As per the latest report published by Market Research Future (MRFR), the global smart card reader market will grow at a CAGR of 40.8% during the assessment period (2018-2024). The market is expected to reach a valuation in excess of USD 79,000 Mn by 2024. The growing importance of cashless transaction is somewhat driving the market growth globally. More and more business entities both in micro and macro level are adopting cashless transaction systems. Modernization of payment systems is crucial for business optimization; hence it is able to draw a significant amount of investment. The aforementioned factors are driving the demand for smart card readers.
Global Smart Card Reader Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of type, technology, and application.
Based on type, the market has been segmented into interface based, contactless-based and contact-based. The contact-based segment accounts for the lion’s share of the market in terms of revenue. The segment stood at a valuation of USD 2,290.03 Mn in 2017 and is expected to witness a healthy CAGR of 40.6% during the assessment period. The segment’s growth can be attributed to the widespread application of contact-based smart card readers in debit card and credit card transaction system. Whereas, the contactless-based segment holds the second largest market share in terms of value. The segment was valued at USD 1,673.96 Mn in 2017 and is expected to witness a strong growth over the next couple of years.
Based on technology, the market has been segmented into Near Field Communication (NFC), Europay MasterCard Visa (EMV) Chip and other. The Europay Mastercard Visa (EMV) chip segment has been highly attractive in recent years. In 2017, the segment accounted for 53.1% market share in terms of value. The near field communication (NFC) segment is also expected to remain highly attractive during the forecast period. By the year 2024, the segment is expected to surpass a valuation of USD 24,100 Mn.
Based on application, the market has been segmented into security & access management, identity management, ticketing, payments, and others. In terms of revenue, the payment segment commands a significant market share. This is primarily owing to the widespread application of smart card readers in payment systems across the globe. The identity management segment is expected to retain the second spot over 2024.
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Global Smart Card Reader Market: Regional Outlook
Key regions covered in the report include North America, Asia Pacific (APAC), Europe, Latin America and the Middle East & Africa (MEA). APAC holds a dominant position in the global smart card reader market. The market in the region is expected to exhibit a CAGR of 42.5% during the forecast period and reach a valuation in excess of USD 34,100 Mn by the year 2024. Factors such as growing penetration of internet, rapid adoption of cashless payment technologies, and introduction of favorable government policies are expected to support the market growth in the region. Countries such as India, China, Indonesia among others present tremendous market opportunity for smart card reader. At the same time, businesses in the region are increasingly inclining towards cashless payment technologies for better customer service. Meanwhile, North America continues to be a key destination for market players. In 2017, the North America smart card reader market was valued at USD 1,485.92 Mn and is expected to exhibit a CAGR of 40.7%.
Global Smart Card Reader Market: Competitive Landscape
Some of the top-notch market players covered in MRFR’s report include ID TECH, Gemalto NV, IOGEAR, Ingenico Group, HP Inc., Square, Inc., Rocketek Electronics, Identive Group, Verifone Systems Inc., CHERRY, Stanley Global LLC., PAX Global Technology Limited¸ PayPal Holdings, Inc. and Advanced Card Systems Ltd.