Barcode Software Market Growth Prospectus with 7.1% of CAGR by 2027 – Honeywell International, NCR Corporation, Zebra Technologies Corporation, ZEBEX INDUSTRIES

Research Reports

Mar 01, 2021

According to the new research report, titled “Barcode Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Application (Package Tracking, Employee Attendance and Time Tracking, Asset Management, Others); End User (BFSI, Transportation and Logistics, Manufacturing, Healthcare, Retail, Others)” published by The Insight Partners, the market is expected to reach US$ 1,046.7 millionby 2027, registering a CAGR of 7.1% from 2020 to 2027.

Barcode is an automatic identification technology that finds applications in asset management, package tracking, time tracking, and so on. Barcode software solutions help in design and generation of barcodes, offer traceability feature, and read printed barcodes along with providing scanning abilities. The need for accurate real-time data collection process; and increased use of barcode in logistic & transportation and healthcare sector are the key factors driving the barcode software market growth.

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Impact of COVID-19 Pandemic on Barcode Software Market

The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021. The outbreak has created significant disruptions in primary industries, such as consumer electronics, semiconductor, automotive, and IT infrastructure. All these industries are crucial for the growth of global barcode software market as they are the major demand generators for barcode software. The factory shutdowns, travel bans, trade bans, and border lockdowns have impacted both manufacturing and sales of various consumer electronic products and components. The global electronics and semiconductor industry is one of the major industries that is facing serious disruptions due to supply chain issues and manufacturing shutdowns.

The barcode technology improves and enhances every aspect of the supply chain management. It makes the entire business integration process effective and smooth. The technology helps in tracking the product shipment status in negligible time, thus reducing errors in the overall process. Further, it is affordable and easy to operate. Owing to these benefits, the popularity of the use of barcode technology is increasing among enterprises, especially for supply chain management. Tracking via barcode software helps save time and money, and ensures the use of accurate data for decision-making. The manual inventory management takes several hours to complete; on the other hand, barcode tagging enables tracking and analysis of shipment in real time, making the overall supply chain operations smooth and fast. Dijon University Hospital implemented GS1 barcodes to ensure greater supply chain security and efficiency. Moreover, these barcodes have helped the hospital to operate more smoothly and efficiently, along with reducing errors completely. Similarly, Zebra Technologies Corporation in one its report cited a case of a baking company that reduced its inventory and distribution costs by US$ 3 million in the first year after implementing an inventory tracking system. Monitoring and capturing more information on their products allowed the baking company to gain accurate and timely information of inventory. Thus, the benefits of barcode technology have made it one of the popular ways of saving time and reducing errors, which is escalating their demand among businesses, thus creating opportunities for solution vendors to target supply chain segment for expansion and revenue generation.

Strategic Insights

Product development is one of the commonly adopted strategies by companies to expand their product portfolio. Bluebird Inc; DENSO ADC; Honeywell International Inc; General Data Company, Inc.; and Dynamic System Inc are among the key players implementing strategies to enlarge the customer base and gain significant share in the barcode software market, which in turn permits them to maintain their brand name in the global market.

Report Spotlights

Progressive industry trends in the global barcode software market that help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the global barcode software market from 2018 to 2027
Estimation of global barcode software demand across various industries
PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
Recent developments to understand the market competition and global demand
Market trends and outlook, coupled with factors driving and restraining the growth of the global market
Decision-making process by understanding strategies that underpin commercial interest with regard to global barcode software market growth

Global barcode software market size at various nodes of market
Detailed overview and segmentation of the global barcode software market, as well as its dynamics in the industry
The global barcode software market size in various regions with promising growth opportunities

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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