Press release
Quick Response (QR) Code Labels Global Market Expected to Witness $2.25 Billion with Impressive Growth at a 11.1% CAGR By 2028 | Hibiscus Plc, CCL Industries Inc., Brady PLC, MPI Label Systems, Online Labels LLC
"The new report published by The Business Research Company, titled ""Quick Response (QR) Code Labels Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.As per the report, the quick response (QR) code labels market size has grown rapidly in recent years. It will grow from $1.33 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The quick response (QR) code labels market size is expected to see rapid growth in the next few years. It will grow to $2.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
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Surge In Online Payments Boosting Quick Response (QR) Code Labels Growth
The rising demand for online payments is expected to propel the growth of the quick response (QR) code labels market going forward. Online payments are transactions made over the Internet to transfer funds from a buyer to a seller for goods or services. The demand for online payments has increased due to convenience, speed, improved internet access, mobile device proliferation, and enhanced security measures. Quick response (QR) code labels simplify and expedite online payments by enabling quick, contactless smartphone transactions, enhancing user convenience and security. For instance, in August 2022, according to UK Finance, a UK-based trade association, in the UK, the volume of contactless payments surged by 36% in 2021 compared to 2020, reaching a total of 13.1 billion payments. Contactless transactions constituted nearly one-third (32%) of all payments during the year. Therefore, the rising demand for online payments is driving the growth of the quick response (QR) code labels market
Advancements In QR Code Label Technology Enhancing Accessibility And Engagement
Major companies operating in the quick response (QR) code label market are focused on developing advanced technological solutions such as zap vision technology to enhance product traceability and security. Zap vision technology is a QR code label designed for rapid response and interaction, improving accessibility and user engagement. For instance, in November 2023, Bayer Plc, a UK-based life science company, and Zappar, a UK-based augmented reality application developer, launched Accessible QR codes (AQR). It is the world's first Accessible QR code (AQR) on its Canescool Soothing Gel Cream product packaging. This innovation aims to improve access to product information for individuals who are blind or partially sighted. The AQR code is optimized for users with sight loss and can be detected by popular accessibility apps such as Envision, Microsoft SeeingAI, and Zapvision's reference app.
The quick response (QR) code labels market covered in this report is segmented -
1) By Label Type: Sleeve Labels, Glue Applied Labels, Pressure Sensitive Labels, Other Label Types
2) By Material Type: Paper, Plastic, Polyethylene Terephthalate, Poly Vinyl Chloride, Vinyl
3) By Printing Technology: Flexographic, Digital Printing, Offset Lithography, Gravure Printing, Other Printing Technologies
4) By End Use: Food And Beverage, Pharmaceuticals, Personal Care And Cosmetics, Automotive, Homecare And Toiletries, Chemicals, Industrial, Other End Uses
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Major companies operating in the quick response (QR) code labels market are Brother Industries Ltd, Zebra Technologies LLC, CCL Industries Inc., Brady PLC, Cognex Corporation, Bizerba USA Inc, Epson America Inc, HERMA Gmbh, Avery Products Corp, AstroNova Inc, MPI Label Systems, Online Labels LLC, Consolidated Label Co, Citizen Systems Co Ltd, SATO Holdings Corporation, Denso Wave Incorporated, Afinia Label, Holo Security Technologies Pvt Ltd, Coast Label Co, Label Express, Hibiscus Plc, Crown Labels Mfg Co Ltd.
Contents of the report:
1. Executive Summary
2. Quick Response (QR) Code Labels Market Report Structure
3. Quick Response (QR) Code Labels Market Trends And Strategies
4. Quick Response (QR) Code Labels Market - Macro Economic Scenario
5. Quick Response (QR) Code Labels Market Size And Growth
…..
27. Quick Response (QR) Code Labels Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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