Coding and Marking Market is Expected to Worth $6 Billion by 2023 | Arizton

The coding and marking market is projected to grow from $4.59 billion in 2017 to $6.60 billion by 2023

Arizton’s recent market research report about the coding and marking market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by technology ((primary (CIJ, Laser, and TTO) and secondary (Palm, PIJ, VIJ, and TIJ)), product (equipment, consumables, and spare parts and aftermarket), end-users (food and beverage, healthcare electrical and electronics, and chemicals and construction), and geography (North America, Latin America, Western Europe, C&E Europe, APAC, and MEA).

The coding and marking market is projected to grow from $4.59 billion in 2017 to $6.60 billion by 2023, growing at a CAGR of 6.25% during the forecast period. The increasing demand for FMCG goods and faster retail cycles is driving the global coding and marking market. The prominent vendors in the coding and marking market are focusing on developing eco-friendly marking systems to reduce bioaccumulation and eco-toxicity and promote eco-friendly products.

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The leading three drivers and trends that are driving the coding and marking market are discussed below:

Introduction of Innovative Products

The introduction of innovative coding and marking equipment that are graphical is driving the demand for these products in the global market. Manufacturers are focusing on incorporating better, colorful, and easy-to-use touchscreens that help increasing operational productivity and simplify packaging lines. Furthermore, the introduction of marking and coding equipment that can be integrated with production and packaging line machinery is likely to propel the growth of the global coding and marking market during the forecast period.

Increased Need for Product Identification and Brand Protection

The growing need to protect brands from counterfeiting is fueling the demand for coding and marking products. Manufacturers are adopting coding and marking techniques to provide product-specific information on packaged goods to ensure maximum brand protection and enable product identification. The growing need for analytics in marketing is driving the requirement to store accurate data and information, thereby encouraging vendors to adopt coding and marking techniques. These techniques help companies store accurate data and reduce the risk of tarnishing the brand image in the global market.

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High Influence of Internet over End-users' Purchasing Behavior

Increasing penetration of wireless broadband internet, strong adoption of smartphones and tablets, and increased social media users are all the factors that affect the purchasing behavior and decision-making process for consumers. Thus, the leading e-commerce retailers such as Amazon, Alibaba, AliExpress, and eBay are adopting coding and marking techniques to increase their sales and understand consumer behavior. The growth of the online retail sector will have a positive impact on the growth of the coding and marking market during the forecast period.

Brother Industries, Danaher, Dover, Hitachi, and ITW are the leading vendors in the coding and marking market.

The complete overview of the latest market research report on the coding and marking market by Arizton is now available.

The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.

Source: https://www.arizton.com/news/press-release/coding-and-marking-market-size

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