The global barcode printer market will reach US $ 3.81 billion by 2020, according to a new study by Grand View Research, an international market research and consulting company.
Rise in demand for mobile barcode printers will drive market growth during the forecast period, the report noted, adding, usage of bar-coded wristbands for identification of patients in hospitals and individuals in important events has multiplied the demand in mobile barcode printer market.
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 check-outs. Noting that the increased adoption of Radio Frequency Identification (RFID) will be a challenge to market growth in the next six years due to advantages offered by technology, the report further said, such a dynamic storage of data can be updated periodically.
Key findings from the study:
Industrial printers were the forerunner of the barcode printers market in 2013, making over 60% of the overall revenue. However, mobile printers are witnessing high growth over the last few years due to ease of use and usage in various field-based applications. These printers are increasingly used by sales people during business meetings and issuing invoices and receipts, anytime and anyplace.
Thermal technology printers
Thermal printers constitute over 60 per cent of market share compared to non-thermal ones due to reliability, low noise, high speed and easy maintenance. Among thermal printers, direct thermal ones will witness significant growth over the next ten years due to durability, low operational expenses and non-usage of ink ribbons, which make them eco-friendly, the report said.
Among industries, healthcare and retail are going to be the lucrative sectors for barcode printers over the forecast years as these sectors are poised to see phenomenal growth. In healthcare sector, barcode printers mainly used for printing tags for patient identification for preventing medical errors during surgical procedures and specimen collection.
Highlighting the fact that India is expected to witness high growth in the coming decade, the report found that North America dominates the market accounting for over 40% of the overall revenue.
As per India Barcode Scanners & Printers Market Forecast & Opportunities 2017, revenues of the barcode industry in India are likely to grow at a whooping CAGR of around 30% during 2011-2017. Companies like Honeywell, Motorola, Argox and Datalogic are the major players in the barcode scanners segments and together they have over 75% of the market share, while Zebra, Citizen, etc. are leading the show in barcode printers in India. The lack of presence of domestic players in the barcode sector has helped foreign players in a significant manner, the report stated.