Quick Response (QR) code labels refer to two-dimensional barcodes that store information, accessible by scanning with a smartphone or QR scanner. These labels encode data such as website URLs, product details, or contact information, providing consumers with easy access to relevant content. These code labels are increasingly used in marketing, product packaging, and authentication processes, enhancing consumer engagement and facilitating efficient information retrieval.
Sizing and Forecast
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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Segmentation & Regional Insights
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
North America was the largest region in the quick response (QR) code labels market in 2023. The regions covered in the quick response (QR) code labels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market 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
Key Industry Players
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.
The quick response (qr) code labels market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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