FMI, in its upcoming business report, elaborates the historical and current scenario of the global Barcode Label market in terms of production, consumption, volume, and value. The report scrutinizes the market into various segments, regions and players on the basis of demand pattern and growth prospects.
Crucial information and forecast statistics covered in the Barcode Label market report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.
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COVID-19 Impact Analysis on Barcode Label Market
The recent outbreak of the COVID-19 has adversely affected various markets in the packaging industry, and the Barcode Label market is no exception. Products which are deemed ‘essential’ continue to experience significant sales, while non-essential items faced a sharp decline in demand.
Following government’s measures, particularly social distancing norms and stay-at-home orders, companies operating in the Barcode Label market have put their production on a halt. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace. Several market players are further planning to relocate their supply chain from China – the first epicenter of the COVID-19.
The FMI’s report includes an interesting chapter on preliminary impact of the COVID-19 on the Barcode Label market. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
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Market Overview
Barcode Label market: Overview
Barcode labels are used for quick data storing and retrieving. Barcode labels include a representation of the company and product-related information in line and number format. They consist of small black parallel lines of varying widths and gaps which allow companies to obtain real-time data. Some barcode labels are comprised of numbers and pictures which increases their efficiency. Information regarding manufactures name, type of product, product number and price are included in barcode labels. Barcode labels prove useful when there is a need to increase performance, efficiency, and profitability across the supply chain.
Barcode labels are used in different sectors like FMCG, healthcare, transportation, and banking. Barcode labels are also used in places like post offices, passport offices, airports, bicycle and car rental service providers, and colleges.
Barcode Label market: Dynamics
Barcode labels help to extract accurate data of the product or services within microseconds; hence the driving force for using barcode labels is to reduce human error. The second major factor for using this technology is data security. Every organization want to encrypt their data with high level security which will not be easily traceable by the outsiders.
It is very challenging to manage inventory location, and it’s pricing at mass level by the employee which might involve training. Companies can reduce training time and cost by using this system. Barcoding saves company time in terms of data re-entry. This also helps to trace outgoing shipments and equipment, and helps in optimizing the supply chain
Despite the positive outlook, few technologies might hamper the growth of barcode label market. Radio Frequency Identifier (RFID) has an IC chip that stores and retrieves data. These IC chips have more capacity to store data compared to barcode labels. However, barcodes are more economical as compared to RFID technology. RFID consists of big programs which increase data recovering process time which is very less in barcode labels. Barcode labels work effectively on metals and water and the advance barcode technology also work in dust regions. On the reverse side, RFID does not function in such conditions. The collision of data happens when RFID is used for multiple code scanning at the same moment which is not possible in the case of barcode labels.
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Barcode Labels Market: Trend
The barcode labels market is continuously influenced by advancements in high-end technologies. Nowadays, user-friendly barcode label scanners are available in smartphones which increases convenience. The latest barcode in the form of Quick Response codes stores 100 times more information in smaller space and arranging data in 2 directional way. This consist of minimum error margin.
Barcode Label market: Regional Outlook
Barcode labels are accepted by all countries and are used for different purposes. However, the growth of barcode label market is defined depending upon the growth of respective sectors. Countries like India, China, and Malaysia are leading in terms of retail sector development. Hence the demand for barcode label is more in these countries. On the contrary the U.S., Russia and Brazil have a highly developed retail sector. Therefore, it is anticipated that these countries will register moderate growth due to market segmentation.
In the banking sector, Developing countries are anticipated to register healthy growth rates during the forecast period.
The demand for barcode labels from pharmaceutical companies is expected to be more in regions such as North America, Western Europe, and Asia Pacific countries.
To have better networking and automation in libraries, barcode labels have higher growth in demand in universities in countries such as Brazil and India etc.
Barcode Label market: Key Players
Following are the barcode label manufacturers operating in the industry –
- Aditya Barcode Technologies
- TSI America
- Inotec Barcode Security GmbH
- General data Company, Inc.
- Brady Corporation
- Symbology Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis includes –
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Japan
Barcode Label market: Segmentation
Depending upon code writing technology, the combination of numbers and alphabets and as per industry standards barcode labels are segmented as:
By technology, Barcode labels market is segmented into,
- 1 Directional barcode labels
- 2 Directional barcode labels
- HD barcode labels
- Holographic transparent barcode labels
By combination, barcode labels are segmented into
- Numeric barcode labels
- Alphanumeric barcode labels
By industry standards, barcode labels are segmented into
- Code 39
- Code 128
- Interleaved 2 of 5
- Universal Product Codes (UPC)
- International Article Number (IAN)
- PDF 417
- Data Matrix
- Quick Response Codes (QR code)
- GS1 DataBar
- Aztec Code
- POSTNET
- Code 11
- ITF 14
By printing methods used for barcode labels, it is segmented into:
- Direct thermal barcode labels
- Thermal transfer barcode labels
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Barcode Label market: Key Players
Following are the barcode label manufacturers operating in the industry –
- Aditya Barcode Technologies
- TSI America
- Inotec Barcode Security GmbH
- General data Company, Inc.
- Brady Corporation
- Symbology Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis includes –
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Japan
Important Questions Answered in the Barcode Label Market Report
- Which end user remains the top revenue contributor in different regional markets?
- At what rate has the global Barcode Label market been expanding during the forecast period?
- How will the global Barcode Label market look like by the end of the forecast period?
- What innovative strategies are adopted by Barcode Label market players to stay ahead of the pack?
- What are the restraints affecting the growth of the global Barcode Label market?
Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
- Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Barcode Label market
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