ID Card Printers Market to expand at over 4% CAGR from 2021 to 2031
20 July 2021: 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.
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. 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%.