The 2D Bar Code Marketing Market was worth $7.41 billion in 2022 and is predicted to be worth $14.87 billion by 2032, growing at a 6.8% CAGR from 2022 to 2032.
| Report Attribute | Details |
|---|---|
| Market Value (2022) | US$ 7.41 billion |
| Market Anticipated Value (2032) | US$ 14.87 billion |
| Market Growth Rate (2022 to 2032) | 6.8% CAGR |
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2D barcode marketing, which allows you to scan and read both 1D and 2D barcodes, is predicted to be a major element driving global market growth over the next ten years. Other major aspects expected to enhance worldwide market growth to some level include increasing transaction speed for billing and other associated processes and improving consumer experience.
The use of a 2D barcode as an integrated component is predicted to grow in many end-use industries. In the coming years, rising demand for portable 2D barcodes and the development of technologically enhanced reader devices may offer income prospects for the leading players in the 2D Bar Code Marketing.
However, the greater cost of the 2D barcode is a significant problem that may impede worldwide market expansion. Furthermore, due to new technology, 2D barcodes are more expensive than 1D barcodes. This will most likely lead to limited acceptance of the 2D barcode, limiting revenue growth.
Because of the advanced and unique technology, 2D barcode readers are often more expensive than current one-dimensional (1D) barcode readers. However, the price difference is closing faster as a result of the introduction of new affordable 2D Bar Code Marketing.
With the increasing internet usage, digital shopping is becoming more convenient and popular among consumers globally. The advent of wireless technology has accelerated the trend to digital shopping. The barcode scanners are also linked to high-speed wireless networks, which may assist to reduce long lines at retail outlets.
Thus, merging bar code scanners with automated billing systems makes the purchasing experience more transparent, faster, and efficient, while also increasing consumer happiness. These considerations are encouraging firms to use 2D barcode-based solutions, which are driving market expansion.
During the projected period, the market for 2D barcode readers is expected to increase. Because of the increasing use of 2D barcodes in a variety of businesses, the 2D barcode can access more information such as price, image, quantity, or site links.
2D barcodes are assisting firms that wish to create a significant effect on their clients. Because 2D barcode scanners can scan precisely and fast, it speeds up different transaction procedures such as billing and other activities and so enhances client experiences. A 2D barcode reader is capable of reading barcodes in both directions. It can be read on-screen, printed, upside down, or sideways.
2D bar code also known as QR (Quick Response) codes are small squares which contains ample amount of data in it, which is accessible by scanning applications in the smart phone. It is capable of storing data vertically as well as horizontally as compared to 1D bar codes.
2D bar codes is used across various industries from manufacturing, logistics, transportation to healthcare, the 2D bar codes are capable of storing data’s such as product information, locations, videos and more.
With the penetration of smartphones globally and digital marketing doing the rounds, 2D barcodes are widely being used in marketing and advertising as it enables the consumers to view the products information or any sort of other information that the product manufactures wants to convey by just scanning the bar code using smart phone applications.
The 2D barcodes can be scanned using optical scanner; it does not require laser scanners to access the data. As this concept is new to the market and considering the digital marketing wave across geographies, the market for 2D bar code marketing will register a promising CAGR over the forecast period.
The increasing population of tech-savvy people primarily drives the global 2D bar code marketing market across the globe along with the compatibility of smartphones for scanning the 2D barcodes and the awareness among the people about the product legitimacy.
Thus, the adoption of smartphones also attributes to the growth of 2D barcode marketing market. The data storage perquisites of 2D bar codes and the ability of scanning vertically and horizontally as compared to that of 1D barcodes can be considered as one of the factor driving the market for 2D bar code marketing.
However, the investments associated with the 2D bar codes and the low awareness about the QR codes among certain age group might pose as a restrain to the 2D bar code marketing market. The integration of 2D bar code marketing in the digital marketing is the most recent trend in the global 2D bar code marketing market.
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Based on the geographic regions, global 2D bar code marketing market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among the aforementioned regions, Western Europe tops among the 2D bar code marketing market followed by North America.
In the North American market, the advertisers and marketers are widely adopting the 2D bar code marketing in the region to enhance their traditional print media. Some of the well-known brands are adopting the 2D bar code marketing for promoting their business, Volkswagen, Morgan Hotel Group to name some.
Latin America has a huge mobile penetration, which is comparatively more than the global average and with developments in the mobile market in the region to catch up with the recent trends can be attributed to the growth of 2D bar code marketing in the region.
The Asia-Pacific market is expected to grow with a rapid pace among the other regions over the forecast period. India overtook the US to become the second largest user of smartphones in the recent past; this could have a positive effect on the 2D bar code marketing in this region. Overall, the market is expected to highlight a healthy growth over the period of forecast.
Some of the major players identified in the global 2D bar code marketing market include Scanbuy Inc., NeoMedia Technologies Inc., Electronic Imaging Materials Inc., Wasp Barcode Technologies, ZIH Corp., Arandell Corporation among others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Based on technology, the global 2D bar code marketing market can be divided into:
Based on code types, the global 2D bar code marketing market can be divided into:
Based on applications, the global 2D bar code marketing market can be divided into:
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2D Bar Code Marketing Market
