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Quick Response (QR) Codes Payment Global Market is Likely to Upsurge $28.20 billion at a CAGR of 19.1% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook
Quick Response (QR) Codes Payment Market
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According to The Business Research Company's, The quick response (QR) codes payment market size has grown rapidly in recent years. It will grow from $11.79 billion in 2023 to $14.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to increased smartphone penetration, the rise of e-commerce, growing digitalization, changing consumer preferences, and regulatory support.
The quick response (QR) codes payment market size is expected to see rapid growth in the next few years. It will grow to $28.20 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to the adoption of contactless payments, integration of QR code technology, expansion of mobile wallets, the emergence of new payment platforms, and demand for cashless transactions. Major trends in the forecast period include a shift towards cashless societies, the rise of QR code-based loyalty programs, the implementation of QR code menus in restaurants, QR code-based ticketing for events and transportation, and the utilization of QR codes for identity verification.
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Market Drivers and Trends:
The rise in the administration of opioids for cancer and non-cancer pain is expected to propel the growth of the opioid-induced constipation treatment market going forward. Cancer pain refers to pain associated with cancer and its treatment, while non-cancer pain refers to pain from conditions unrelated to cancer. Administration of opioids for cancer and non-cancer pain is driven by the need to effectively manage moderate to severe pain, considering factors such as the intensity and duration of pain, patient response to other treatments, and the overall goal of improving quality of life while minimizing potential risks of addiction and side effects. Opioid-induced constipation (OIC) treatment helps patients with cancer and non-cancer pain by relieving constipation caused by opioid use, thereby improving overall comfort, adherence to pain management regimens, and quality of life without compromising pain relief. For instance, in April 2023, according to the Center for Disease Control and Prevention (CDC), a US-based national public health agency, during 2021, approximately 20.9% of U.S. adults (51.6 million people) reported experiencing chronic pain, and 6.9% (17.1 million people) experienced high-impact chronic pain, which significantly limits daily activities. Therefore, the rise in the administration of opioids for cancer and non-cancer pain is driving the growth of the opioid-induced constipation treatment market.
Major companies operating in the quick response (QR) code payment market focused on developing innovative products, such as QR code devices, to enhance the user experience and accelerate adoption. A QR code device is a tool or gadget capable of generating, displaying, or scanning QR codes. For instance, in February 2024, SuperUs, an India-based technology company, launched the Dynamic QR Code device, which is set to transform digital payments in India, seamlessly merging cash and checkout terminals to offer unmatched transaction experiences for businesses and customers. Positioned as a cost-effective solution, it removes the need for upfront expenses on hardware, software, and training. Additionally, it substantially cuts down on reconciliation costs, promising significant returns on investment for businesses.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, Tencent Holdings Limited, PayPal Holdings Inc., Fiserv Inc., Square Inc., Stripe Inc., MercadoLibre Inc., Dana Inc., PayU , OVO Energy Ltd., PT Gojek Indonesia , Adyen N.V., Worldpay Inc. , Klarna Bank AB, Grab Holdings Inc., Ingenico Group, One 97 Communications Paytm Ltd., Ant Financial Services Group, Payoneer Inc., Verifone Systems Inc., Twint AG, PhonePe Private Limited, Early Warning Services LLC
Quick Response (QR) Codes Payment Market 2024 Key Insights:
• The quick response (QR) codes payment market size is expected to see rapid growth in the next few years. It will grow to $28.20 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
• Smartphone Penetration Fuels Growth In Quick Response (QR) Codes Payment Market
• Innovative Solutions In Quick Response (QR) Code Payment Enhanced Market Growth
• Asia-Pacific was the largest region in the quick response (QR) codes payment market in 2023
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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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