LONDON--(BUSINESS WIRE)--The global barcode label printer market size is expected to grow by USD 1.17 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The growing e-commerce industry is driving the market for barcode label printers. Conventional brick and mortar retail is rapidly losing ground to e-commerce sites such as Amazon.com and eBay. This is driving the demand for barcode printers, as they allow single strip codes to be printed directly onto product packaging using a minimal amount of material and thereby save costs. This allows larger e-commerce operations to run their own proprietary systems, delivering an extra level of management and control while moving and storing items. In addition, barcodes applied directly on products instead of labels saves the label costs of manufacturers and also ensures the code to stay in place during the product’s lifetime. Barcodes not only help the e-commerce players but are also eases the buying experience for consumers. Thus, the growing demand for e-commerce retailing is expected to drive the market for barcode label printer market during the forecast period.
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As per Technavio, the increasing adoption of 2D barcodes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Barcode Label Printer Market: Increasing Adoption of 2D Barcodes
The increase in adoption of 2D barcodes is driving the global barcode label printer market. 2D barcodes, such as QR, Data Matrix, and Portable Data File (PDF)417, are being increasingly adopted across the retail, healthcare, and transportation and logistics industries. QR code is the most popular 2D barcode used in the industry. It can be scanned even by mobile devices such as smartphones and tablets. Furthermore, 2D barcodes are compact and can significantly store more information than 1D. They can be read easily because of their ability to hold information both horizontally and vertically. Moreover, they contain 10 times more information. These codes can also contain logos and pictures, thereby allowing better and more efficient identification of the product.
“Other factors such as the rise in omnichannel retailing, and the continuous upgrade of products by vendors will further boost barcode label printer market growth during the forecast period,” says a senior analyst at Technavio.
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Barcode Label Printer Market: Segmentation Analysis
This market research report segments the barcode label printer market by product (industrial printers, desktop printers, and mobile printers), application (manufacturing, transportation and logistics, retail, healthcare, and others), and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the barcode label printer market share in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising adoption of barcode label printers, especially in the retail and industrial sectors, the revival of the economy in Japan, and the growth of the e-commerce market.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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