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Smart Card Reader Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033
Smart Card Reader Market
As per the report, 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 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%.
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Digital Payment Surge Fuels Growth In The Smart Card Reader Market
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.
Introduction Of Biometric Sensor Payment Cards (BSPCs) In The Smart Card Reader Market
Major companies operating in the smart card reader market are developing innovative products, such as biometric sensor payment cards, to enhance security and convenience for users. Biometric sensor payment cards refer to innovative payment cards equipped with biometric technology, specifically fingerprint sensors, to enhance security and convenience in credit, debit, and prepaid card transactions. These cards use fingerprint-matching technology, where the user's fingerprint template is securely stored on the card's chip, ensuring that only authorized individuals can make transactions by physically authenticating themselves with their fingerprint. For instance, in July 2021, Thales Group, a France-based company that designs, develops, and manufactures electrical systems as well as devices and equipment for the security sector, launched an EMV (Europay, Mastercard, and Visa) card with a biometric sensor, known as the Biometrics Sensor Payment Card (BSPC). This innovative card integrates a biometric sensor, specifically a fingerprint scanner, providing users with increased security and convenience. The user's fingerprint data is securely stored on the card's chip and is only used for local authentication during contactless payments, ensuring privacy and security.
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
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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.
Contents of the report:
1. Executive Summary
2. Smart Card Reader Market Report Structure
3. Smart Card Reader Market Trends And Strategies
4. Smart Card Reader Market - Macro Economic Scenario
5. Smart Card Reader Market Size And Growth
…..
27. Smart Card Reader Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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