QR Code labels market growing at 9.8%
According to a report by Trends Market Research, the Global QR code labels market accounted for USD 907.83-million in 2017 and is expected to reach USD 2,105.85-million by 2026 growing at a CAGR of 9.8% during the forecast period. Some of the key factors, such as rising use of code labels in inventory management and personal use and usage of these codes in storing information such as webpages, URLs, text, and contact information are driving the market growth. However, codes steadiness on a mobile device or smartphone act as the restraining factor for the QR code labels market growth.
07 Apr 2021 | By PrintWeek Team
QR code labels are mostly used in security labels and presently they are mostly being utilised for various applications. The manufactures of these labels are currently manufacturing a variety of waterproof labels, especially for harsh environments. They are robust and high-density and are capable of carrying abundant information as compared to conventional barcodes.
By label type, pressure sensitive labels segment is likely to grow due to the growing transportation and logistics industries and the need for product authentication, tamper evidence and security features have stimulated the market for these labels. Furthermore, the increased application across the sectors such as food and beverages, pharmaceuticals and automotive has fueled the market used in packaging.
By geography, North America is estimated to have a lucrative growth in the forecast period, mainly due to the rising demand for these tags in this region owing to large manufacture and use of QR code labels. Furthermore, thriving food and beverages industry in countries such as the US and Canada will inflate the scope of the market in the region.
Some of the key players in this QR code labels market include Advanced Labels NW, Avery, CCL, Coast Label Company, Consolidated Label, Data Label, Hibiscus PLC, Label Impressions, Label Logic, Lintec Corporation and Packtica SDN Bhd.
For details, visit Trends Market Research.
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