Global Identification (ID) Barcode Readers In Factory Automation Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

 Identification (ID) barcode readers in factory automation refer to devices used to scan and decode barcode information within industrial settings. These readers are essential components of automated systems that rely on identifying and tracking items, parts, or products throughout the manufacturing and assembly processes.

Sizing and Forecast
The identification (ID) barcode readers in the factory automation market size have grown strongly in recent years. It will grow from $2.38 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%.  The growth in the historic period can be attributed to improved database integration capabilities for data management, automatic data capture and process automation, advancements in mobile compatibility for ID barcode scanning, increasing adoption of ID barcode reading in diverse industries, reduced errors in data entry and record-keeping.

The identification (ID) barcode readers in the factory automation market size are expected to see strong growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.  The growth in the forecast period can be attributed to the increasing use of image recognition applications, growing demand for precision and reliability in production, adoption of high-speed scanners for faster processing, expansion of regulatory requirements and industry standards, and increasing need for secure and tamper-resistant id verification. Major trends in the forecast period include innovation in ID barcode technology applications, compliance assurance, quality control enhancement, product innovation, and advanced barcode readers.

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Segmentation & Regional Insights
The identification (ID) barcode readers in factory automation market covered in this report is segmented –

1) By Technology: Quick Response (QR) Or Barcode Recognition, Object Recognition, Facial Recognition, Pattern Recognition, Optical Character Recognition
2) By Offering: Hardware, Software, Services
3) By Deployment: Cloud, On-Premise
4) By Application: Augmented Reality, Scanning And Imaging, Security And Surveillance, Marketing And Advertising, Image Search
5) By End Use: Automobile And Transportation, Banking, Financial Services, And Insurance (BFSI), Government, Healthcare, Information Technology (IT) And Telecom, Media And Entertainment, Retail And E-Commerce, Other End Uses

North America was the largest region in the identification (ID) barcode readers in the factory automation market in 2023. The regions covered in the identification (ID) barcode readers in factory automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing use of image recognition applications is expected to drive the growth of ID barcode readers in the factory automation market going forward. Image recognition refers to identifying and detecting objects or features in digital images and photographs. The demand for ID barcode readers in factory automation to enhance efficiency, traceability, and error reduction in production and inventory management processes. Image recognition uses ID barcode readers to quickly and accurately identify and process information encoded in barcode images, facilitating automated data retrieval and management. For instance, in January 2022, according to a report published by Capital Economics, a UK-based economics company, about 2% of businesses are testing AI, and 10% plan to adopt AI technologies, which equals around 62,000 and 292,000 businesses, respectively. Among AI applications, data management and analysis are the most common, used by 9% of UK firms. This is followed by natural language processing (8%), machine learning (7%), AI hardware (5%), and computer vision/image recognition (5%). Therefore, the increasing use of image recognition applications drives growth in ID barcode readers in the factory automation market.

Key Industry Players
Major companies operating in the identification (ID) barcode readers in factory automation market are  Hitachi Ltd., Siemens AG, Qualcomm Technologies Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Ricoh Company Ltd., Emerson Electric Co., Rockwell Automation Inc., Keyence Corporation, Omron Electronics LLC, Zebra Technologies, Cognex Corporation, Data Logic S.p.A, Jadak LLC, ECOM Instruments GmbH, Clarifai Inc., Wikitude GmbH, Custom Sensors Inc

The identification (id) barcode readers in factory automation market report table of contents includes:
1. Executive Summary

2. Identification (ID) Barcode Readers In Factory Automation Market Characteristics

3. Identification (ID) Barcode Readers In Factory Automation Market Trends And Strategies

4. Identification (ID) Barcode Readers In Factory Automation Market - Macro Economic Scenario

5. Global Identification (ID) Barcode Readers In Factory Automation Market Size and Growth

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32. Global Identification (ID) Barcode Readers In Factory Automation Market Competitive Benchmarking

33. Global Identification (ID) Barcode Readers In Factory Automation Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Identification (ID) Barcode Readers In Factory Automation Market

35. Identification (ID) Barcode Readers In Factory Automation Market Future Outlook and Potential Analysis

36. Appendix

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