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Quick Response (QR) Code Labels Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Quick Response (QR) Code Labels Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to inventory management efficiency, enhanced marketing capabilities, increased smartphone adoption, demand for quick information access, and advancements in mobile payment systems.
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%. The growth in the forecast period can be attributed to growing e-commerce, advancements in augmented reality, increased digital payment adoption, enhanced contactless interaction demands, and rising use in healthcare for information dissemination. Major trends in the forecast period include integration with internet of things, personalized marketing campaigns, expanded use in digital menus, enhanced security features, and widespread adoption in smart packaging.
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Market Drivers and Trends:
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
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.
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Major Key Players of the Market:
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.
Quick Response (QR) Code Labels Market 2024 Key Insights:
• 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%.
• Surge In Online Payments Boosting Quick Response (QR) Code Labels Growth
• Advancements In QR Code Label Technology Enhancing Accessibility And Engagement
• North America was the largest region in the quick response (QR) code labels market in 2023
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