“RFID and Barcode Printer Market was valued at USD 3.9 billion in 2021 and is projected to reach USD 5.3 billion by 2026. It is expected to grow at a CAGR of 6.4% during the forecast period. Increasing installation of RFID and barcode systems in manufacturing units to improve productivity to tackle the impact of COVID-19, growing use of RFID and barcode printers in flourishing global e-commerce industry, surging need for improvement in inventory management, and rising demand for mobile printers based on wireless technologies are the key driving factors for the RFID and barcode printer market.
Major players in the market are: Zebra Technologies Corp. (US), SATO Holdings Corporation (Japan), Honeywell International (US), Seiko Epson Corp. (Japan), AVERY DENNISON CORPORATION (US), BIXOLON (South Korea), GoDEX International (Taiwan)
Barcode printers to hold a major share of the RFID and barcode printer market during the forecast period.
The barcode printers segment accounted for a larger size of the RFID and barcode printer market than the RFID printers segment. Barcode printers are extensively used in small, medium, and large businesses to label and subsequently track the products being shipped. This is one of the key factors fueling the growth of the barcode printers segment of the market. These printers are frequently used in high printing requirement applications, including retail. The manufacturing and industrial segment accounted for the largest size of the barcode printer market in 2020. Barcode printers are widely used in manufacturing industrial applications, as they benefit every stage of the manufacturing process, right from distribution and logistics to inventory tracking and product shipping. In 2020, North America accounted for the largest share of the barcode printer market, and this trend is expected to continue during the forecast period.
Retail application to hold a major share of the RFID and barcode printer market during the forecast period.
The retail application to hold the largest size of the RFID and barcode printer market during the forecast period. RFID and barcode labels or tags help retailers in handling retail printing requirements. POS printers are designed to provide printing solutions for tasks at the front and back of stores, along with catering to the requirements of online/e-commerce retail applications. Retailers use labels or tags for improving operational efficiency and customer satisfaction through the timely delivery of products, as well as with improved management of assets in stores. In the retail environment, RFID and barcode printers are used for identifying products and labeling them with price tags; and printing shelf tags, inventory merchandise, and receipts, along with making promotional and store branding materials; printing on-demand labels for shipping applications; and printing promotional coupons and forms for marketing.
North America to witness a higher CAGR during the forecast period.
North America accounted for the largest share of the RFID and barcode printer market, and a similar trend is anticipated to continue during the forecast period. Retail, transportation and logistics, manufacturing and industrial, and healthcare and hospitality are the key applications of RFID and barcode printers in the region. Several companies offering RFID and barcode printers have their presence in North America which further add to the growth of the RFID and barcode printer market in the region. RFID and barcode labels and tags help gain information about the location and the status of assets and people that can be used for increasing staff productivity and optimizing asset utilization in various industries. This leads to the increased adoption of RFID and barcode printers in the manufacturing, transportation, and healthcare industries in North America.