The global Barcode Printer market is expected to witness an exponential growth of USD 5656 million, more than double the current value of USD 2756 million by 2026, registering a Compound Annual Growth Rate (CAGR) of 7.4 per cent, according to a study.
The report by Future Market Insights “Barcode Printers Market – Global Industry Analysis and Opportunity Assessment 2016-2026,” also predicted that on account of number of units, there will be over 53 million barcode printer units by 2026 compared to 30.8 million gadgets in 2016 with the CAGR of 5.7 per cent.
Citing that a large number of manufacturing companies worldwide are adopting automation and streamlining processes to reduce material and time loss, the report further said that these companies are adopting barcoding technique that helps them improve efficiency and output. Hence demand for barcode printers has increased manifold.
Barcodes are mainly used for labelling and storing product information. Shop owners use barcodes for error-free stock-taking of commodities and supplies and register sales. Labels imprinted with Barcodes are stuck on the goods or merchandise which provide details about the product count, manufacture date, expiry date (in case of food items), supplied date, ingredients, MRP, etc.
When the store executive scans these products at checkouts or point of sale counters, the information is read, stored and monitored for future use. All these processes happen within a matter of seconds with high efficiency and almost nil errors. Modern barcode scanners help retailers to record inventory in shop floors or at warehouses as they are wireless and wifi-enabled.
However, there are certain limitations that have affected the growth of barcode technology. The usage of RFID tags instead of barcode labels and low compatibility of barcode printers with different Operating Systems (OS) have restrained global barcode printers market.
The global barcode printer market can be categorized into six segments based on printing technology, printer type, applications, consumables, region and distribution channel.
As for as types and usability, barcode printers can be Desktop Barcode Printers, Industrial Barcode Printers and Mobile Barcode Printers. Printing technology wise, barcode printer are classified into Direct Thermal, Thermal Transfer, Laser, Dot Matrix and Ink Jet. On the basis of Distribution Channel, the market is segmented into Direct-to-OEM, Direct-to-End User, Systems Integrator and Dealer/Distributor. Barcodes are used in retail, industrial/manufacturing, transportation/logistics, government, healthcare and commercial services.
According to the report, the Industrial Barcode Printer market holds the highest share of 46.1% followed by Desktop Barcode Printer Market. The former will see a growth of 8.3% y-o-y due to high demand for rugged barcode printers with increased productivity.
As for as printing technology, Thermal Transfer type will dominate the market share with 62.8%, while Laser, Dot Matrix and Ink Jet will witness slow growth and are on the verge of being phased out, the report further said.
In India, the leading brands that supply desk top and industrial barcode printers are TVSE, Zebra, Godex, Toshiba, Argox, Honeywell, Citizen, Printronix, TSC, Bixolon, Datamax and Sato.