Barcodes are about to go extinct

The barcode, a ubiquitous symbol in the retail industry, is facing obsolescence due to advancements in technology. The growth of mobile payments and the rise of digital codes, such as QR codes, are leading to a decline in the use of traditional barcodes. According to a report by Grand View Research, the global barcode market is expected to decline by 2.2% annually from 2023 to 2030. The shift is attributed to the increasing adoption of mobile payments and the rise of e-commerce, which has reduced the need for physical barcodes. As a result, companies such as Amazon and Walmart are already phasing out traditional barcodes in favor of digital alternatives.