July 22, 2024

Advancing technology to drive growth in the Barcode Verifiers Market

The global Barcode Verifiers Market is estimated to be valued at US$411.6 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Barcode Verifiers Market comprises verification devices and software that are used across industries to verify and validate barcode readability and symbol structure before printing. These devices help improve operational efficiency by reducing manual verification and costs associated with printing errors. Barcode verifiers scan and verify barcode symbols to ensure they meet the appropriate industry standards and provide readable, accurate, and consistent codes. They save time and money by evaluating print quality before production or shipping.

Market key trends:
The increasing demand for automated systems across industries is driving innovation in barcode verifiers. One key trend is the development of high-speed verifiers that can scan codes at over 500 scans per second. This allows for rapid verification of long production runs and batch processes. Another trend is the integration of verifiers with industrial inspection systems. Manufacturers are adding verification capabilities to existing automated equipment like vision systems. This enables one-stop verification and inspection in production lines.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the barcode verifiers market due to high production cost and requirement of large capital investment. However, technological advancement has lowered the entry barriers to some extent.

Bargaining power of buyers: Buyers have moderate to high bargaining power in the barcode verifiers market. The presence of many established vendors leaves buyers with options to compare prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of components and parts used in barcode verifiers include large multinational corporations that enjoy significant bargaining power due to their expertise.

Threat of new substitutes: The threat of substitutes is low. There are no close substitutes that can replace barcode verifiers. Advanced technologies like RFID are still not universal substitutes to barcodes.

Competitive rivalry: The barcode verifiers market features strong competition among leading vendors striving to gain market share by differentiating their product and service offerings.

Key Takeaways
The global barcode verifiers market is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing demand from e-commerce and packaging sectors. The market size for 2023 is expected to reach US$411.6 million.

Regional analysis: North America dominates the barcode verifiers market and is expected to continue its dominance over the forecast period. Rapid technological adoption and stringent regulatory compliances on product labeling drive the demand in this region. Asia Pacific exhibits the fastest growth率 fueled by expanding manufacturing sector and growth in e-commerce industry in countries like China and India.

Key players operating in the barcode verifiers market include Cognex Corporation, Axicon Auto ID Ltd., Webscan, REA VERIFIER, Printronix, DigitalPersona, AIS, Stratix Corp., Microscan, SSE Technologies, Oriental Speedv Code Tech & DEV, and RJS Technologies. Cognex Corporation continues to dominate the market with its comprehensive portfolio of barcode verifiers catering to varied industry verticals.