QR Code Market

Goals

To provide the market size and adoption metrics of QR codes across key English-speaking markets (UK, USA, Canada) and analyze their growth trajectory. Additionally, understand how COVID-19 is impacting the market with QR-powered menus and/or Apple is impacting the market by building the QR scanner into iOS.

Early Findings

Market Size

  • The market size of the QR Code segment across key English speaking markets was not publicly available. However, some reports on the global QR Code Labels and QR Code Recognition markets were found during the research.
  • According to a report, the global QR Code Labels market size was valued at $996.8 million in 2018. The market is expected to grow at a CAGR of 8.7% from 2019 to 2027.
  • The information regarding the market sizes and adoption metrics for the key English speaking markets is locked behind a paywall. The paywalled reports can be accessed from databases, such as Market Watch and Prime Feed.

Adoption Metrics

  • Some useful metrics regarding the adoption of QR codes in major English speaking markets, such as the US, UK, and Canada, were obtained during the preliminary research. While concrete statistics were found for the US, not much recent information was publicly available for the UK and Canada. The information has been presented below.
  • A survey conducted by Statista estimated that 11 million households in the US would be using QR codes in 2020. It is estimated that 9.76 million QR code scans were performed in the US in 2018. A significant increase in the adoption of QR codes was seen in the US.
  • Barclays, the largest bank of UK, partnered with Alipay in 2019 "to allow Barclaycard merchants to accept Alipay QR Code payments in the UK." The UK is also looking forward to a nationalized QR code payment system.
  • According to the Global Web Index, the number of QR code scans doubled in Europe and North America in 2018 when compared to the number in 2015. Similarly, Canadian people are also widely using QR codes. The aforementioned paywalled reports might contain more information on the topic.

COVID-19 Impact

  • QR-powered menus are being considered the best alternative to disposable menus in recent times. Since costumers are afraid to touch physical menus due to the COVID-19 outbreak, the use of QR-powered menus is increasing.
  • QR codes are getting more attention in recent times due to the outbreak of COVID-19 across the globe. More people are leaning towards contactless payments in the US.
  • According to the research conducted by Juniper Research, "QR code redemption globally was projected to reach about 5.3 billion transactions by 2022, which was about four times the level of 1.3 billion transactions in 2017." Experts believe that these numbers will increase in 2020 due to the increasing use of QR codes in the US and other western markets during the COVID-19 outbreak.
  • A plan to enable QR code payments in 28 markets around the world was rolled out by PayPal in May 2020. The plan also includes the UK.
  • According to an article on CTV News, the prime minister and premiers of Canada have discussed setting up a contact tracing system in Canada. The system's reach will exceed the provincial borders of Canada.
  • Not much statistical information on the topic could be found for the UK and Canada. Similarly, there is not much information regarding the impact of Apple's impact on the core markets. One of the major reasons for the unavailability of information could be the lack of enough research conducted on the topic.

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