.25% from 2022-2027.

Barcode scanner is also referred as barcode reader that captures and red information from barcode and transfers it to the connected computer. It automates the data collection process and reduces errors and expedites tasks like tracking inventory, monitoring point-of-sale transactions, and managing assets.

Increase in requirement of industries for remote solutions is the key driving factor which is expected to boost the global barcode scanner market growth. Furthermore, continuous technological advancements in public distribution system will positively contribute the market growth.

Moreover, in next few years most of the shops will be able to keep track of inventory without errors due to the effectiveness and the efficiency of operations offered by barcode scanners. A Barcode scanner reduces the time and gives a significant growth to the barcode scanner market. In addition to that, rise in number of supermarkets, molls, in various countries is also responsible for the market growth during this forecast period.

However, some restraints which are expected to be faced by the barcode scanner market include the high cost of barcode scanner, and inconvenience in moving the barcode scanner from one place to another. Also, lack of awareness towards the barcode scanner machine by some of the shopkeepers will affect the market growth.

Three main implications of COVID-19 on the world economy are their direct effects on supply and demand, supply chain disruption, and market disruption, as well as their financial effects on companies and financial markets.

The COVID-19 outbreak has resulted in a variety of negative effects, including flight cancellations, travel bans, quarantines, restaurant chain closures, and restrictions on all indoor events where a state of emergency has been declared. These effects have significantly reduced the volatility of the barcode scanner market's growth, increased public panic, and created uncertainty about the future.