British Columbia, Canada, October 16, 2012 --(PR.com
)-- According to a recently published report by TechSci Research “India Barcode Scanners & Printers Market Forecast & Opportunities, 2017” the revenues of the barcode industry in India are likely to grow at the compounded annual growth rate of around 33% for the next five years. The recent government reforms by opening up 51% FDI in multi branded retail and 100% FDI in single branded retail has boosted the investor confidence in India which can be observed by the announcements of major global retail giants like Walmart, IKEA, etc, who have started processing their paperwork to launch the operations as soon as possible. This move in turn has increased the market confidence of Barcode scanners and printers manufacturers. It is forecasted that India barcode scanners and printers market will generate USD 14 Million revenues by 2017.
There are limited numbers of players currently operating in the barcode industry of India and most of the market share has been garbed by the foreign players. The major industry shareholders include Motorola, Honeywell, Argox, and Datalogic which has captured more than 75% of the barcode readers market. While the players like Citizen & Zebra are dominating the barcode printers market in India.
With the increasing number of footfalls in the supermarkets, the demand for barcode scanners and printers is also increasing at an exponential rate. One of the major challenges identified for customers not opting for supermarkets is long queues at the billing counters which can only be solved by implementing barcode technology. It is estimated that organized retail in India will grow at more than 15% CAGR for next five years. Therefore, the necessity to increase the speed at point-of-sales and reducing the errors had forced the market to implement barcode technology.
The another important announcement from The Director-General of Foreign Trade of India which has made it mandatory for drug makers to print barcode on every product exported out of the country in the wake of overseas allegations that some local firms ship out counterfeit medicines is also helping increase barcode scanners and printers sales in India. The exports of pharmaceutical medicines have recorded growth of more than 20% in last couple of years.
“In addition to the growth in the retail & pharmaceutical exports of India, there are various other factors which are impacting the growth of the barcode industry in India. The government’s efforts for standardization of barcode usage norms, increasing demand from industries like automobile, logistics, etc. is also boosting sales for barcode scanners and printers. The Government of India’s flagship project termed Unique Identification Authority of India (UIADI) program which is involved in issuing the license and registration cards is also acting as a boon for the industry,” said Mr. Karan Chechi, Research Director with TechSci Research a global management consulting firm.
“India Barcode Scanners & Printers Market Forecast & Opportunities, 2017” has evaluated the future growth potential of Indian barcode scanners and printers market and provides statistics and information on market structure, production and sales trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.