ID Card Printer Market to Witness Strong Demand in 2021-2031 with Major Key Players
ID Card Printer Market estimates market to grow at over 4% CAGR from 2021 to 2031
NEW YORK, NY, USA, November 21, 2022 /EINPresswire.com/ — Global ID Card Printer sales are expected to be valued at nearly US$4.4 billion in 2021, with a balanced long-term projection, according to the latest information from Persistence Market Research. The report estimates the market to grow at over 4% CAGR from 2021 to 2031.
Growing need for easy identification and security of people in industries such as banking, healthcare, government offices, and educational institutions is expected to drive the growth of the market. Rapid technological advancements are also expected to supplement the market growth over the next few years.
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The demand for ID card printers declined in 2020 due to the COVID-19 pandemic. Rising demand for retransfer card printers and direct card printers in end-use segments such as educational institutions, banking, healthcare, etc., is expected to significantly drive the market. Southeast Asia Pacific, East Asia and Europe are the major markets for ID card printers.
Key insights from market research
• Improve product quality by implementing new technologies and adopting new materials and printing inks that are tough and durable with additional features at a competitive price, while focusing on the mass production of ID cards , will benefit market participants.
• Manufacturers are focusing on introducing new application-specific product offerings to better meet customer needs. Additionally, market players are channeling their efforts towards strengthening their distribution channels while focusing on direct sales and expanding their footprint through online distribution partners.
• The banking sector, followed by educational institutions, is expected to become an opportunistic segment, due to the widespread use of ID cards in these end-use sectors.
• An increasing number of players focusing on R&D related to ID card printers is expected to contribute significantly to the growth of the market over the coming years.
• High-performance card printers hold half the market share by volume.
• Global trade is expected to grow at a slow pace during the forecast period, due to the gradual decline in international trade, due to the high costs involved and the increase in regional taxes. This will have a low level impact on the growth of the ID Card Printer industry.
• Demand for ID card printers saw a drop in 2020 due to the COVID-19 pandemic, with growth recorded at -4.2%.
“The upsurge in the generation and renewal of new ID cards for banks, educational institutions, government offices and healthcare in recent years is expected to boost sales of ID card printers” , says an analyst at Persistence Market Research.
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The market is moderately consolidated with key players accounting for 35% to 30% market share. These players are likely to invest in new technological developments and in the expansion of their networks in order to maintain their market shares.
Some of the major 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.
Find more valuable information
The research report analyzes the demand for ID card printers. The global market has been analyzed with the impact of COVID-19, various macroeconomic factors, market trends and market background.
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According to Persistence Market 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 about the different players in this market. This report also tracks the market from both the supply side and the demand side.
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