According to a recent market report published by Future Market Insights titled, “Barcode Printers Market - Global Industry Analysis & Opportunity Assessment, 2016-2026,” the revenue generated from sales of barcode printers globally, which is currently at US$ 2,758.0 Mn, is expected to increase at a CAGR of 7.4% over the forecast period (2016–2026), to be valued at US$ 5,656.1 Mn by 2026 end.
In terms of volume, the global barcode printers market is projected to be pegged at 5,384,3000 units by 2026 end, expanding at a CAGR of 5.7% over the forecast period.
Barcode printer is defined as an electronic device designed specifically for printing of barcodes. The working principle and built of a barcode printer is slightly different from computer printers as it uses ribbons and labels working in tandem to get a barcode printed. Barcode printers usually don’t have programmable logic controllers on their own, but rely on an external computer system.
Growth in the manufacturing sector is reviving after the 2008 economic crisis. Automation and streamlining of manufacturing processes are being adopted by a large number of manufacturing companies worldwide to reduce time and material wastage, thereby improving efficiency and output. Barcoding is one such technique that is increasingly being adopted. This process has reduced production time considerably in the manufacturing process, thereby driving demand for barcode printers.
Barcodes have become the de facto standard for product information storing and labelling. Retailers worldwide use barcodes for hassle-free recording of supplies and commodities and their sale to customers. Barcodes imprinted on labels are stuck to the products and they record information about the product count, date of manufacture, date supplied to the retailer, selling price, etc.
When these products are scanned, the information is retrieved and monitored. This entire process, which is achieved within a matter of seconds, not only increases efficiency but also minimizes errors. This has helped retailers record their products and inventory on shop floors and warehouses.
However, threat of RFID tags as substitutes to barcode labels and low compatibility of barcode printers with different operating systems act as restraints in the global barcode printers market.