Barcode technology, one of the most prominent means of information storage, is being heavily deployed across varied sectors, barcode printer industry being one of the significant names. Heavy demand from the rapidly expanding manufacturing and retail sectors coupled with increasing requirement for portable printers and scanners, easy payment processing, and mobile checkouts will fuel barcode printer market expansion. According to Global Market Insights, Inc., “Barcode printer market is set to witness an annual growth rate of 8.6% over the period of 2015-2022.”
Industrial barcode printer market to have an upper hand over the coming years
Industrial barcode printer have a widespread application in warehouse labeling and order labeling. This segment is foreseen to dominate the product landscape and is expected to surpass a revenue of USD 2.8 billion by 2022.
Thermal mobile printer is a lucrative product type and finds remarkable usage in the portable printing of tickets, labels, receipts. This product is gaining popularity, particularly in organizations for workforce assistance, owing to its advantage of printing irrespective of the time and location.
EMEA barcode printers market size by application, 2012 - 2022 (USD Million)
Manufacturing to be the leading application segment
In 2014, manufacturing application accounted for 35% of global barcode printer industry. Barcode printer are widely used in the manufacturing sector for tracking work in progress activities, inventory labeling, and establishing inventory control.
With an error rate of one per 3 million characters, barcode printer are paving their way in the healthcare sector, which is estimated to register a revenue of over USD 600 million by 2022. Extensive usage of these devices to eliminate medical errors and efficiently track the patients ID systems, specimen collection, point-of-care medication, and surgical procedures is likely to boost barcode printer industry share. Retail, government, and shipping are other prominent application segments witnessing lucrative growth prospects over the coming five years.
The retail sector is anticipated to register a CAGR of 10.2% over the period of 2015-2022. Barcode printer and portable printers have a firm grasp in retail sector, where these devices contribute to conduct efficient business. The growth in POS terminals market and retail POS terminals market is set to bring a noticeable surge in barcode printer industry trends.
Direct thermal printing technology to seize a major market share
Direct thermal printing is found suitable for short-shelf applications such as shipping receipts and labels. Its enhanced image durability and ability to perform in mission critical applications is likely to propel the direct thermal barcode printer market.
Laser, inkjet, thermal transfer, and impact are other technologies which are predicted to grow at an average rate in the coming years.
North America to dominate the regional landscape
North America barcode printer market is foreseen to continue its rule over the coming seven years, having had 30% of global market share in 2014. Rising demand of barcode printer, particularly from the United States is mainly influencing the region’s growth prospects.
Growing base for MNCs and retail infrastructure in Asia Pacific is likely to contribute toward the barcode printer industry share. Increasing demand across the end use industries and establishment of production facilities in emerging economies is also propelling the regional growth.
Major barcode printer industry participants include Honeywell, Zebra Corporation, Canon Inc., and HP. Mergers & acquisitions are the key strategies adopted by market players in order to expand the business and continue their prominence across the globe.
Written By : Ojaswita Kutepatil