The shipments will grow at around 7% CAGR from 2018 to 2024. The increasing demand for barcode wristbands in the healthcare sector for patient identification is anticipated to have a positive impact on this growth. Hospitals across the globe are mandating policies, which require the patients to wear a barcode identification band during their stay in the hospital. Barcode bands allow hospital staffs to provide speedy and accurate data entry, reducing the medical errors. It helps in enhancing the efficiency as compared to the physical entry of data.
Mobile barcode printers market is expected to witness a significant growth at over 9% CAGR over the forecast timeline. It can be attributed to the ease-of-usage offered by these printers in several field-based applications. The mobile barcode printers are gaining popularity across retail and warehousing applications to issue authentic invoices, printing eCitation and mobile receipts regardless of the time and place. They are ideal solutions for printing-on-the-go, creating high-quality receipts and labels in any environment, outdoors, or indoors.
Thermal-based printers comprise more than 65% of the overall barcode printers market share. Due to the features, such as high speed, low noise, and ease-of-cleaning and reliability offered, the thermal-based printers are increasingly utilised across several applications. The direct thermal technology is expected to witness growth over the forecast time span owing to the improved durability and low operational costs. These systems are ideal solutions for applications such as shipping labels and printing receipts and can develop barcode images on the material without a ribbon, making it eco-friendly.
The barcode printers market is highly competitive, witnessing intense competition among the players. Furthermore, the industry is slightly dynamic in nature characterised by innovations and advancements in the product portfolio. Players are making huge investments and spending a significant share of the revenue on the research and development. Prices of products as well as the manufacturing costs are predicted to decline owing to the maturity of products and technologies.
The industry is characterised by the increasing demand for customised product solutions, evolving industry standards, distribution channels, changing security protocols, and frequent introduction of new products and services. To remain competitive in the industry, companies are increasingly focusing on providing superior customer service, high levels of quality and reliability, efficient and dependable distribution networks, and technologically-advanced systems. The barcode printers market provides significant growth opportunities for the component and raw material suppliers, manufacturers, integrators, and distributors in terms of revenue share.
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