The RFID and barcode printer market is expected to grow at a CAGR of 5.7% between 2017 and 2022 to reach USD 4.81 billion by 2022, according to Reportbuyer, a leading industry intelligence solution that provides all market research reports.
The key driving factors for the growth of this market, according to the research findings, include the growth of the e-commerce industry; rising demand for extracting data in various manufacturing, retail, transportation and logistics industries; and elimination of human errors. However, poor quality of print in barcode and RFID labels and tags are restraining the growth of the RFID and barcode printer market.
Industrial printers to dominate the RFID and barcode printer Segments
Industrial printers held the largest size of the RFID and barcode printer market in 2016. Industrial printers in manufacturing industry are used for applications such as address labels, apparel tagging, apparel tags, asset tracking, automotive labeling, incoming goods labeling, item identification. Logistic tracking, pallet labeling, paper/pulp labeling, price labeling, price ticketing, product and service information, and product fact tags are the applications in which these printers are used to print the labels and tags in the manufacturing industry. Industrial printers are expected to hold the largest size of this market during the forecast period due to the increasing demand in developing countries and the need for real-time information pertaining to the exact location of other assets.
Manufacturing industry to hold a major share
The market for the manufacturing industry is expected to grow at a high rate between 2017 and 2022, the report said. RFID and barcode printers are being used in the manufacturing industry in applications such as automated inspection and identification in production process using barcode labels and tags.
Labels and tags used in the manufacturing industry to manage the asset life cycle cost and increase the life cycle of an equipment as well as reliability. Industrial barcode printers in the manufacturing industry are commonly used to print labels and tags used for track and trace applications and workflow optimization.
APAC to be the fastest-growing market for GNSS chips
APAC is expected to be the fastest-growing market for RFID and barcode printers during the forecast period. The leading companies providing barcode and RFID printers are based in APAC. The Asian markets, especially in Japan and China, are more likely to govern this market in the years to come in terms of adaptability and market size.
China currently holds the largest share of the market owing to the higher adoption of barcode and RFID printers in various industries in APAC are fueling the growth of this market in this region.