The barcode software market was valued at US$ 609.46 million in 2019 and is projected to reach US$ 1,046.74 million by 2027; it is expected to grow at a CAGR of 7.1% from 2019 to 2027.
The increasing competition across sectors such as manufacturing, retail, healthcare, and transportation and logistics has maximized the need for effective and efficient barcode software.Barcode solutions help enterprises in keeping track of their shipment as well as asset by offering real-time data.
Moreover, these data help enterprises to make better decision and improve the overall productivity.Further, these software solutions help enterprises achieve time optimization, error reduction, on-time delivery, and enhanced productivity.
Zebra Technologies Corporation, Honeywell International, Datalogic, and Denso ADC are among the barcode software providers offering products integrated with innovative features.
The APAC barcode software market is expected to witness a tremendous growth during the forecast period.The manufacturing companies in APAC are continuously scaling up their production capabilities to meet the ever-increasing customer demand for various commodities.
China, India, South Korea, Japan, and Australia are considered key countries in the APAC barcode software market.The region constitutes several countries attracting a significant volume of international air passengers, including students, tourists, business professionals, etc.
China and India, which are continuously striving to bring improvements in their airport infrastructure, are generating huge demands for numerous airport-related security products and services, including the barcode technologies—and the related tools such as printers, software, and scanners—to print highly secured labels on passports. The retail, transportation and logistics, medical, and other sectors in APAC are procuring barcode software to digitally generate labels for their products and solutions.The demand for products made in China has been rising over the years; however, the country is continuously witnessing a surge in counterfeit products due to such high demands.
This has encouraged various original equipment manufacturers (OEMs) in the country to deploy label printers that are operated with the use of barcode software.The counterfeit drug and medicine market in ASEAN countries is extremely lucrative.
According to the UN Office of Drugs and Crime study, Southeast Asian consumers spend ~US$ 2.6 billion on drugs that may be lacking active pharmaceutical ingredients (APIs). Also, according to the Thailand Food and Drug Administration, only 5% of 142 pharmaceutical manufacturers are capable of producing APIs. These statistics highlight the dominance of counterfeit pharmaceutical products in the region. Thus, several pharmaceutical manufacturers invest in barcode software to print barcode labels for the authentication of their products. This is catalyzing the growth of the barcode software market in APAC.
Bluebird Inc; Dynamic System Inc.; CVISION TECHNOLOGIES, INC; Datalogic S.p.A; DENSO ADC; General Data Company, Inc.; Honeywell International Inc.; NCR Corporation; Zebra Technologies Corporation; and ZEBEX INDUSTRIES INC are among the major players present in the global barcode software market.
Impact of COVID-19 Pandemic on Barcode Software Market
COVID-19 outbreak, which began in Wuhan (China) in December 2019, has rapidly spread across the world.It has badly affected China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US in terms confirmed positive cases and reported deaths.
The COVID-19 outbreak has affected economies and industries in various countries as it has resulted in lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the barcode software market due to factory shutdowns, disrupted supply chain, and downturned global economy.
Overall size of the global barcode software market has been derived in accordance to primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the barcode software.
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