The rapid growth in e-commerce industry, increasing online transactions globally, and rising adoption of barcode decoding software in logistics & transportation industry are expected to drive the global barcode decoding software market's growth during the forecast period. The North America region is projected to witness prominent growth by 2032.
NEW CASTLE, Del., March 26, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Barcode Decoding Software Market Size, Share, Competitive Landscape and Trend Analysis Report by Deployment Mode, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global barcode decoding software market generated $329.8 million in 2022, and is anticipated to generate $612.1 Million by 2032, rising at a CAGR of 6.4% from 2023 to 2032.
Prime Determinants of Growth
The growth in the number of online transactions and the exponential expansion of the e-commerce industry are the factors expected to drive the growth of the global barcode decoding software market in the forecast period from 2023 to 2032. However, the widespread use of barcode technology across various industries brings forth significant concerns regarding security and data privacy, which may hamper the market growth in the coming future. On the contrary, barcode decoding software presents significant opportunities for streamlining operations and enhancing efficiency within the logistics & transportation industry, which is expected to offer remunerative opportunities for the expansion of the barcode decoding software market during the forecast period.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $329.8 million |
Market Size in 2032 | $612.1 million |
CAGR | 6.4 % |
No. of Pages in Report | 305 |
Segments covered | Deployment Mode, Application, and Region |
Drivers | Surging e-commerce industry globally Rise in number of online transactions Increasing consumer base in shopping malls |
Opportunities | Innovations in logistics & transportation industry Advancements in on-premise barcode deployment |
Restraints | Security and data privacy concerns |
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Deployment Mode: On-premise Sub-segment to be the Most Dominant by 2032
The on-premise sub-segment accounted for the largest global barcode decoding software market share of 66.9% in 2022 and is expected to grow at the highest CAGR of 6.5% during the forecast period. This is mainly because on-premise solutions offer businesses enhanced control over their data, enabling adherence to industry regulations and safeguarding sensitive information. In addition, these solutions mitigate security risks associated with external servers or cloud services, boosting confidence in clients regarding data protection measures. Moreover, the ability of on-premise solutions to ensure regulatory compliance positions them as a preferred choice for businesses striving to maintain data integrity and confidentiality.
Application: Manufacturing Units Sub-segment to Witness Significant Growth by 2032
The manufacturing units sub-segment accounted for the largest global barcode decoding software market share of 32.1% in 2022 and is expected to hold its dominant position during the forecast period. One of the primary reasons for this dominance is manufacturing units' pivotal role in refining processes, boosting efficiency, and optimizing inventory management. Industrialization trends further augment its growth, showcasing its transformative impact on streamlined operations and competitiveness. With industries prioritizing automation, the demand for barcode decoding software solutions is poised to surge, solidifying its indispensability in modern manufacturing.
Region: North America Market to Hold Major Market Share by 2032
The barcode decoding software market in the North America region accounted for the largest share of 36.5% in 2022 and is predicted to continue to hold major market share by 2032. This growth is mainly owing to leveraging its advanced technological infrastructure and widespread adoption of barcode technology across diverse industries. The presence of key players fostering innovation through continuous R&D investments is leading to technological advancements to meet market demands. Moreover, widespread recognition of barcode technology's role in optimizing workflows and supply chain management is driving the regional market growth.
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Leading Players in the Barcode Decoding Software Market:
- Capterra
- Cognex vision
- Archon Systems Inc.
- Honeywell
- Banner
- TEKLYNX
- Datalogic
- Britecheck
- Zebra
- Loftware
The report provides a detailed analysis of the key players of the global barcode decoding software market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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