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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