Latest TMR Report Explores Impact of COVID-19 Outbreak on Barcode Labels Market

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.

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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: