Coherent Market Insights

The Barcode Printer Market is estimated to be valued at USD 4.52 Billion in 2024.

The Barcode Printer Market is estimated to be valued at USD 4.52 Billion in 2024. - Coherent Market Insights

Publish In: Mar 13, 2024

The barcode printer market is estimated to be valued at USD 4.52 Billion in 2024, growing at a CAGR of 6.7% over the forecast period (2024-2031). Barcode printers are witnessing increased adoption across industry verticals such as retail, transportation, logistics, and healthcare for tracking shipments, inventory management, and labelling purpose.

Market Dynamics:

Rising internet penetration and growth of the e-commerce industry are propelling the demand for barcode printers globally. According to recent studies, the global e-commerce sales grew by over 27% in 2020 as compared to the previous year. This has put immense pressure on supply chain and logistics companies to efficiently manage the fulfilment of orders through automated processes including accurate tracking & labelling of shipments using barcode printers. Additionally, the growing need for effective labelling and tracking solutions across the healthcare sector, especially with the COVID-19 pandemic, is further augmenting the barcode printer market growth. Major healthcare institutions are deploying barcode printers to properly label medical supplies, samples, and track patients and assets with utmost accuracy. This ensures smooth operations and check on errors with improved productivity.

Barcode Printer Market Drivers

Growing Need for Inventory Management across Industries: Barcode printers allow businesses to effectively manage their inventory by enabling automated identification and tracking of products and goods. As businesses across industries like retail, manufacturing, warehousing, etc. continue to grow in size and complexity, the need for robust inventory management systems has increased significantly. Barcode printers integrate with inventory management software to scan or print barcodes on products, packaging, and assets which helps maintain real-time visibility of inventory levels and automate numerous processes like receiving, put-away, picking, shipping, etc. This has reduced manual errors and improved operational efficiency for many companies. The increased focus on inventory optimization is a major driver boosting the demand for barcode printers in the market.

Rise of Omnichannel Retail and Online Shopping: With the proliferation of e-commerce and omnichannel retail, businesses now have to manage complex supply chains and fulfil orders received through multiple sales channels. This has created the demand for robust traceability solutions that can track products throughout the supply chain from manufacturer to warehouses to stores and finally to customers. Barcode printers help enable traceability by printing unique barcodes on each product, package or pallet. This allows the seamless transfer of inventory between physical and online channels. It also helps companies identify bottlenecks, improve fulfilment speed and provide visibility into stock levels across all selling channels. The growth of omnichannel retail is thus positively impacting the barcode printer market.

Barcode Printer Market Restraints

High Initial Investment Required: Barcode printers require significant upfront investment, especially heavy-duty industrial printers that can print thousands of labels per hour. While basic desktop printers are available at lower prices, larger businesses prefer high-volume industrial printers to meet their barcode labelling needs efficiently. However, the high purchase cost of such printers poses a barrier, particularly for small and medium businesses with limited budgets. This acts as a major restraining factor against adoption of advanced barcode printing solutions.

Preference for Mobile-Based Solutions: Many companies now prefer mobile-based solutions like barcode scanning apps over dedicated printers as these provide flexibility of barcode scanning anywhere instantly via smartphones. This trend is gradually reducing the need for large investments in physical barcode printing hardware. While barcode printers are more suitable for high-volume operations, mobile apps fulfil needs of inventory tracking for smaller tasks. This shifting preference towards software-based mobile solutions is restraining growth of the traditional barcode printer market.

Barcode Printer Market Opportunities

Growing E-commerce Sector: With the exponential growth of e-commerce globally in recent years, warehousing and order fulfilment have become major operations for retailers. Barcode printers help automate fulfilment processes at warehouses by printing shipping labels, pallet labels, box labels and more. They ensure fast and accurate order picking. This rising dependency of e-commerce on barcoding technology presents significant opportunities for barcode printer providers. As online shopping continues to surge worldwide, the demand for barcode printers is expected to grow accordingly from the e-commerce sector.

Integration with IoT and Cloud: Manufacturers are now integrating barcode printers with technologies like IoT and cloud to offer advanced solutions. Cloud-connected barcode printers allow centralized management of large distributed printer fleets. They also facilitate printing of customized on-demand labels from any location. IoT-enabled printers can communicate real-time device health updates, usage data and alerts. Such smart networked printers meeting Industry 4.0 standards provide better usability, control and efficiency. Their capability to digitally transform operations presents lucrative opportunities for market players in the coming years.

Link: https://www.coherentmarketinsights.com/market-insight/barcode-printer-market-2126

Key Developments:

  • On October 11, 2023, ROHM unveiled groundbreaking thermal printheads, TE2004-QP1W00A and TE3004-TP1W00A, designed for barcode label printing in logistics and inventory management. These printheads redefine industry standards with print speeds of up to 500mm/s, addressing the surging demand in e-commerce logistics. TE2004-QP1W00A (203dpi) and TE3004-TP1W00A (300dpi) feature advanced heating elements crafted through ROHM's proprietary 3D processing, elevating performance and revolutionizing label printing efficiency.
  • On September 25, 2023, Distribution Management (DM) which is a print & imaging reseller channel.expanded its partnership with Toshiba America Business Solutions to include label and receipt printers. This expansion aligns with DM's goal of broadening its barcode offerings for resellers.

Key Market Players:

AVERY DENNISON CORPORATION, Avery Dennison Corporation, Brother Mobile Solutions Inc., Canon Inc., Dascom, GoDEX International Co., Ltd., Honeywell International Inc., Oki Electric Industry Co., Ltd., Postek Electronics Co., Ltd., Printek, Inc., Printronix, Inc., SATO Holdings Corporation, Toshiba Tec Corporation, TSC Auto ID Technology Co., Ltd., and Zebra Technologies Corporation are the major players.

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