Barcode Readers Market on Track Remarkable Growth, USD 14,447.72 Million By 2030

The barcode market was worth USD 5,982.07 Million in 2022 and is anticipated to reach over USD 14,447.72 Million by the year 2030, growing at a CAGR of 11.9%.

The increasing demand for barcode readers in e-commerce and retail industry to streamline business operations such as order receiving and restocking, inventory management, and error optimization applications is driving the growth of the market.

Barcode readers are utilized to ensure that inventory records reflect the actual quantities of the product in the warehouse quickly and accurately. For instance, in November 2022, Cognex Corporation launched a high-performance handheld barcode reader called DataMan 8700LX featuring a rugged design to scan label-based codes.

The incorporation of image scanning technology in barcode readers is expected to present potential opportunities for the growth of barcode readers market. The integration of image scanning technology allows barcode readers to detect objects at any orientation or angle. However, the presence of alternate technologies such as RFID (Radio Frequency Identification) tags is hindering the growth of barcode readers market.