Key Highlights
- Over 11 million QR codes are generated daily worldwide
- The global QR code market size was valued at USD 1.378 billion in 2020
- QR code scanning accounts for over 26% of mobile commerce transactions
- 44% of consumers have scanned a QR code at least once
- The use of QR codes increased by over 300% during the COVID-19 pandemic for contactless payments
- QR codes have a read rate of nearly 100% when properly printed and scanned
- In 2023, the QR code market for retail was valued at approximately USD 340 million
- 80% of consumers prefer contactless payment options, often via QR codes
- QR codes are used in over 50% of restaurant menus worldwide during the pandemic to facilitate hygiene and contactless service
- The global QR code market is projected to grow at a CAGR of over 6.8% from 2021 to 2028
- Over 3 million businesses worldwide use QR codes for marketing purposes
- 58% of smartphone users have scanned a QR code in a store or restaurant
- QR code usage for advertising increased by over 25% in 2022
From contactless payments to interactive marketing, QR codes have surged in popularity, with over 11 million generated daily worldwide and a market projected to reach USD 3.49 billion by 2027, driven by their convenience, versatility, and rapid adoption across industries globally.
Business and Industry Adoption
- The global QR code market size was valued at USD 1.378 billion in 2020
- QR codes have a read rate of nearly 100% when properly printed and scanned
- In 2023, the QR code market for retail was valued at approximately USD 340 million
- QR codes are used in over 50% of restaurant menus worldwide during the pandemic to facilitate hygiene and contactless service
- Over 3 million businesses worldwide use QR codes for marketing purposes
- QR code usage for advertising increased by over 25% in 2022
- QR codes are used in over 70% of mobile marketing campaigns in certain regions
- QR codes are used in over 37% of packaging in the consumer goods industry to share product info
- QR codes are used in more than 120 countries worldwide for various applications
- QR codes can be customized with brand logos and colors, which increase user engagement by up to 40%
- QR code usage in healthcare for patient identification and tracking increased by 70% during 2020
- In Japan, over 80% of retail stores utilize QR codes for payment and marketing
- The average lifespan of a QR code used in marketing campaigns is around 6 months before it requires updating or replacement
- QR code usage in transportation systems, such as ticketing and access control, increased by 150% during the pandemic
- QR codes are used in over 10 million products globally for supply chain management
- QR code-based loyalty programs have increased customer retention rates by over 20% in various industries
- The cost to generate a single QR code is less than USD 0.01, making it highly cost-effective for businesses
- QR codes are used in over 60% of mobile marketing campaigns in Asia-Pacific countries
- The use of augmented reality (AR) combined with QR codes for interactive marketing increased by 40% in 2022
Business and Industry Adoption Interpretation
Consumer Adoption and Usage Trends
- Over 11 million QR codes are generated daily worldwide
- QR code scanning accounts for over 26% of mobile commerce transactions
- 44% of consumers have scanned a QR code at least once
- The use of QR codes increased by over 300% during the COVID-19 pandemic for contactless payments
- 80% of consumers prefer contactless payment options, often via QR codes
- 58% of smartphone users have scanned a QR code in a store or restaurant
- 93% of consumers find QR codes convenient in purchasing, according to recent surveys
- The number of smartphone QR code scans worldwide exceeded 3 billion in 2022
- 49% of Americans had used a QR code for payments by 2023
- In China, over 90% of digital payments are made via QR codes
- QR code scanning increased by 250% in retail environments during 2020
- The average time to scan a QR code is less than 2 seconds
- QR code usage in airports for boarding passes increased by over 200% during the pandemic
- 60% of consumers associate QR codes with easy access to coupons and discounts
- QR code scanning is integrated into over 85% of new smartphones by 2023
- Digital wallets using QR codes saw a 250% increase in transactions during 2020
- 65% of millennials are familiar with QR codes and use them regularly for payments or information retrieval
- In the food industry, QR codes are used on packaging in 45% of cases to provide recipes and product info
- In Europe, over 55% of mobile users have scanned a QR code during shopping or dining
Consumer Adoption and Usage Trends Interpretation
Market Growth and Projections
- The global QR code market is projected to grow at a CAGR of over 6.8% from 2021 to 2028
- QR code payment transactions are expected to reach over USD 20 billion globally by 2026
- 35% of marketers plan to increase their QR code campaigns in the next year
- The revenue generated from QR code based advertising is projected to surpass USD 2 billion annually by 2025
- QR codes are expected to reach a total market value of USD 3.49 billion by 2027, growing at a CAGR of 16.2%
- QR code technology has potential applications in IoT (Internet of Things), with projections estimating the market for this integration to grow by 18% annually
Market Growth and Projections Interpretation
Technological Innovations and Applications
- QR codes can encode up to 4,296 alphanumeric characters
- The first QR code patent was filed in Japan in 1994 by Denso Wave
- The world's largest QR code is over 2,600 square meters, created for a Chinese tech company's advertising campaign
- The accuracy rate of QR code scanning under optimal conditions is approximately 99.9%
- The largest collection of publicly available free QR code generators exceeds 50 websites
- QR code scanning can be integrated with voice assistants, enabling voice-activated scanning on compatible devices
Technological Innovations and Applications Interpretation
Sources & References
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- Reference 25SMALLBUSINESSResearch Publication(2024)Visit source