QR Code Labels Market is Expected to Reach $2,105.85 Million by 2026 Says TMR
Wednesday, September 04, 2019
Press release from the issuing company
According to Stratistics MRC, the Global QR code labels market accounted for $907.83 million in 2017 and is expected to reach $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.
QR code labels are mostly used in security labels and presently they are mostly being utilized 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.
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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 & 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 & beverages industry in countries such as the U.S. 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 Industries, Coast Label Company, Consolidated Label & Co., Data Label Co. UK., Hibiscus PLC, Label Impressions Inc., Label Logic, Inc., Lintec Corporation and Packtica SDN Bhd.
Material Types Covered:
o Rest of Europe
o New Zealand
o South Korea
o Rest of Asia Pacific
o Rest of South America
o South Africa
o Rest of Middle East & Africa
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