Barcode Printers Market to be strongly characterized by extensive product innovations and strategic alliances, Global revenue to exceed USD 3 billion by 2024
In the recent times, barcode printers market has been witnessing rapid expansion across the globe owing to the cutting-edge products being unveiled by prominent industry players and the consistent collaborations and acquisitions being executed among the predominant and upcoming firms. Citing an instance of the latest product innovation, Printronix Auto ID Inc., one of the global leaders partaking in industrial barcode printing industry, has launched a high-performance thermal barcode printer, the T6000, equipped with advanced features such as an enhanced print speed of 14 inches per second, an interactive screen which lowers downtime, postscript and pdf support for complex labelling requirements and improved RFID capabilities. Furthermore, the latest thermal barcode printer seamlessly integrates with any network infrastructure with plug and play facility and comes with unique online data validation process which assists in producing barcodes that eliminate exorbitant compliance fees. Such dynamic and encouraging technological advancements in product development are set to favorably influence the growth prospects of barcode printers market in the upcoming years. According to research analysts, the global barcode printers industry size stood at $2 Billion in 2016.
U.S. barcode printers market, by technology, 2016 & 2024 ($Mn)
It would be prudent to mention that the thermal barcode printers have found commendable traction over the years in various industry domains due to their thermal transfer technology. The thermal transfer technology, embedded in thermal barcode printers, offers long-lasting labeling applications which have, in turn, found extensive usage in printing cards, magazines, posters, picking and shipping labels, receipts, and books. Evidently, thermal barcode printers led the barcode printers market share with over 60% of the total revenue generation across the globe in 2016 and will further propel the barcode printers market progression in the near future.
Concurrently, the diverse applications of barcode printers are increasingly being deployed in the healthcare industry. The noteworthy application such as desktop barcode printer is contemplated as an ideal product for the healthcare industry as it has aided in boosting efficiency and productivity of the industry. Desktop barcode printer has emerged to be of immense use for hospitals as it offers accurate patient information, enhanced medicine administration, parcel post, specimen collection and identification, shipping/receiving labels and patient identification. Apparently, desktop barcode printers market contributed over 20% of the revenue share of the overall barcode printers industry portion in 2016. The growing demand for barcode-based wristbands for patient identification will drive the barcode printers market expansion over the forecast time frame.
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Meanwhile, it would be well advised to enumerate the challenges that would impede the growth potential of barcode printers industry in the longer run. The barcode printers industry has been marred by the low printing quality of labels, add to it the rising prominence of Radio Frequency Identification (RFID) tags may constrain the business growth of barcode printers.
Speaking of the regional expansion outlook, Asia Pacific barcode printers market would witness an exceptional growth rate in the ensuing years due to the swift adoption of this technology in retail, textiles, manufacturing, healthcare, and inventory management spheres of emerging economies such as China and India. Moreover, the rising exports in pharmaceutical and retail sectors of India will positively impact the industry progression.
Speaking of the competitive landscape, the business fraternity is anticipated to witness intense competition among the major industry players such as Printonix Auto Id Inc., Epson America Inc., Toshiba Tec Corporation, Zebra Technologies, Honeywell Scanning and Mobility, Dascom, Printek, Seiko Epson Corporation and Godex International Co. Ltd etc, along with robust collaborations and alliances among the market participants and software solutions providers. A recent instance that can be cited is the partnership between the leading barcode printers’ producer, Epson America Inc., with the major developer of barcode labeling software, TEKLYNX International. The alliance features the seamless integration of TEKLYNX barcode label design software and Epson’s inkjet color label printer that would provide GHS-compliant chemical barcode labeling for all the sizes in the manufacturing industry. With such product developments and advancements, the commercialization matrix of barcode printers market is overt to garner substantial gains in the forthcoming years, with a CAGR estimation of 5% over 2017-2024. In terms of market share, barcode printers industry, as claimed by Global Market Insights Inc., would exceed $3 Billion by 2024.
Author Name : Saif Ali Bepari