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Smart Card Reader Market Analysis
The global smart card reader market will touch USD 79,000 million at whopping 40.8% CAGR by 2027, according to the recent Market Research Future report.
Smart Card Reader Market Key Players
Eminent industry players profiled in the global smart card reader market report include.
Due to the existence of various domestic and foreign industry players, the global smart card reader market both is fragmented and competitive. These companies have employed a variety of cutting-edge techniques, such as agreements, partnerships, joint ventures, collaborations, the launch of new products, international expansions, and more, in order to remain ahead of the competition and meet rising client demand. A lot of research and development projects are also supported by them.
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Smart Card Reader Market Drivers
Increasing Adoption of Digital Payment Techniques to Boost Market Growth
The usage of digital payment methods, which offer greater convenience and safety than traditional payment methods like cash transactions is increasing, which has fueled the industry’s expansion. With more customers using the smart card approach to avoid the trouble of carrying cash, the market will gain traction.
Smart Card Reader Market Opportunities
Burgeoning Usage in Healthcare Sector to offer Robust Opportunities
The burgeoning usage of smart card readers in the healthcare sector will offer robust opportunities for the market over the forecast period. By providing cashless payment options, it eases the inconvenience of carrying cash at hospitals and clinics. Smart cards are thought to be a highly secure access method since they enhance security and confidentiality. Healthcare professionals can maintain and control the effectiveness of patient care & privacy safeguards with the help of smart cards. The use of smart cards also aids in the secure archiving of information and data regarding a patient’s medical history, instantaneously enables control of the access to information, and facilitates the provision for updating the information as needed. Because of the reduced danger of healthcare fraud, the worldwide smart card market has grown overall.
Restraints
Lack of Awareness Regarding Security Issues to act as Market Restraint
The lack of awareness regarding security issues concerning smart card readers and compatibility issues with interfaces may act as market restraints in the forecast period.
Challenges
Improper Standardization to act as Market Challenge
The improper standardization and higher price incurred to manufacture smart card readers may act as market challenges over the forecast period.
Smart Card Reader Market Segmentation
The global smart card reader market is bifurcated based on type, technology, and application.
By type, contactless will lead the market over the forecast period.
By technology, Europay mastercard visa chip will dominate the market over the forecast period.
By application, payments will spearhead the market over the forecast period.
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COVID-19 Analysis
The epidemic has had a negative impact on both the business and industrial sectors. The economic situation of various countries has been considerably impacted by the decreased output rate and strict governmental regulations. In numerous nations, COVID shots and social withdrawal were required in order to combat the situation. These elements have an effect on the industry’s overall growth for smart card readers. Food, drink, and other necessities were in higher demand throughout the epidemic, and contactless smart card reader was used more and more to pay for them. This is the main contributing element to the market growth for smart card readers as a whole. Smart cards have been used in the medical and healthcare industries to streamline time-consuming administrative processes and other personal data because they have the capacity to retain information. As a result, the epidemic has increased the market value for smart card readers.
Regional Analysis
APAC to Lead Smart Card Reader Market
As predicted by analysts, Asia Pacific will account for the greatest market share within the global market for smart card readers by 2024, with a CAGR of 42.5%. Experts’ estimates are based on the growing popularity of cashless transactions in nations like South Korea, China, Indonesia, & India. Also, lucrative prospects are being presented for the overall development of the global smart card reader market by the rising acceptance of digital payments and the growing adoption of smart card readers by the retail, governmental, BFSI, and other key sectors. The banking industry, e-commerce, and other related businesses are expanding quickly in nations like India. These elements are also having a significant negative impact on the industry’s overall growth for smart card readers. Due to a surge in the usage of the chip-based system for secure transactions within the region, Asia-Pacific is predicted to experience substantial growth between 2022 and 2029.
North America to Have Favorable Growth in Smart Card Reader Market
North America is anticipated to develop with a consistent CAGR, second only to the Asia-Pacific regions, as a result of consumers’ growing need for plastic money. According to a recent report, there were approximately 320.9 million debit card users in 2018 and more than 1044.1 million credit card users in 2017. Within the following year, these numbers increased to 1103.4 million. These statuses are increasing annually. Those elements offer profitable potential for the expansion of the region’s smart card reader market. Because of the large number of people utilizing biometric cards in the region for convenience and identity identification, North America now holds a monopoly on the smart card market.
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Industry Updates
February 2023- Getac Technology Corporation, a provider of intelligent video solutions and rugged technology, recently announced the extension of its X600 line. The X600 Server & the X600 Pro-PCI are two brand-new items that Getac has added to its lineup. Leading platform module (TPM) 2.0, smart card reader, Kensington lock compatibility, & optional Intel vPro Technology are its additional security features.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
