The Barcode Printer Market is Estimated To Witness High Growth Owing To Technological Advancements11/26/2023 Market Overview:
Barcode printers encode product and shipping information in the form of barcodes that can be scanned electronically. They help organizations track inventory and shipments with greater speed and accuracy. Various types of barcode printers such as desktop, industrial, and mobile printers are used across industries like retail, transportation, healthcare etc. Barcode printers improve operational efficiency by automating data capture processes. Market key trends: Technological advancements is one of the major trends driving the barcode printer market growth. Manufacturers are increasingly focusing on product innovations to cater to changing industry needs. For instance, introduction of high resolution industrial printers equipped with advanced features like increased memory, connectivity options and large media handling capabilities. Mobile and desktop printers with Wi-Fi and Bluetooth connectivity allow printing from anywhere. Advancing technologies like Internet of Things (IoT) and analytics are also fueling demand for networked and smart barcode printers with capabilities to track real-time inventory levels. Growing e-commerce industry worldwide is another factor propelling the market as barcode labels are essential for order fulfillment and shipping processes in online retail. The global Barcode Printer Market Demand is estimated to be valued at US$ 4557.39 Mn or in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Porter’s Analysis Threat of new entrants: Low threat of new entrants as barcode printer market requires high capital cost to setup manufacturing facilities and also has better bargaining power of existing players. Bargaining power of buyers: Moderate bargaining power of buyers as there are many established players offering varieties of barcode printers with product differentiation. Bargaining power of suppliers: Low bargaining power of suppliers as raw materials required for barcode printers such as printing heads, motors, plastics are easily available from different suppliers. Threat of new substitutes: Low threat of substitutes as barcode printing technology has been used for decades and no suitable alternatives are available in the market currently. Competitive rivalry: High competitive rivalry among key players to gain market share and improve customer experience. SWOT Analysis Strength: Easy integration with various systems, high versatility in printing barcodes, ability to print labels and tags. Weakness: Initial setup and running costs are high, requires technical expertise to install and maintain. Opportunity: Growing e-commerce industry, increasing adoption of IoT and smart devices are driving demand. Government regulations mandating barcode on products also support growth. Threats: Declining average selling prices pose margin pressure, technological advancements in alternate identification methods can disrupt market. Key Takeaways The global Barcode Printer Market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing e-commerce activities globally. North America region currently dominates the market and is expected to maintain its leading position throughout the forecast period due to presence of many barcode printer manufacturers and early adoption of technologies. The Barcode Printer Market in Asia Pacific region is expected to grow at fastest CAGR of 9.5% during the forecast period owing to rising digitalization and industrial automation in countries like China and India. Key players operating in the barcode printer market are Zebra Technologies Corporation, Honeywell International, Inc., Toshiba TEC Corporation, SATO Holdings Corporation, Avery Dennison Corporation, GoDEX International Co., Ltd., Printronix, Inc., TSC Auto Id Technology Co., Ltd., Printek, Inc., Oki Electric Industry Co., Ltd., and Stallion Systems And Solutions Pvt. Ltd. Read More: https://www.ukwebwire.com/barcode-scanner-technology-is-anticipated-to-open-up-new-avenues-for-barcode-printer-market
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