Over the historical period between 2018 and 2022, the Barcode Printers and Consumables Market recorded a CAGR of 4.4%. However, the forecast for the future is much more encouraging because this market’s demand is anticipated to soar at a higher CAGR. In 2023, the global sales of barcode printers and consumables are expected to reach a considerable value of nearly US$ 4,586.4 million.
The demand for barcode printers and consumables is anticipated to rise steadily over the next few years at 6.2% between 2023 and 2033. Furthermore, the growing acceptance of barcode technology across a variety of sectors could drive the market value up to about US$ 7,881.1 million by 2033.
The growing use of barcodes in the industrial, retail, healthcare, transportation, and supply chain management sectors has significantly increased the need for barcode printers. Barcodes efficiently collect data, manage inventory, and identify products, streamlining company processes, reducing manual mistakes, increasing productivity, and lowering processing costs. The logistics and transportation industries have also widely embraced barcodes for effective inventory management and shipment monitoring.
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The need for contactless payment methods and online shopping has also increased, which has accelerated the deployment of barcode technology. Businesses are integrating barcode systems into their operations due to the ease and speed of barcode scanning in retail and online transactions.
To improve patient safety and optimize operations, barcode technology is now being widely utilized in the healthcare sector for patient identification and medication administration. Besides the healthcare sector, the use of barcode technology in professional documents is developing fast these days, making them crucial to current corporate operations.
Key Takeaways from the Global Barcode Printers and Consumables Market Study Report by FMI
- Around 18.2% of all barcode printer and consumable sales worldwide in 2022 were made in the United States only. The success of market players active in the United States may be linked to their dominance in this sector in other countries.
- Between 2023 and 2033, sales of barcode printers and consumables in the United Kingdom market are anticipated to soar at a CAGR of 5.8%.
- The rising implementation of barcode technology across many Asia Pacific nations is driving the strong expansion of the regional market for barcode printers and consumables. For instance, China is anticipated to experience year-on-year growth of around 8.2% over the forecast period of 2023 and 2033.
Competitive Landscape for the Barcode Printers and Consumables Market Players
TVS ELECTRONICS, ZEBRA, HERMA Labeling Machines, RYNAN Technologies, Honeywell, Toshiba, SATO Holdings, Avery Dennison, and TSC Auto Id Technology are some top market players. These leading players have prioritized innovation, releasing sophisticated printers with high-speed printing, dependability, and connection capabilities to fulfill the changing requirements of many sectors.
According to FMI analysts, barcode printer manufacturers and suppliers that have entered the market recently now have very profitable prospects to build their businesses. New market participants have intentionally increased their presence in regional markets by setting up distribution networks and service facilities to effectively meet regional demands. Collaborations with important industry players and end users have also made it easier for them to reach new market sectors, which has further intensified the market competition.
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