Technology
Enghouse Releases Third Quarter Results
Published
2 weeks agoon
By
MARKHAM, ON, Sept. 5, 2024 /CNW/ – Enghouse Systems Limited (TSX: ENGH) announces third quarter (unaudited) financial results for the period ended July 31, 2024. All figures are denominated in Canadian dollars unless otherwise indicated.
Third Quarter Financial Highlights:
Revenue increased 17.6% to $130.5 million from $111.0 million in Q3 2023 and 13.9% for the nine-month period to $376.8 million from $330.9 million last year;Recurring revenue, which includes SaaS and maintenance services, grew 22.8% to $88.8 million compared to $72.3 million in Q3 2023, and represents 68.1% of total revenue. For the nine-month period, recurring revenue increased to $258.4 million from $210.4 million in the prior period, an increase of 22.8%, as we continue to prioritize this revenue stream;Results from operating activities increased to $34.3 million compared to $30.9 million in Q3 2023 and increased for the nine-month period to $100.4 million, from $86.4 million in the prior period;Net income was $20.6 million compared to $17.6 million in Q3 2023 and $58.7 million year to date compared to $47.1 million last year, as we grow our business with a focus on profitability;Adjusted EBITDA increased to $37.7 million compared to $33.4 million, growing by 12.9%, while achieving a 28.9% margin. Year to date Adjusted EBITDA was $108.2 million compared to $95.9 million in the prior year, an increase of 12.8%;Cash flow from operating activities, excluding changes in working capital, was $37.4 million compared to $35.5 million in the prior quarter and $111.5 million year to date compared to $97.0 million in the comparable period. Cash, cash equivalents and short-term investments reached near record highs at $258.7 million as at July 31, 2024.
Our third quarter operating performance continued its upward trend with revenue, profitability and operating cash flow, all exhibiting positive growth. Our commitment to operational efficiency, alongside our capability in executing and integrating acquisitions continues to deliver positive results. This quarter we completed the acquisition of SeaChange, expanding our IPTV market presence, a growing sector for Enghouse. We have effectively integrated SeaChange into our Asset Management Group, achieving profitability in its first quarter, post-acquisition, although not yet at our standard levels.
Our strategic direction remains steadfast as we continue to expand our business profitably. Offering both SaaS and on-premise solutions positions us uniquely in the marketplace. Operational enhancements across our existing businesses and recent acquisitions are driving positive outcomes, enabling us to maintain robust cash reserves while simultaneously increasing annual dividends, repurchasing shares and pursuing acquisitions.
Quarterly dividends:
Today, the Board of Directors approved the Company’s eligible quarterly dividend of $0.26 per common share, payable on November 29, 2024 to shareholders of record at the close of business on November 15, 2024.
Enghouse Systems Limited
Financial Highlights
(unaudited, in thousands of Canadian dollars)
For the period ended July 31
Three months
Nine months
2024
2023
Var ($)
Var (%)
2024
2023
Var ($)
Var (%)
Revenue
$
130,501
$
110,997
19,504
17.6
$
376,803
$
330,893
45,910
13.9
Direct costs
45,836
35,872
9,964
27.8
130,619
108,786
21,833
20.1
Revenue, net of direct costs
$
84,665
$
75,125
9,540
12.7
$
246,184
$
222,107
24,077
10.8
As a % of revenue
64.9 %
67.7 %
65.3 %
67.1 %
Operating expenses
49,120
43,901
5,219
11.9
144,331
133,323
11,008
8.3
Special charges
1,243
331
912
275.5
1,440
2,360
(920)
(39.0)
Results from operating activities
$
34,302
$
30,893
3,409
11.0
$
100,413
$
86,424
13,989
16.2
As a % of revenue
26.3 %
27.8 %
26.6 %
26.1 %
Amortization of acquired software and
customer relationships
(9,663)
(9,730)
67
0.7
(31,183)
(28,400)
(2,783)
(9.8)
Foreign exchange (losses) gains
(1,747)
356
(2,103)
(590.7)
(3,550)
(1,487)
(2,063)
(138.7)
Interest expense – lease obligations
(132)
(172)
40
23.3
(430)
(531)
101
19.0
Finance income
2,333
1,701
632
37.2
7,296
3,683
3,613
98.1
Finance expenses
(29)
(5)
(24)
(480.0)
(41)
(136)
95
69.9
Other income (expenses)
407
(1,312)
1,719
131.0
513
(1,967)
2,480
126.1
Income before income taxes
$
25,471
$
21,731
3,740
17.2
$
73,018
$
57,586
15,432
26.8
Provision for income taxes
4,891
4,164
727
17.5
14,331
10,460
3,871
37.0
Net Income for the period
$
20,580
$
17,567
3,013
17.2
$
58,687
$
47,126
11,561
24.5
Basic earnings per share
0.37
0.32
0.05
15.6
1.06
0.85
0.21
24.7
Diluted earnings per share
0.37
0.32
0.05
15.6
1.06
0.85
0.21
24.7
Operating cash flows
40,333
39,020
1,313
3.4
100,488
86,980
13,508
15.5
Operating cash flows excluding changes
in working capital
37,363
35,481
1,882
5.3
111,533
96,988
14,545
15.0
Adjusted EBITDA
Results from operating activities
34,302
30,893
3,409
11.0
100,413
86,424
13,989
16.2
Depreciation
647
585
62
(10.6)
1,692
1,824
(132)
7.2
Depreciation of right-of-use assets
1,530
1,606
(76)
4.7
4,606
5,273
(667)
12.6
Special charges
1,243
331
912
(275.5)
1,440
2,360
(920)
39.0
Adjusted EBITDA
$
37,722
$
33,415
4,307
12.9
$
108,151
$
95,881
12,270
12.8
Adjusted EBITDA margin
28.9 %
30.1 %
28.7 %
29.0 %
Adjusted EBITDA per diluted share
$
0.68
$
0.60
0.08
13.3
$
1.95
$
1.73
0.22
12.7
Condensed Consolidated Interim Statements of Financial Position
(in thousands of Canadian dollars)
(unaudited)
As at July 31,
2024
As at October 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
257,713
$
239,532
Short-term investments
980
827
Accounts receivable
108,543
93,383
Prepaid expenses and other assets
16,445
15,515
Income taxes recoverable
–
114
383,681
349,371
Non-current assets:
Property and equipment
4,305
3,273
Right-of-use assets
13,963
12,242
Intangible assets
106,878
109,659
Goodwill
307,291
280,241
Deferred income tax assets
24,719
28,884
457,156
434,299
$
840,837
$
783,670
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
71,652
$
67,769
Income tax payable
2,645
–
Dividends payable
14,397
12,156
Provisions
1,974
2,238
Deferred revenue
131,405
109,019
Lease obligations
5,330
6,322
227,403
197,504
Non-current liabilities:
Income taxes payable
–
1,333
Deferred income tax liabilities
11,135
13,340
Deferred revenue
7,630
8,170
Net employee defined-benefit obligation
1,960
1,912
Lease obligations
8,042
6,080
28,767
30,835
256,170
228,339
Shareholders’ equity:
Share capital
114,812
107,701
Contributed surplus
10,268
10,404
Retained earnings
441,391
426,397
Accumulated other comprehensive income
18,196
10,829
584,667
555,331
$
840,837
$
783,670
Condensed Consolidated Interim Statements of Operations and Comprehensive Income
(in thousands of Canadian dollars, except per share amounts)
(unaudited)
Three months
Nine months
Periods ended July 31
2024
2023
2024
2023
Revenue
Software licenses
$ 19,579
$ 19,836
$ 57,046
$ 62,587
SaaS and maintenance services
88,812
72,302
258,383
210,439
Professional services
18,231
15,904
51,577
50,790
Hardware
3,879
2,955
9,797
7,077
130,501
110,997
376,803
330,893
Direct costs
Software licenses
1,689
720
3,104
2,288
Services
41,696
33,476
122,178
102,694
Hardware
2,451
1,676
5,337
3,804
45,836
35,872
130,619
108,786
Revenue, net of direct costs
84,665
75,125
246,184
222,107
Operating expenses
Selling, general and administrative
23,980
22,454
71,661
67,187
Research and development
22,963
19,256
66,372
59,039
Depreciation
647
585
1,692
1,824
Depreciation of right-of-use assets
1,530
1,606
4,606
5,273
Special charges
1,243
331
1,440
2,360
50,363
44,232
145,771
135,683
Results from operating activities
34,302
30,893
100,413
86,424
Amortization of acquired software and customer relationships
(9,663)
(9,730)
(31,183)
(28,400)
Foreign exchange (losses) gains
(1,747)
356
(3,550)
(1,487)
Interest expense – lease obligations
(132)
(172)
(430)
(531)
Finance income
2,333
1,701
7,296
3,683
Finance expenses
(29)
(5)
(41)
(136)
Other income (expenses)
407
(1,312)
513
(1,967)
Income before income taxes
25,471
21,731
73,018
57,586
Provision for income taxes
4,891
4,164
14,331
10,460
Net income for the period
20,580
17,567
58,687
47,126
Item that may be subsequently reclassified to income:
Cumulative translation adjustment
5,929
(13,632)
7,367
7,406
Other comprehensive income (loss)
5,929
(13,632)
7,367
7,406
Comprehensive income
$ 26,509
$ 3,935
$ 66,054
$ 54,532
Earnings per share
Basic
$ 0.37
$ 0.32
$ 1.06
$ 0.85
Diluted
$ 0.37
$ 0.32
$ 1.06
$ 0.85
Condensed Consolidated Interim Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)
Three months
Nine months
Periods ended July 31
2024
2023
2024
2023
OPERATING ACTIVITIES
Net income for the period
$ 20,580
$ 17,567
$ 58,687
$ 47,126
Adjustments for non-cash items
Depreciation
647
585
1,692
1,824
Depreciation of right-of-use assets
1,530
1,606
4,606
5,273
Interest expense – lease obligations
132
172
430
531
Amortization of acquired software and customer relationships
9,663
9,730
31,183
28,400
Stock-based compensation expense
298
340
1,076
1,271
Provision for income taxes
4,891
4,164
14,331
10,460
Finance expenses and other (income) expenses
(378)
1,317
(472)
2,103
37,363
35,481
111,533
96,988
Changes in non-cash operating working capital
6,243
4,367
(246)
380
Income taxes paid
(3,273)
(828)
(10,799)
(10,388)
Net cash provided by operating activities
40,333
39,020
100,488
86,980
INVESTING ACTIVITIES
Net purchase of property and equipment
(683)
(436)
(1,461)
(607)
Acquisitions, net of cash acquired*
(30,854)
(2,361)
(43,448)
(27,978)
Purchase consideration for prior-year acquisition
–
(1,245)
171
(1,012)
Purchase of short-term investments
–
–
–
(69)
Net cash used in investing activities
(31,537)
(4,042)
(44,738)
(29,666)
FINANCING ACTIVITIES
Issuance of share capital
1,412
–
6,095
604
Normal course issuer bid share repurchases
(1,759)
–
(2,906)
Repayment of lease obligations
(2,347)
(1,474)
(5,747)
(5,754)
Dividends paid
(14,398)
(12,160)
(38,742)
(32,606)
Net cash used in financing activities
(17,092)
(13,634)
(41,300)
(37,756)
Impact of foreign exchange on cash and cash equivalents
3,091
(4,711)
3,731
4,122
(Decrease) increase in cash and cash equivalents
(5,205)
16,633
18,181
23,680
Cash and cash equivalents – beginning of period
262,918
232,151
239,532
225,104
Cash and cash equivalents – end of period
$ 257,713
$ 248,784
$ 257,713
$ 248,784
* Acquisitions are net of cash acquired of $245 and $742 for the three and nine months ended July 31, 2024, and nil and $2,088 for the three and nine months ended July 31, 2023, respectively.
Enghouse Systems Limited
Segment Reporting Information
(in thousands of Canadian dollars)
Three months ended July 31
2024
2023
IMG
AMG
Total
IMG
AMG
Total
Revenue
$
77,522
$
52,979
$
130,501
$
64,302
$
46,695
$
110,997
Direct costs
(27,981)
(17,855)
(45,836)
(18,884)
(16,988)
(35,872)
Revenue, net of direct costs
49,541
35,124
84,665
45,418
29,707
75,125
Operating expenses excluding special charges
(21,257)
(14,190)
(35,447)
(20,401)
(10,803)
(31,204)
Depreciation
(389)
(258)
(647)
(403)
(182)
(585)
Depreciation of right-of-use assets
(997)
(533)
(1,530)
(1,239)
(367)
(1,606)
Segment profit
$
26,898
$
20,143
$
47,041
$
23,375
$
18,355
$
41,730
Special charges
(1,243)
(331)
Corporate and shared service expenses
(11,496)
(10,506)
Results from operating activities
$
34,302
$
30,893
Nine months ended July 31
2024
2023
IMG
AMG
Total
IMG
AMG
Total
Revenue
$
234,189
$
142,614
$
376,803
$
186,733
$
144,160
$
330,893
Direct costs
(79,960)
(50,659)
(130,619)
(54,451)
(54,335)
(108,786)
Revenue, net of direct costs
154,229
91,955
246,184
132,282
89,825
222,107
Operating expenses excluding special charges
(66,166)
(37,637)
(103,803)
(62,686)
(34,719)
(97,405)
Depreciation
(1,158)
(534)
(1,692)
(1,484)
(340)
(1,824)
Depreciation of right-of-use assets
(2,930)
(1,676)
(4,606)
(3,280)
(1,993)
(5,273)
Segment profit
$
83,975
$
52,108
$
136,083
$
64,832
$
52,773
$
117,605
Special charges
(1,440)
(2,360)
Corporate and shared service expenses
(34,230)
(28,821)
Results from operating activities
$
100,413
$
86,424
About Enghouse
Enghouse is a Canadian publicly traded company (TSX:ENGH) that provides mission critical vertically focused enterprise software solutions. Our core technologies are used for contact centers, video communications, virtual healthcare, telecommunications networks, public safety and the transit market. The Company’s two-pronged growth strategy to grow earnings focuses on organic growth and acquisitions, which, to date, have been funded only through operating cash flows as the Company has no outstanding external debt financing. The Company is organized around two business segments, the Interactive Management Group (“IMG”) and the Asset Management Group (“AMG”) due to their unique customer segments and technology offerings. Further information about Enghouse may be obtained from the Company’s website at www.enghouse.com.
Conference Call and Webcast
A conference call to discuss the results will be held on Friday, September 6, 2024 at 8:45 a.m. EST. To participate, please call +1-289-514-5100 or North American Toll-Free +1-800-717-1738. Confirmation code: 59337. A webcast is also available at: https://www.enghouse.com/investors.php.
The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is calculated based on results from operating activities adjusted for depreciation of property and equipment and right-of-use assets, and special charges for acquisition related restructuring costs. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income and restructuring costs primarily related to acquisitions.
SOURCE Enghouse Systems Limited
You may like
Technology
Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain
Published
13 mins agoon
September 20, 2024By
HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.
“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”
Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.
“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”
Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.
About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.
Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
For media inquiries, please use the contact information below:
Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com
Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/kawasaki-and-cbi-sign-strategic-collaborative-agreement-for-promoting-commercial-use-liquefied-hydrogen-supply-chain-302253698.html
SOURCE McDermott International, Ltd
Technology
Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style
Published
13 mins agoon
September 20, 2024By
BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.
The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide. According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists. However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.
“Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc. This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.
Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.
Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.
“Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.
The Halal Route application is free to download on both iOS and Android systems.
Read the full article at https://www.chula.ac.th/en/highlight/185916/
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/halal-route-application—eat-travel-around-thailand-safe-and-sound-halal-style-302251312.html
SOURCE Chulalongkorn University
Technology
QR Code Labels Market Size to Grow USD 1339.1 Million by 2030 at a CAGR of 5.6% | Valuates Reports
Published
13 mins agoon
September 20, 2024By
BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — QR Code Labels Market is Segmented by Type (Flexographic Printing, Digital Printing, Offset Gravure), by Application (Inventory Management, Marketing & Advertisement, Mobile Payments, Personal Use): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global QR Code Labels Market was valued at US$ 889.2 million in 2023 and is anticipated to reach US$ 1339.1 million by 2030, witnessing a CAGR of 5.6% during the forecast period 2024-2030.
Get Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-27S5711/Global_QR_Code_Labels_Market
Major Factors Driving the Growth of QR Code Labels Market:
The QR code labels market is experiencing robust growth due to the increasing adoption across sectors like retail, logistics, marketing, and payments. The convenience, versatility, and cost-effectiveness of QR code labels, combined with the rise in mobile phone usage and the shift toward contactless technologies, are key drivers of this growth. Industries are leveraging QR codes for diverse applications such as inventory management, mobile payments, and marketing campaigns. However, concerns about data privacy and security may limit widespread adoption in certain regions.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-27S5711/global-qr-code-labels
TRENDS INFLUENCING THE GROWTH OF THE QR CODE LABELS MARKET:
Flexographic printing holds the largest share in the QR code labels market due to its high-speed production capabilities and cost-effectiveness for large print runs. Flexographic printing is particularly popular in sectors like retail and logistics, where large quantities of QR code labels are required for packaging and inventory management. Its ability to print on a wide range of substrates, including paper, plastic, and metallic foils, makes flexographic printing the preferred choice for high-volume, cost-efficient QR code label production, driving its dominance in the market.
Digital printing is the second-largest segment, known for its flexibility, quick turnaround times, and ability to produce short print runs cost-effectively. This technology is widely adopted in the marketing and advertising sectors where businesses need customized QR code labels for targeted campaigns and promotions. Digital printing offers high-quality, precise printing for small batches, allowing companies to personalize QR codes for specific audiences or events. The growing trend of personalization in marketing is significantly driving the demand for digital printing in the QR code labels market.
Inventory management is the largest application segment, as QR code labels simplify tracking and monitoring products in warehouses, retail stores, and logistics chains. QR codes allow for real-time updates and easy access to product details, making inventory management more efficient. Businesses, especially in e-commerce and logistics, rely on QR codes to reduce human errors, improve accuracy, and streamline operations. As global trade and e-commerce continue to grow, inventory management remains the largest driver of the QR code labels market.
QR codes in marketing and advertising are increasingly popular as brands use them to engage customers directly through digital content. By scanning a QR code, consumers can access websites, videos, promotions, and other interactive media, enhancing brand interaction. This trend is particularly strong in retail and consumer goods sectors, where QR codes are used in packaging, billboards, and digital campaigns. With more consumers using smartphones, QR codes have become a key tool in marketing strategies, driving growth in this application.
The use of QR code labels for mobile payments is rapidly expanding, especially in regions like Asia-Pacific, where cashless transactions are becoming the norm. QR codes provide a secure, contactless payment solution, and their integration with mobile wallets makes them convenient for both consumers and businesses. The pandemic accelerated the shift to contactless payments, and the trend is expected to continue as more businesses adopt QR code-enabled payment systems. This rising trend is a significant factor contributing to the growth of the QR code labels market.
QR code labels are also being increasingly adopted for personal use, particularly in the context of social networking, personal branding, and event management. Individuals are using QR codes to share contact information, social media profiles, or event details. The ease of generating and sharing QR codes through mobile apps has made this technology accessible for personal use. As digital interaction becomes more integrated into daily life, personal use of QR code labels is expected to grow, further expanding the market.
The production of QR code labels, particularly in large quantities, is increasingly being scrutinized for its environmental impact. Companies are looking for sustainable printing solutions, such as eco-friendly inks and biodegradable materials, to reduce the environmental footprint of label production. Flexographic and digital printing technologies are evolving to meet these demands, with manufacturers investing in greener alternatives. The shift towards sustainability in label production is expected to shape the future of the QR code labels market.
Buy Now: https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-27S5711&lic=single-user
QR CODE LABELS MARKET SHARE
The Asia-Pacific region dominates the QR code labels market, driven by the widespread use of QR codes for mobile payments and inventory management, particularly in China and Japan. North America follows, with increasing adoption in retail, marketing, and healthcare. Europe is also a key market, driven by the rising demand for contactless payment solutions and digital marketing initiatives. The Middle East and Africa are emerging markets, especially in mobile payments and product traceability applications.
Key Companies:
Lintec CorporationCCL IndustriesPacktica SDNLabel LogicHibiscusData LabelAdvanced LabelsCoast Label CompanyLabel ImpressionsConsolidated LabelAvery
Purchase Regional Report: https://reports.valuates.com/request/regional/QYRE-Auto-27S5711/Global_QR_Code_Labels_Market
SUBSCRIPTION
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– Dynamic QR Code Solutions Market
– QR Code Anti-counterfeiting Label Market
– QR Code Anti-counterfeiting Solution Market
– QR and BarCode Readers Market
– QR Code Ordering System Market
– QR Code Inkjet Printer Market
– Scan QR Code ID Temperature Measurement All-In-One Machine Market
DISCOVER OUR VISION: VISIT ABOUT US!
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.
YOUR FEEDBACK MATTERS: REACH OUT TO US!
Valuates Reports
sales@valuates.com
For U.S. Toll-Free Call 1-(315)-215-3225
WhatsApp: +91-9945648335
Website: https://reports.valuates.com
Blog: https://valuatestrends.blogspot.com/
Pinterest: https://in.pinterest.com/valuatesreports/
Twitter: https://twitter.com/valuatesreports
Facebook: https://www.facebook.com/valuatesreports/
YouTube: https://www.youtube.com/@valuatesreports6753
https://www.facebook.com/valuateskorean
https://www.facebook.com/valuatesspanish
https://www.facebook.com/valuatesjapanese
https://valuatesreportspanish.blogspot.com/
https://valuateskorean.blogspot.com/
https://valuatesgerman.blogspot.com/
https://valuatesreportjapanese.blogspot.com/
Logo: https://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/qr-code-labels-market-size-to-grow-usd-1339-1-million-by-2030-at-a-cagr-of-5-6–valuates-reports-302253164.html
Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain
Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style
QR Code Labels Market Size to Grow USD 1339.1 Million by 2030 at a CAGR of 5.6% | Valuates Reports
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days ago
Norway town campaigns to close Bitcoin mine, electricity costs jump 20%
-
Technology4 days ago
Canada Invests in Net Zero Atlantic to Create Jobs and Support Clean Energy for Atlantic Canadians
-
Coin Market4 days ago
Reddit user claims ChatGPT initiated a conversation from previous info
-
Coin Market5 days ago
Circle predicts stablecoins will become mainstream global payment method
-
Coin Market4 days ago
Former President Trump safe following gunshots in close proximity
-
Technology4 days ago
Delectrik Launches Multi-MWh scale Flow Battery Solution for Large C&I and Utility Scale Applications
-
Technology4 days ago
GSMA MWC Kigali 2024 to explore role of connectivity in driving socio-economic growth across Africa
-
Technology5 days ago
KuCoin Cares Extends up to 10,000 KCS Humanitarian Aid to Typhoon Yagi Victims in Vietnam