The identification (id) barcode readers in factory automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Identification (ID) Barcode Readers In Factory Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The identification (ID) barcode readers in the factory automation market size have grown strongly in recent years. It will grow from $2.38 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to improved database integration capabilities for data management, automatic data capture and process automation, advancements in mobile compatibility for ID barcode scanning, increasing adoption of ID barcode reading in diverse industries, reduced errors in data entry and record-keeping.
The identification (ID) barcode readers in the factory automation market size are expected to see strong growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to the increasing use of image recognition applications, growing demand for precision and reliability in production, adoption of high-speed scanners for faster processing, expansion of regulatory requirements and industry standards, and increasing need for secure and tamper-resistant id verification. Major trends in the forecast period include innovation in ID barcode technology applications, compliance assurance, quality control enhancement, product innovation, and advanced barcode readers.
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Scope Of Identification (ID) Barcode Readers In Factory Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Identification (ID) Barcode Readers In Factory Automation Market Overview
Market Drivers –
The increasing use of image recognition applications is expected to drive the growth of ID barcode readers in the factory automation market going forward. Image recognition refers to identifying and detecting objects or features in digital images and photographs. The demand for ID barcode readers in factory automation to enhance efficiency, traceability, and error reduction in production and inventory management processes. Image recognition uses ID barcode readers to quickly and accurately identify and process information encoded in barcode images, facilitating automated data retrieval and management. For instance, in January 2022, according to a report published by Capital Economics, a UK-based economics company, about 2% of businesses are testing AI, and 10% plan to adopt AI technologies, which equals around 62,000 and 292,000 businesses, respectively. Among AI applications, data management and analysis are the most common, used by 9% of UK firms. This is followed by natural language processing (8%), machine learning (7%), AI hardware (5%), and computer vision/image recognition (5%). Therefore, the increasing use of image recognition applications drives growth in ID barcode readers in the factory automation market.
Market Trends –
Major companies operating in the identification (ID) barcode reader market in the factory automation market are focusing on innovation in ID barcode technology applications, such as compact industrial 1D code readers, to provide reliable and high-performance barcode reading capabilities. Compact industrial 1D code readers are barcode scanners designed for manufacturing and logistics environments. For instance, in January 2024, Datalogic S.p.A., an Italy-based industrial automation company, launched the Blade Series, a new line of compact industrial 1D code readers designed to provide cutting-edge traceability for the packaging and intralogistics industries. It features a solid-state 1920×128 pixel camera sensor, advanced lighting, and high-precision 1-dimensional decoding. It consistently detects labels despite discoloration, damage, wear, or low quality.
The identification (ID) barcode readers in factory automation market covered in this report is segmented –
1) By Technology: Quick Response (QR) Or Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
2) By Offering: Hardware, Software, Services
3) By Deployment: Cloud, On-Premise
4) By Application: Augmented Reality, Scanning And Imaging, Security And Surveillance, Marketing And Advertising, Image Search
5) By End Use: Automobile And Transportation, Banking, Financial Services, And Insurance (BFSI), Government, Healthcare, Information Technology (IT) And Telecom, Media And Entertainment, Retail And E-Commerce, Other End Uses
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Regional Insights –
North America was the largest region in the identification (ID) barcode readers in the factory automation market in 2023. The regions covered in the identification (ID) barcode readers in factory automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the identification (ID) barcode readers in factory automation market are Hitachi Ltd., Siemens AG, Qualcomm Technologies Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Ricoh Company Ltd., Emerson Electric Co., Rockwell Automation Inc., Keyence Corporation, Omron Electronics LLC, Zebra Technologies, Cognex Corporation, Data Logic S.p.A, Jadak LLC, ECOM Instruments GmbH, Clarifai Inc., Wikitude GmbH, Custom Sensors Inc
Table of Contents
1. Executive Summary
2. Identification (ID) Barcode Readers In Factory Automation Market Report Structure
3. Identification (ID) Barcode Readers In Factory Automation Market Trends And Strategies
4. Identification (ID) Barcode Readers In Factory Automation Market – Macro Economic Scenario
5. Identification (ID) Barcode Readers In Factory Automation Market Size And Growth
…..
27. Identification (ID) Barcode Readers In Factory Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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