Global QR Code Labels Materials market, which amassed revenue worth nearly 1,012 (USD Million) in 2019, will register a CAGR of nearly 9.1% during the period from 2020 to 2026.
The global QR Code Labels Materials market, which amassed revenue worth nearly 1,012 (USD Million) in 2019, will register a CAGR of nearly 9.1% during the period from 2020 to 2026. The report offers assessment and analysis of the QR Code Labels market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Million).
QR code labels include both the vertical as well as horizontal space for encrypting data by using tiny squares. Moreover, these codes help in storing huge information in the small area. The key use of QR code labels is to send the target audience towards a website for detailed information about the product or services. The target audiences are directed to the website through QR code label scanning on smart phone through camera or through tablet, laptop, and notebook computers or laptops. Today, industry players are trying to manufacture water proof QR code labels for sustaining against humid and moist environmental conditions. QR code labels are also utilized as security labels in packaging of goods. It provides information including ingredient quality of product, company values, and information about the supply chain.
Market Growth Dynamics
Large-scale utilization of QR code labels in asset management, advertisement, digital payments, and branding will steer the industry growth over the forecast timespan. Apart from this, prominent usage of QR code labels as anti-counterfeiting services will further prompt the business expansion in the years to come. In addition to this, the ability of these codes for storing key data and its main feature for allowing scanning of product code from any of the directions will create lucrative growth prospects for QR code labels industry in the foreseeable future.
Moreover, QR code labels help the firm in connecting with its potential customers along with earning their loyalty & trust by directing them to authentic online sources. It is a kind of smart marketing. All these aforementioned factors will drive the market trends.
North American Market To Witness A Huge Upsurge Over 2020-2026
The growth of the market in North America over the estimated timeframe is due to massive use of QR code labels on various consumer packaged goods and other packaging items in supermarkets and hypermarket stores as well as in malls & other retail stores. In addition to this, thriving food & beverages sector in the countries like the U.S. and Canada will further contribute towards the regional market earnings in the foreseen future.
Key players leveraging the business growth include Label Logic, Inc., Lintec Corporation, Data Label Co. UK., Consolidated Label & Co, Label Impressions Inc., Packtica SDN Bhd, CCL Industries, Hibiscus PLC, Advanced Labels NW, and Coast Label Company.
The global QR code labels market is segmented as follows:
By material type
By end use
Large-scale utilization of QR code labels in asset management, advertisement, digital payments, and branding will steer the industry growth over the forecast timespan.
The CAGR of the industry is expected to be nearly 9.1% during the forecast timespan.
North American region will contribute sizably towards the global market revenue over the estimated timeline.
The key market participants include Consolidated Label & Co, Lintec Corporation, Packtica SDN Bhd, CCL Industries, Hibiscus PLC, Label Logic, Inc., Advanced Labels NW, Data Label Co. UK., Label Impressions Inc., and Coast Label Company.
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