The global barcode printers market is currently valued at USD 2,758.0 millions which is expected to reach US$ 5,656.1 Mn by 2026, according to Future Market Insights, a renowned market research and consulting firm.
The report said, “It 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 expanding at a CAGR of 5.7% over the forecast period,” reports PrintWeek India.
The growth can be attributed to the increased automation and streamlining of manufacturing processes 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,” said the report.
Retailers worldwide use barcodes for hassle-free recording of supplies and commodities and their sale to customers. 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.
The report highlighted that the industrial barcode printers will outsell desktop barcode printers and grow at CAGR of 8.3% due to a preference of sturdy and rugged barcode printers with higher productivity.
Thermal transfer barcode printers will account for the bulk of market revenues owing to very less cost involved, while dot matrix, laser and inkjet printing technologies are least preferred technologies and are on the verge of being phased out.
Major players like Zebra Technologies, Avery Dennison, Oki Electric, Toshiba TEC, and Honeywell International, collectively account for nearly 50% of market share.