Smart Card Reader Market Size, Surging Demand, Detailed Analysis, Share And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Smart Card Reader Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Smart Card Reader Market 2024 Key Insights:

• The Smart Card Reader Market is expected to grow to $19.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Digital Payment Surge Fuels Growth In The Smart Card Reader Market
• Introduction Of Biometric Sensor Payment Cards (BSPCs) In The Smart Card Reader Market
• 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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