Manufacturers are using barcode printing technology to help cut costs, streamline operations, and improve quality control that fuels the growth of the barcode printer market.

- The growth in the e-commerce industry, coupled with the rising number of online buyers and transactions, is expected to fuel the market in the forecast period. For instance, in June 2019, Flipkart attracted 20 million visitors to its online platform in just 19 hours during its big billion day sale.

- Some of the prominent players in the market are entering into strategic partnerships that enable them to come up with product innovations and development. Such developments are expected to fuel the demand for barcode printers over the forecast period.

- In October 2019, Epson America, Inc. and TEKLYNX International, announced the development of new TEKLYNX native printer drivers that use Epson ESC/Label Command language to drive Epson's four new additions to its ColorWorks on-demand label printer lineup – the ColorWorks C6000A, C6000P, C6500A, and C6500P. TEKLYNX barcode label design software, combined with Epson ColorWorks label printers, enables the user to create dynamic on-demand color labels, control, and efficiencies.

- Healthcare medical barcode printers enable the hospital and healthcare environments to automate data capture and AutoID patients and medications, helping to prevent medical errors and improving patient safety. Also, the rising need to automate data capture and improve data accuracy in hospitals is propelling the players in the industry to come up with solutions that enables them to cater to such objectives.

- Moreover, with the onset of the COVID-19 pandemic, the studied market is further expected to propel in demand, with healthcare increasing in demand. Also, with several regions operating in lockdown, the e-commerce sales are surging at an unprecedented rate, thus boosting the studied market.

Key Market Trends

Retail Market is Expected to Witness the Largest Share

- The availability of inventory and an effective supply chain from e-commerce to brick-and-mortar stores is essential. According to the US Department of Commerce, retail sales are expected to reach 27.73 trillion by the end of 2020. The above number is only likely to increase owing to the global expansion of easily accessible e-commerce and mobile platforms, thereby fueling the market growth over the forecast period.

- The barcodes enable the retailers to keep track of inventory, automate product re-ordering, Compare sales of similar products of national brand vs. private label, tracking product attribute preferences such as color, size, etc., Customizing targeted promotions based on customer buying habits, and Identifying what buying preferences a particular customer has.

- The two most widely accepted formats of retail barcodes globally are the EAN-13 (International Article Number) and UPC-A (Universal Product Code). GS1 provides a unique 12 digit UPC (Universal Product Code) or EAN company identification number that has to be entered into a UPC-A or and EAN-12 barcode on your products label. This would make the players in the retail industry to comply with such standards, in turn, fueling the market growth over the forecast period.

- Some of the industry's prominent players to cater to such requirements are coming up with product developments that enable them to boost market growth. For instance, in June 2019, TSC Auto ID launched a mobile barcode printer, the TDM-30, for retail and other end-user industries.

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Asia Pacific Is Expected to Register Fastest Growth

- Manufacturers in the region are looking for printing technology that enables them to cut costs, streamline operations, and improve quality control that fuels the growth of the barcode printer market. This is propelling the players to come up with solutions that enable them to cater to such needs.

- For instance, in June 2019, TSC Auto ID launched its ML240P compact industrial barcode printer series. The ML240P is available in 203 dpi printing resolution, and the ML340P is available in a strong 300 dpi printing resolution.

- The logistics industry is characterized by the amount of information it can capture, process, and deliver to its customers by identifying, moving & tracking goods in real-time is being enabled through Barcode & RFID supply chain standards.

- The growth of the logistics industry in the region, coupled with the rise in online shopping, could promote the adoption of barcodes in the region positively. For instance, according to the National Development and Reform Commission (NDRC), the total value of social logistics in the January-July(2019) period grew 5.9 percent year-on-year incomparable prices to CNY 163.8 trillion (about USD 23.1 trillion). Also, the value of industrial goods logistics expanded 5.8 percent year-on-year to 148.5 trillion yuan.

- The sales of processed food in the domestic market have been increasing at a fast pace, which is expected to drive the barcode printer market demand over the forecast period. According to the India Brand Equity Foundation, the Packaged food industry in India is expected to cross USD 65 billion by 2020 and become the third-largest market for packaged food. Such instances are indicative of the fact that the market is poised to grow over the forecast period.

Competitive Landscape

The competitive rivalry in the barcode printer market is high owing to the presence of some key players such as Zebra Technologies Corporation, Avery Dennison Corporation, amongst others. Their ability to continually innovate their offerings has allowed them to gain a competitive advantage over their competitors. Through strategic partnerships and mergers & acquisitions, these players are able to gain a strong foothold in the market.

- December 2019 - Digimarc, created the Digimarc Platform featuring the Digimarc Barcode, which is a way to enhance objects and media of all kinds, including printed products, with a digital watermark that’s imperceptible to the human eye, but can be detected by smartphones, computers and barcode scanners.

- September 2019 - Printronix Auto ID Launched its T4000 RFID Thermal Barcode Printer. The T4000 prints and encodes on both standard on-metal RFID labels and tags, making it a universal solution for almost all RFID applications.

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