NEW YORK, July 16, 2021 /PRNewswire/ -- Global ID card printer sales are set to be valued at close to US$ 4.4 Bn in 2021, with a balanced long-term projection, according to latest insights by Persistence Market Research. The report estimates the market to expand at over 4% CAGR from 2021 to 2031.
Growing need for easily identification and security of people in sectors such as banking, healthcare, governmental offices, and educational institutions is set to steer market growth. Rapid technological advancements are also projected to complement market growth over the coming years.
Demand for ID card printers waned in 2020 due to the COVID-19 pandemic. Growing demand for retransfer card printers and direct-to direct card printers in end-use segments such as educational institution, banking, healthcare, etc., is expected to drive the market substantially. South Asia Pacific, East Asia, and Europe are major markets for the ID card printers.
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Key Takeaways from Market Study
- Enhancing product quality by implementing new technologies and adopting new, tough, and long-lasting materials and printing inks with added features at a competitive price point, while focusing on bulk production of ID cards will benefit market players.
- Manufacturers are focusing on introduction of new application-specific product offerings in order to better address customer requirements. Moreover, market players are found to be channelizing efforts toward strengthening their distribution channels while focusing on direct sales and expanding their footprint through online distribution partners.
- Banking, followed by educational institutes, is anticipated to emerge as an opportunistic segment, owing to extended use of ID cards in these end-use sectors.
- Increasing number of players focusing on R&D related to ID card printers is anticipated to have a significant contribution to market growth over the years to come.
- High performance card printers hold half of the market volume share.
- Global trade is projected to grow at a slow rate over the forecast period, due to gradual decline in international trade, owing to high cost involved and growing regional taxes. This will have a low-level impact on the growth of the ID card printer industry.
- Demand for ID card printers witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -4.2%.
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"Upsurge in generation and renewal of new ID cards from banks, educational institutions, governmental offices, and healthcare in recent years is expected to provide a stimulant aggrandizement to ID card printer sales," says a Persistence Market Research analyst.
The market is moderately consolidated with key players accounting for 35% to 30% market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Zebra Technologies Corporation, HP Inc., Quadient (Neopost SA), Entrust Corporation, HID Global Corporation, Valid USA, Kanematsu USA, Matica Technologies, Evolis, and MagiCARD Ltd.
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The research report analyzes demand for ID card printers. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background.
As per Persistence Market Research's research scope, the market has been analyzed on the basis of product, communication interface, technology, sales channels, end user, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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