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The coding and marking systems market is projected to contribute USD 3.4 billion in 2017 and is expected to witness a CAGR of 7.0% during the forecast period 2020-2027. The rapid growth of this market is majorly attributed to the benefits attained by coding and marking systems such as protection from existing counterfeits in the market.
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Coding and Marking Systems Market The coding and marking systems market is projected to contribute USD 3.4 billion in 2017 and is expected to witness a CAGR of 7.0% during the forecast period 2020-2027. The rapid growth of this market is majorly attributed towards the benefits attained by coding and marking systems such as protection from existing counterfeits in the market. Additionally, during the process of logistics these systems are used for tracking the goods from manufacturing unit till the product is delivered to the end consumer. These codes are also beneficial for the manufacturers in developing brand image, enhancing safety concerns and in providing quality assurance to the consumers.
Coding and Marking Systems Market Coding and marking systems is extensively being used to print various details regarding a particular product such as manufacturing date, lot size, product specific details and expiry details and other related details as listed by the government authorities in various developing as well as the developed economy. North American coding and marking systems market size was valued at USD 800.3 million in 2017. The region is further predicted to observe a CAGR of 7.3% during the forecast period in the global market owing to technological upgradation and enhancing expenditure on research and development activities.
Coding and Marking Systems Market Globally industry players are leveraging market growth through technological upgradation in coding systems, innovation to adapt with ever-changing market dynamics and becoming more realistic in its approach. Some of the major players operating in the coding and marking systems industry are ATD Marking Systems, Danaher Corporation, Inkjet Inc, ID Technology, Hitachi Ltd, Diagraph Group, Matthews International Corporation, Dover Corporation, Overprint Packaging Ltd., and Domino Printing Sciences plc.
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