2D bar codes, also known as QR (Quick Response) codes, are small squares that contain a large amount of data that can be accessed via scanning applications on a smart phone. When compared to 1D bar codes, it can store data both vertically and horizontally.
2D bar codes are utilised in a wide range of industries, including manufacturing, logistics, transportation, and healthcare. They can store data including product details, locations, videos, and more.
Due to the widespread use of smartphones and the popularity of digital marketing, 2D barcodes are frequently used in marketing and advertising because they allow consumers to view product information or any other information that the manufacturer of the product wishes to convey by simply scanning the bar code with a smartphone application.
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There is no need for laser scanners to access the data from 2D barcodes; optical scanners can do so. The market for 2D bar code marketing will have a promising CAGR throughout the forecast period due to the novelty of the concept on the market and the global adoption of digital marketing.
Global 2D Bar Code Marketing Market: Drivers & Restraints
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.
Global Marine Coatings Market: Region-wise Outlook
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.
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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.
Global Marine Coatings Market Key Players
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.
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Global 2D Bar Code Marketing Market: Segmentation
Based on technology, the global 2D bar code marketing market can be divided into:
- Quick Response (QR) code
- Microsoft Tag (MS Tag)
Based on code types, the global 2D bar code marketing market can be divided into:
- QR code
- DATAMATRIX code
- PDF 417 code
- AZTEC code
Based on applications, the global 2D bar code marketing market can be divided into:
- Retailing
- Entertainment
- Advertising
- Government
- Logistics
- Health care
- Transportation
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