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.
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 2D Bar Code Marketing Market: Segmentation
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:
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. 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.
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