The rise in demand for mobile barcode printers is expected to drive the global barcode market growth in the next five years as the usage of bar-coded wristbands for identification of patients in hospitals and individuals in important events has further augmented the demand, according to a study.
Predicting that the global barcode printer market will reach US $ 3.81 billion by 2020, a study by Grand View Research, an international market research and consulting company, said, the increase in number of organized retail stores worldwide has also helped the barcode printers’ market growth, since products embedded with barcode tags help more efficient and faster billing.
The study also predicted that barcode printer market in Asia Pacific region will witness high growth rate over the next five years with North American market continuing to contribute over 40 per cent growth to the global figure.
Growing adoption of Radio Frequency Identification (RFID) may pose a challenge to market growth over the next six years owing to the numerous advantages offered by the technology, such as dynamic storage of information which can be updated periodically.
While industrial printers dominated the barcode printers market in 2013, accounting for over 60% of the overall revenue share, mobile printers are expected to witness high growth over the next five years due to their ease of use and utility in numerous field-based applications. Mobile gadgets have been increasingly used by organizations’ salespersons in order to conduct business and issue authentic invoices and receipts irrespective of the time and place.
Noticing that thermal technology based printers accounted for over 60% of the market share as compared to their non-thermal counterparts, the report highlighted the former’s reliability, high speed, low noise and provision for easy cleaning for its popularity among retailers.
Among thermal technology based printers, the direct thermal technology is expected to witness significant growth over the forecast period owing to enhanced durability, low operational costs and elimination of the need for disposing used ink ribbons, making it more eco-friendly, the report further added.