Barcode verifiers are electronic devices used to measure the quality of a 1D, 2D, and Direct Part Mark (DPM) codes. Barcode verifier reads the barcode and performs a series of tests to examine the scan ability and quality of the barcode in comparison to the industry specification and standards. Any trade partner in the supply chain can use the barcode verifier to test the quality of the barcode.
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Increasing growth of the consumer goods sector is expected to fuel growth of the global barcode verifiers market
Barcodes have high application in the consumer goods sector. Barcode provides and unambiguous and universal identification for products. A barcode printed on the primary packaging of consumer goods provides important information about the product. There are many advantages associated with using barcodes for consumer goods such as that they allow faster listing of articles, facilitates accurate and faster billing at counters, increases visibility of products online, and others. Barcode verifiers are used to ensure that the barcode is easily interpreted by any intermediate reader in the supply chain with low rate of error. A retailer can impose heavy penalties for barcodes that are not in accordance with the standards. Such penalties can affect the revenue generated for manufacturers by 2% to 10% cent. Thus, it is very important that barcodes comply with the predefined international standards. Measuring accuracy of a barcode is specified by some standards. ISO/IEC 15426-1 (linear) or ISO/IEC 15426-2 (2D) is the current international barcode quality specification standard. This standard defines the quality requirements for barcodes and matrix codes. Verification process validates a barcode with respect to the specific standards and shows that barcode has been properly verified so that the products can be forwarded further in the supply chain for distribution. Thus, using barcode verifiers offers smooth functioning of supply chain in the retail sector. The barcode verifiers market growth is driven by growth in the retail sector. This is owing to rise in consumption of consumer goods. For instance, according to the World Bank Statistics, the global consumption of consumer goods reached to US$ 43.87 Trillion in 2016, up from US$ 42.794 Trillion in 2012. Thus, growth of the consumer goods sector will significantly fuel growth of the market for barcode verifiers.
Barcode Verifiers Market: Regional Insight
The barcode verifiers market is segmented on the basis of region into six regions namely, North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
North America is expected to be the largest region in the global barcode verifiers market over the forecast period. This is owing to high growth of the consumer goods sector in the region. Barcode verifiers are majorly used in the retail industry. Increasing growth of the consumer goods sector in the U.S. is expected to be one of the major driving factors for growth of the market. For instance, according to United States Census Bureau’s Annual Retail Trade Survey, the total sales of consumer goods through retail sector reached to US$ 4,856,334 Million in 2016 from US$ 4,725,993 Million in 2015. Thus, for smooth functioning of such a huge retail market demand for barcode verifiers is also expected to increase.
Asia Pacific is a fastest growing market for barcode verifiers, over the forecast period. This is owing to growth in the retail sector in the region. Major growth engines in the region include emerging economies such as China, India, and Japan. Furthermore, the retail industry in these countries is also witnessing high growth. For instance, according to India Brand Equity Foundation (IBEF), in June 2018, FMCG is the 4th largest sector of the Indian economy. The retail sector in India is expected to grow to US$ 1.1 trillion by 2020 up from US$ 672 billion in 2016. Moreover, China has also witnessed a significant growth in its retail sector. According to the National Bureau of Statistics of China, in May 2018, the total retail sales of consumer goods reached to US$ 467.39 Billion, which accounted for 8.5% growth as compared to 2017. Barcode verifiers are significantly used in the retail sector for determining the quality of barcodes printed on consumer goods. Thus, with growth in the retail sales of consumer products, demand for barcode verifiers is also expected to increase over the forecast period.
Barcode Verifiers Market: Competitive Landscape
Key players operating in the barcode verifiers market are 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.
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