Need of barcode software for supply chain management is attributing to the growth of the market. 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 USD 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.
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Barcode Software Market: Strategic Insights
The coronavirus outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Since majority of the countries are exercising lockdowns, the demand for barcode software is decreasing at a prominent rate. This is due to the fact that, the key barcode software purchasing countries have been restricting their investment on these components, and are utilizing a fair percentage of their budget to combat COVID-19. The temporary shutdown of manufacturing facilities is also showcasing negative trend in the barcode software Market. The continuity of the COVID-19 spread, would be severely dangerous for barcode software Market players.
Barcode software solutions enhance the speed and accuracy of data collection, thereby enabling and empowering companies of all sizes to speed up their business operations. These software products reduce human errors and improve inventory management process. With increasing competition among enterprises in the healthcare, manufacturing, retail, and transportation sectors, among others, the need for accurate data real-time collection technologies has significantly increased, which is creating demand for advance and easy to implement barcode software solutions. TEKLYNX offers label design solutions that help create simple labels with text, images, and barcodes as well as more complex labels complying with different regulations. A few of the key features of TEKLYNX’s barcode software include design and integration capability, comprehensive database connections, and industry-leading label templates. Similarly, Denso ADC, General Data Company, Honeywell International, and Zebra Technologies Corporation offer effective and efficient barcode software solutions for various industry needs and requirements. Manufacturers use barcode software to keep track of their inventory quantities, along with reducing operational risks and eliminating unnecessary delays in business functioning. Many small, mid-size, and large manufacturing companies are seeking more efficient and affordable barcode software solutions, which is driving the overall market.
Based on application, the barcode software market is segmented into package tracking, employee attendance and time tracking, asset management, and others. The asset management segment held the largest market share in 2019.
Players operating in the barcode software market are mainly focused on the development of advanced and efficient products.
The regional trends and factors influencing the Barcode Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Barcode Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 649.07 Million |
| Market Size by 2027 | US$ 1,046.74 Million |
| Global CAGR (2020 - 2027) | 7.1% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Barcode Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Barcode Software Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Barcode Software Market
Based on application, the asset tracking segment is dominated the market in 2019. Enterprises across the industry vertical, use barcode technology to track and manage company asset in real-time. Data capture software offered by solution providers has transformed camera equipped devices into a powerful barcode scanner; thereby, helping organizations to effectively mobilize their asset management via various tracking apps.
Need for accurate real time data collection method along with increasing demand for such software among logistics & transportation and healthcare sector is driving the global barcode software market.
In terms of revenue share, Asia Pacific held the largest share of global Barcode Software market in 2019 and it is anticipated to continue its dominance over the forecast period of 2020 to 2027. North America is the second largest revenue contributor, followed by Europe in 2019. Strong industry base especially in BFSI, IT & telecom, automotive, healthcare, and retail sectors is the major factors responsible for high adoption of Barcode Software solutions in the Asia Pacific region.