Barcode Labels 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 a line and number format. These barcode labels allow information to be read in fraction of a second, and also ensures the efficient flow of goods. Information regarding manufacture’s name, type of product, product number, and price are included in barcode labels. To increase product handling efficiency and enhance identification capabilities, manufacturers use barcode labels. The global barcode labels market is expected to expand during the forecast period, as these are also convenient for consumers. Barcode labels are used in different sectors such as FMCG, healthcare, transportation, and banking.
Barcode Labels Market: Dynamics
Barcode labels help extract the accurate data of products or services within microseconds, which acts as the key driving factor for the barcode labels market. They also significantly reduce the risk of human error. The second major factor for using this technology is data security. Every organization needs to encrypt their data with high level security that is not easily traceable. For the management of inventories and pricing at mass levels, manufacturers use barcode labels. Despite the positive outlook, a few technologies might hamper the growth of the barcode labels market. Radio Frequency Identifiers (RFIDs) have an IC chip that stores and retrieves data. These IC chips have more capacity to store data as compared to barcode labels. However, barcodes are more economical as compared to RFID technology. RFIDs consist of big programs that increase data recovering process time, which is very less as far as barcode labels are concerned. Barcode labels also work effectively on metal surfaces, and are also resistant to moisture interaction. On the reverse side, RFIDs do not function well in such conditions. The collision of data happens when RFIDs are used for multiple code scanning at the same time, which is not the case with barcode labels.
Barcode Labels Market: Segmentation
Depending upon code writing technology, the combination of numbers and alphabets, and as per industry standards, the barcode labels market is segmented as:
On the basis of technology, the barcode labels market is segmented into:
- 1D Barcode Labels
- 2D Barcode Labels
- HD Barcode Labels
- Holographic Transparent Barcode Labels
On the basis of product type, the barcode labels market is segmented into:
- Thermal Transfer Labels
- Direct Thermal Labels
- Laser Sheet Labels
- Inkjet Labels
On the basis of end Use, the barcode labels market is segmented into:
- Food & Beverages
- Electronics and Electricals
- Consumer Goods
- Chemicals & Coatings
Some of the manufacturers in the global barcode labels market include:
- Brady Corporation
- Inotec Barcode Security Ltd.
- General Data Company Inc.
- The GT4 Group Company
Some of the Key Trends Observed in the Barcode Labels Market
The barcode labels market is continuously influenced by advancements in high-end technologies. Nowadays, barcode label scanners are available in smartphones too, which increases the convenience aspect. Latest barcodes in the form of 'Quick Response Codes' store 100 times more information in a smaller space, and arrange data in 2-directional way. This gives them a minimum error margin.
Barcode Labels Market: Regional Outlook
Retail sector growth in countries such as India, China, and Malaysia is expected to increase the demand for barcode labels during the forecast period. The Asia Pacific region is expected to witness significant growth opportunities in the next ten years. On the contrary, the U.S. and Germany have a highly developed retail sector. Therefore, it is anticipated that, these countries will register moderate growth in the barcode labels market. The demand for barcode labels from pharmaceutical companies is expected to be more in regions such as North America, Western Europe, and Asia Pacific. To have better networking and automation in libraries, barcode labels experience high demand in educational & institutional applications. In GCC countries, manufacturers are actively indulging in mergers and acquisitions, which impacts the retail sector, and, in turn, boosts the growth of the global barcode labels market.
The barcode labels market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The barcode labels market report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.