Barcode Label market: Overview: Barcode labels are used for quick data storing and retrieving. Barcode labels include a representation of the company and product-related information in line and number format. They consist of small black parallel lines of varying widths and gaps which allow companies to obtain real-time data. Some barcode labels are comprised of numbers and pictures which increases their efficiency. Information regarding manufactures name, type of product, product number and price are included in barcode labels. Barcode labels prove useful when there is a need to increase performance, efficiency, and profitability across the supply chain. Barcode labels are used in different sectors like FMCG, healthcare, transportation, and banking. Barcode labels are also used in places like post offices, passport offices, airports, car and bicycle rental service providers, and colleges.
Barcode Label market: Dynamics: Barcode labels help to extract accurate data of the product or services within microseconds; hence the driving force for using barcode labels is to reduce human error. The second major factor for using this technology is data security. Every organization want to encrypt their data with high level security which will not be easily traceable by the outsiders. It is very challenging to manage inventory location, and it’s pricing at mass level by the employee which might involve training. Companies can reduce training time and cost by using this system. Barcoding saves company time in terms of data re-entry. This also helps to trace outgoing shipments and equipment, and helps in optimizing the supply chain.
Despite the positive outlook, few technologies might hamper the growth of barcode label market. Radio Frequency Identifier (RFID) has an IC chip that stores and retrieves data. These IC chips have more capacity to store data compared to barcode labels. However, barcodes are more economical as compared to RFID technology. RFID consists of big programs which increase data recovering process time which is very less in barcode labels. Barcode labels work effectively on metals and water and the advance barcode technology also work in dust regions. On the reverse side, RFID does not function in such conditions. The collision of data happens when RFID is used for multiple code scanning at the same moment which is not possible in the case of barcode labels.
Barcode Labels Market: Trend: The barcode labels market is continuously influenced by advancements in high-end technologies. Nowadays, user-friendly barcode label scanners are available in smartphones which increases convenience. The latest barcode in the form of Quick Response codes stores 100 times more information in smaller space and arranging data in 2 directional way. This consist of minimum error margin.
Barcode Label market: Segmentation: Depending upon code writing technology, the combination of numbers and alphabets and as per industry standards barcode labels are segmented as: By technology, Barcode labels market is segmented into, 1 Directional barcode labels, 2 Directional barcode labels, HD barcode labels, Holographic transparent barcode labels. By combination, barcode labels are segmented into: Numeric barcode labels, Alphanumeric barcode labels. By industry standards, barcode labels are segmented into: Code 39, Code 128, Interleaved 2 of 5, Universal Product Codes (UPC), International Article Number (IAN), PDF 417, Data Matrix, Quick Response Codes (QR code), GS1 DataBar, Aztec Code, POSTNET, Code 11, ITF 14. By printing methods used for barcode labels, it is segmented into: Direct thermal barcode labels, Thermal transfer barcode labels.
Barcode Label market: Regional Outlook: Barcode labels are accepted by all countries and are used for different purposes. However, the growth of barcode label market is defined depending upon the growth of respective sectors. Countries like India, China, and Malaysia are leading in terms of retail sector development. Hence the demand for barcode label is more in these countries. On the contrary the U.S., Russia and Brazil have a highly developed retail sector. Therefore, it is anticipated that these countries will register moderate growth due to market segmentation.
In the banking sector, Developing countries are anticipated to register healthy growth rates during the forecast period. The demand for barcode labels from pharmaceutical companies is expected to be more in regions such as North America, Western Europe, and Asia Pacific countries. To have better networking and automation in libraries, barcode labels have higher growth in demand in universities in countries such as Brazil and India etc.
Barcode Label market: Key Players: Following are the barcode label manufacturers operating in the industry – Aditya Barcode Technologies, TSI America, Inotec Barcode Security GmbH, General data Company, Inc., Brady Corporation, Symbology Inc.
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