According to a new study by Transparency Market Research (TMR), the business landscape in the global card printing ribbon market is highly competitive. Zebra Technologies, Entrust Datacard Corp., IdentiSys Inc., HID Global Corp., Evolis SA, NBS Technologies Inc., AlphaCard, Unicard Systems Pty. Ltd., Dai Nippon Printing Co. Ltd., and Idp Corp. are some of the leading players in this market. They are likely to focus on mergers and acquisitions in the years to come for further expansion in their businesses, states the report.
As per the research report, the global market for card printing ribbon is registering a significant rise in their valuation and are expected to remain doing so over the next few years. Among the card printing ribbons, available across the world, the demand for full color print ribbons is relatively greater than others and this trend will continue to over the period of the forecast. The full color print ribbons segment is expected to acquire a share of more than 65% in the global market by the end of 2017.
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Additionally, the segment is expected to touch a valuation of US$600 mn by the end of 2022. Based on the industry, the demand for card printing ribbons is higher in the retail and hospitality industry and it is expected to continue like this during the assessment period. Currently, the retail and hospitality segment has occupied a share of nearly 33% and is projected to remain increasing in the years to come, states the research report.
In terms of the region, the worldwide market for card printing ribbon reports its presence across Asia Pacific excluding Japan, Europe, the Middle East and Africa, North America, and Latin America. With the augmenting demand for card printing ribbons in emerging economies, such as India and China, Asia Pacific excluding Japan has surfaced as the leading regional market for card printing ribbons across the world and is expected to retain its supremacy over the next few years, notes the market study.
Technological Advancements to Boost Global Card printing ribbon Market
“The technological advancements in cards, nowadays, such as equipping cards with security management tools, are influencing the global market for card printing ribbons significantly,” says an analyst at TMR. In addition to this, the enforcement of new safety and security rules and regulations, has mandated the utilization of identity cards in many institutes and offices, which, in result, is likely to boost this market over the next few years. Apart from this, the increasing adoption of cards in the government and medical and healthcare organizations is also expected to propel this market in the years to come, states the research report.
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Absence of Quality Standard to Hamper Market’s Growth
The lack of standards in card printing methods across the world may hamper the growth of the global card printing ribbons market in the near future. However, the increased cost efficiency of card printing due to the rising usage of novel technologies is expected to normalize the impact of these restraints over the forthcoming years, reports the research study.