The global RFID
and barcode printer market size is projected to reach USD 5.3 billion by
2026. It is expected to grow at a compound annual growth rate (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
industry.
RFID printers to witness
a higher CAGR during the forecast period
The market for RFID
printers is expected to grow at a higher CAGR than the barcode printers segment
from 2021 to 2026. The increasing demand for RFID-printed labels in the supply
chains of the retail and healthcare industries is the key factor contributing
to the high growth of this segment of the market. RFID printed labels and tags
are used in various industries such as transportation and logistics,
healthcare, and transportation to track and assess information related to the
assets using radiofrequency in real-time. RFID printers use different types of
consumables such as ribbons and labels to achieve RFID print images. They are
developed in such a way that these printers can print clear machine-readable
barcodes and RFID prints at high printing speeds and low costs.
“Retail application to
account for the largest share 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.
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“North America to
account for the largest share during 2021–2026.”
In 2020, 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 that
further adds to the growth of the RFID and barcode printer market in the
region. Zebra Technologies (US), Honeywell International (US), and AVERY
DENNISON CORPORATION (US), etc., are a few providers of RFID and barcode
printers having their presence in North America.
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