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Mobile Phone Camera-Based Scanning Software Market to Surge with 7.5% of CAGR by 2028 fuelled by Emergence of Budget-Centric Smartphones
NEW YORK, UNITED STATES, February 1, 2022 /EINPresswire.com/ — According to our latest market study on “Mobile Phone Camera-Based Scanning Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Operating system,” the market is projected to reach US$ 403.01 million by 2028 from US$ 243.43 million in 2021; it is expected to grow at a CAGR of 7.5% from 2021 to 2028.
Mobile phone camera-based scanning software market is segmented on the basis of application and operating system. Based on application, the market is segmented into retail, logistics, healthcare, hospitality, postal, and others. The retail segment accounted for the largest revenue share in the market in 2020. Based on operating system, the mobile phone camera based scanning software is segmented into Android and iOS. The Android segment contributed the largest share to the market in 2020. In terms of geography, the mobile phone camera-based scanning software market is primarily segmented into North America, Europe, APAC, the MEA, and SAM. North America held the largest market share in 2020, followed by Europe and APAC.
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The world is witnessing a significant surge in smartphone usage. Currently, the global number of smartphone users is ~6.38 billion, i.e., 80.7% of the world’s population. In total, the number of people that own a smartphone and a feature phone is 7.10 billion, making up 89.8% of the world’s population. Therefore, having a smartphone is quite common, and any low-income group people can also buy budget-friendly smartphones. Moreover, Asia Pacific is the most rapidly growing market for mobile phones due to the availability of better telecom infrastructure and numerous budget-centric smartphones. Thus, with the growth in smartphone usage, scanning software is also increasingly being used for barcode scanning during inventory management or parcel delivery and other applications. Therefore, the emergence of budget-centric smartphones is creating more opportunities for the mobile phone camera-based scanning software market players.
Impact of COVID-19 Pandemic on Mobile Phone Camera-Based Scanning Software Market
The COVID-19 pandemic has shaken several industries. The rapid spread of the virus compelled governments worldwide to impose strict restrictions on vehicles and humans movement in early 2020. Travel bans, mass lockdowns, and business shutdowns have resulted in the lowered production of commodities, goods, and services in the last one and a half years. In 2020, apart from the continuous rise in COVID-19 cases, the manufacturing sector witnessed severe losses due to the temporary shutdown of factories and low production volumes, which harmed the progress of the logistics sector to a great extent. Physical distancing measures led logistics service providers to limit their operations, negatively impacting the mobile phone camera-based scanning software market during 2020. However, in 2021, with the gradual relaxations in lockdown and surge in vaccination processes, industries such as retail and hospitality resumed their operations, and the mobile phone camera-based scanning software market has regained momentum.
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Market Size Value in – US$ 243.43 million in 2021
Market Size Value by – US$ 403.01 million by 2028
Growth rate – CAGR of 7.5% during 2021 to 2028
Forecast Period – 2021-2028
Base Year – 2021
No. of Pages – 147
No. Tables – 57
No. of Charts & Figures – 75
Historical data available – Yes
Segments covered – Application and Operating System
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Increasing Use of Barcode Scanning Fuels Market Growth
Barcode scanning is increasingly used in various applications across several industries to improve efficiency in multiple ways, mostly in retail stores, logistics, and other places where inventory tracking is necessary. Barcodes reduce human error to a great extent, are effective in helping organizations conserve resources, save money, and improve productivity. For instance, in the case of healthcare centers, switching from manual data entry to mobile-based barcode software helps eliminate preventive errors that can lead to inpatient death. Thus, when implemented correctly, mobile-based barcode scanning helps reduce medication errors in various healthcare centers. With the widespread use of smartphones—approximately 3.5 billion users across the world have adopted smartphones in their working lives—barcode scanning is also rising.
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The players operating in the mobile phone camera-based scanning software market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
– In October 2021, Apple iOS 15 is now fully compatible with barcode scanner manufactured by KOAMTAC, Inc., a leading manufacturer of Bluetooth companion barcode scanners, RFID Sleds, mPOS systems, and enterprise charging solutions. The KDC scanners, including popular offerings such as the KDC180, KDC280, and KDC470, are small Bluetooth barcode scanners that can perform a variety of data collecting tasks in warehousing, healthcare, retail/e-commerce, transportation and logistics, and manufacturing industries.
– In February 2021, Scandit, the leading provider of an enterprise technology platform for mobile computer vision and augmented reality (AR), hasannounced that Consignor, a multi-carrier shipping solution, has integrated Scandit's Barcode Scanner SDK into its new Scan App Pro.
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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