) July 21, 2022 -- According to Fact.MR’s Latest Research, the global barcode software market is predicted to witness a moderate growth rate of 6.3% during the forecast years 2022 to 2032. The net worth of the barcode software market share is expected to reach USD 1.4 Billion by the year 2032, increasing from a value of USD 694.9 Million in the year 2021.
As a result of the several benefits of using barcode technology, it has become one of the most popular methods for saving time and minimizing mistakes in the retail business, which is driving up the demand for barcode software among several enterprises. The adoption of barcode software has also provided chances for solution suppliers to target the supply chain segment for growth and revenue generation by the users.
Furthermore, the adoption of barcode software has enabled institutions to run more smoothly and effectively while also drastically decreasing mistakes incurred by employees. For instance, Zebra Technologies Corporation reported a scenario of a bakery firm that saved USD 3 million in inventory and distribution expenses in the first year after deploying barcode software in its inventory monitoring system.
This comprehensive barcode software market analysis report by Fact.MR segments the global market by its application, end-use industrial verticals, and geographical regions. The global barcode software market is categorized as asset management, package tracking, staff attendance & time monitoring, and others within the application segment. On the basis of end-user industrial verticals, the market is segmented into BFSI, transport and logistics, Healthcare, telecom & IT, and Others.
What is the outlook for the Asia Pacific region's Barcode Software market?
Given the current barcode software market trends that the Asia Pacific region is seeing, it is the region that is performing the best out of the five major geographical areas. During the anticipated time frame, it is anticipated to experience an overall year-over-year growth rate of 6.3 percent.
According to the barcode software market report, China will be the top contributor in this area in 2022, with an estimated 57 million US dollars. A strong focus on building a strong services export infrastructure and the growth of information and communications technology (ICT) enterprises in the nation have helped the regional barcode software market grow at a rate of 5.7% from 2022 to 2032, according to forecasts.
· The overall growth of the global barcode software market size, in terms of absolute Dollar, is predicted to be around USD 630.8 Million through 2021 to 2032.
· Asset management segment is predicted to be the rapidly growing segment on the basis of applications for barcode software at various end-use verticals by witnessing a CAGR of 6.4%.
· Currently, the United States (US) barcode software market dominates the total revenue generated by contributing nearly USD 271.5 Million in 2022.
· Asia Pacific is the fastest growing region in demand for barcode software that has translated into an overall record CAGR of 6.3% over the forecasted years.
· China is poised to be very lucrative country for the barcode software market players that is estimated to reach a valuation of USD 98.9 Million by the end of this forecast period in 2032.
· By End User:
-Banking, Financial Institutions, and Insurance (BFSI)
-Transportation and Logistics
· By Application:
-Employee attendance and Time Tracking
Some of the prominent players contributing significantly for the global barcode software market growth are Dynamic Systems Inc., Cvision Tchnologies, Inc, Datalogic S. p. A, Denso ADC, General Data Company, Inc., Honeywell International Inc., NCR Corporation, Zebra Technologies Corporation, and ZEBEX Industries Inc. among others.
Recent Developments in Gym Apparel Market
· General Data Company announced that it would purchase AmeriGraph Packaging Group by the end of 2020. Following this development, General Data‘s label conversion capabilities now encompass prime labels and shrink sleeve packaging for consumer goods and packaged food. It has also bolstered the company’s portfolio by adding a distribution centre for southeast region to better serve its existing clients.
· Datalogic is a leader in data capturing and process automation that announced acout releasing the MatrixTM320 during the mid-2020. It is regarded as the most efficient and small industrial fixed image-based barcode scanner that is capable of providing more flexibility and performance while improving operator safety and reducing total cost of ownership (TCO) as well.
Key Question answered in the Survey of Barcode Software market Report By Fact.MR
· Post COVID consumer spending on the Barcode Software market: The report includes post-COVID consumer spending analysis. This information will help business leads understand the shifts in purchasing power and behavior
· Manufacturing trend analysis: Vital information on how market players are aligning their manufacturing strategies with respect to evolving consumer sentiments
· Barcode Software market Merger and acquisition activity: Fact.MR’s analysis also includes merger & acquisition activity analysis. Barcode Software market developers and stakeholders will not only know the recent M&As but also understand their impact on the competitive landscape and market share
· Barcode Software Market demand by country: The report forecasts Barcode Software demand by country, giving business leaders insights to know fast-growing, stable, and mature markets