According to a new report by Technavio (technavio.com), "Global Barcode Label Printer Market 2017-2021," the focus on premiumization through product innovation will be one of the major factors that will have a positive impact on the growth of market till 2021.
Barcode printing is attracting wide popularity across numerous sectors and the vendors of barcode printers are expanding their product range in the market. They are also increasing their production capacities to cater to the rising demands of end-users. Moreover, these vendors are also concentrating on implementing new data collection technologies and other features that can be equipped into their existing product lines. Our market research analysts predict that this market will grow at a CAGR of more than 8% by 2021.
The Americas will be the major revenue contributor of the barcode label printer market throughout the forecast period. The increasing adoption of these printers in the retail, healthcare, transportation and logistics, and manufacturing industries will drive the market growth in the region.
The barcode label printer market consists of multinational and small companies. The competition in the industry is increasing and is characterized by the better standards, changing smart technologies and developing end-user requirements. Many vendors are implementing new technologies to catch up to the global standards of supply chain systems. The market is witnessing standardization, and industrial customers increasingly prefer greater efficiency and better inventory management. This will also lead to the growth of the industrial label printers market.
Segmentation by product and analysis of the barcode label printer market
- Industrial printers
- Desktop printer
- Mobile printers
During 2016, the industrial printers segment accounted for the major shares of the barcode label printer market. Factors such as the increased deployment in high volume applications such as order labeling and warehouse labeling, and ability to utilized for robust application segments will contribute to the growth of this industry segment in the coming years.
According to this market research report, the manufacturing applications segment will account for the maximum share of the market. These printers are largely used in the manufacturing industry for various applications including product marking, work-in-process control, carton and pallet labeling, shipping and receiving labeling, inventory control and document management.