Overview and Scope
A smart card reader refers to a device designed to access data stored on smart cards. It consists of a slot or interface through which the smart card is inserted, as well as hardware and software for reading and interacting with the card. Smart card readers are commonly used for user authentication in many applications, enabling safe transactions in banking, payment systems, and electronic commerce.
Sizing and Forecast
The smart card reader market size has grown steadily in recent years. It will grow from $15.69 billion in 2023 to $16.47 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to increase in the use of access cards electronic identification cards debit cards credit cards, surging adoption of digital payment modes, increasing digital transactions, growing adoption of contactless smart cards, increasing penetration of IoT devices.
The smart card reader market size is expected to see steady growth in the next few years. It will grow to $19.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increasing adoption for identity management, increasing requirements for financial security raise the adoption of smart cards, growing iot adoption, rising cybersecurity concerns, demand from healthcare sector. Major trends in the forecast period include technological advancements, contactless technology integration for enhanced security and convenience, government initiatives for secure identification systems, regulatory compliance requirements in various industries, and integration of smart card readers in smart home systems.
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Segmentation & Regional Insights
The smart card reader market covered in this report is segmented –
1) By Type: Contact-based, Contactless-based, Dual Interface Based
2) By Technology: Near Field Communication (NFC), Europay MasterCard Visa (EMV) Chip
3) By Applications: Payment Transaction, Communication, Identity Management, Ticketing, Security And Access Control, Other Applications
4) By End-user: Enterprises And Institutions, Individuals
North America was the largest region in the smart card reader market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart card reader market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surging adoption of digital payment modes is expected to propel the growth of the smart card reader market going forward. Digital payment modes refer to various methods of transferring value electronically without involving physical cash. They encompass a wide array of techniques, including mobile point-of-sale (mPOS) systems, contactless payments, digital wallet payments, peer-to-peer digital payments, social media payments, cryptocurrency payments, and cross-border or FX payments. The main reason behind the surge in digital payments is the increasing adoption of smartphones and internet connectivity. Smart card readers can integrate with digital payment modes primarily through contactless payments, which utilize near-field communication (NFC) technology. For instance, in August 2022, according to UK Finance, a UK-based trade association, in the UK, the volume of contactless payments surged by 36% in 2021 compared to 2020, reaching a total of 13.1 billion payments. Contactless transactions constituted nearly one-third (32%) of all payments during the year. Therefore, the surging adoption of digital payment modes is driving the growth of the smart card reader market.
Key Industry Players
Major companies operating in the smart card reader market are Samsung Electronics Co. Ltd., HP Inc., Lenovo Group Limited, FUJITSU Ltd., Canon Camera Co. Inc., PayPal Holdings Inc., Thales Group, NXP Semiconductors N.V, Gemalto NV, Ingenico Group, ARM Holdings PLC, Giesecke & Divrient GmbH, ATMEL Corporation, Linear Technology, Winpak, PAX Global Technology Limited, Datacard Corporation, Verifone Systems Inc., Nayax Ltd., PNY Technologies, Fingerprint Cards AB, ID Tech Camps, iDeals Solutions, TX RX Systems, Advanced Card Systems Ltd., Shenzhen Rocketek Electronics Co. Ltd., IOGEAR Stanley Global LLC.
The smart card reader market report table of contents includes:
1. Executive Summary
2. Smart Card Reader Market Characteristics
3. Smart Card Reader Market Trends And Strategies
4. Smart Card Reader Market – Macro Economic Scenario
5. Global Smart Card Reader Market Size and Growth
…..
32. Global Smart Card Reader Market Competitive Benchmarking
33. Global Smart Card Reader Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Card Reader Market
35. Smart Card Reader Market Future Outlook and Potential Analysis
36. Appendix
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