QR Codes Continue to Grow in Popularity

Research firm Valuates Reports valued the worldwide QR code solutions market at $1.173 billion in 2024 and expects it to reach $2.479 billion by 2031, growing at a combined annual rate of 11.4 percent.

The QR code solutions market continues to grow rapidly, driven by its versatility across applications such as payments, marketing, logistics, and information sharing, the firm said, noting that QR codes are now integral to bridging physical and digital experiences, enabling touchless interactions, fast data retrieval, and secure transactions.

Businesses, iut said further, are adopting both static and dynamic QR codes for customer engagement and operational efficiency. Market players are enhancing offerings with analytics dashboards, design customization, and integration with CRM tools.

Among the leading types of QR codes, according to Valuates, is vCard QR codes that streamline digital contact sharing with the instant transfer of contact information, including name, phone number, email, company, and even social media links, with a simple scan. The integration of vCard QR codes into email signatures, resumes, and promotional materials has further expanded their relevance, it said

Another fundamental driver of the QR code solutions market are URL-based QR codes, which provide seamless redirection to websites, landing pages, e-commerce platforms, videos, or app stores, according to Valuates. Businesses across industries use these QR codes in advertisements, packaging, menus, posters, and receipts to bridge the physical-digital gap and enhance user engagement, it said, noting that they empower marketers to deliver content, track user behavior, and update URLs without changing the code.

The growing need for real-time analytics and targeted marketing has made URL QR codes essential tools for campaign optimization, Valuates reported, noting that whether it's for product information, feedback collection, or driving app downloads, URL QR codes offer unmatched versatility, making them a preferred option for companies aiming to personalize interactions and increase online conversions.

The increasing demand for contactless solutions is another factor driving the QR code solutions market, from digital menus in restaurants and mobile check-ins at hotels to contactless payments and virtual event access, according to Valuates.

Marketers, the firm said, are increasingly relying on QR code solutions to personalize experiences and track campaign performance. QR codes, it said further, allow companies to link users directly to personalized landing pages, discount codes, product videos, or user-specific offers; generate valuable data on user behavior, enabling businesses to adjust campaigns in real time; and update content in real time without reprinting materials. 

Valuates also sees the global proliferation of smartphones as a key enabler for the QR code solutions market. With built-in QR code scanners in camera apps and widespread internet connectivity, scanning a QR code has become effortless for consumers, it said.

The rising use of digital payments is another significant factor propelling the QR code solutions market, Valuates said, noting that payment service providers and financial institutions are embedding QR codes in their systems to facilitate fast, secure, and contactless transactions, to reduce dependency on card machines or cash handling, and to enable peer-to-peer transfers through mobile wallets.

The report identified Denso Wave, Scanova, Chetu, OneIDentity+, Scantrust, Bitly, QR TIGER, Flowcode, Adobe, Uniqode, QR Code Chimp, BL.INK, DocHipo, Tlinky, QR.io, Unitag, and QRStuff as the leading vendors of QR code technology.