QR Codes are all-pervasive these days seen in retail, payments, etc. The technology behind it has also been trending with an increasing number of patents being filed. During the first decade post innovation, the ownership of this technology & its applications was spreading across multiple companies. However, this has turned now and the technology market is getting consolidated.
By whom? Big companies are consolidating their portfolio like in many other fields. Big Tech FAAMG is now all over this technology. Big retailers, industrials, consumer electronics & finance majors are consolidating their play.
Startups need to think through what areas they can innovate and where they will tread in somebody's shoes.