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Smart Badge Market 2024-2033 - Size, Trends, Growth & Forecast
Smart Badge Market
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According to The Business Research Company's, The smart badge market size has grown strongly in recent years. It will grow from $25.84 billion in 2023 to $28.36 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to corporate identity and branding, contactless access, event management, hospitality industry needs, education sector adoption, cost efficiency.
The smart badge market size is expected to see rapid growth in the next few years. It will grow to $42.05 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to smart cities initiatives, government and public sector adoption, enhanced data security, sustainability focus, personalized customer experiences, sustainability and eco-friendly designs. Major trends in the forecast period include integration with iot and connectivity, digital identity and access control, real-time location tracking, integration with mobile apps, ai and data analytics integration.
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Market Drivers and Trends:
The increasing demand of hospitality sector is expected to propel the growth of the smart badge market going forward. The hospitality sector encompasses a broad range of businesses and services that are focused on providing accommodations, dining, and entertainment to people away from their homes. By leveraging smart badge technology, the hospitality sector can enhance guest satisfaction, payment convenience, communication, improve operational efficiency, and provide valuable data on guest behavior, preferences, and movement patterns. For instance, in February 2023, according to the National Restaurant Association, a US-based restaurant industry business association, in the foodservice industry there were $997 billion in industry sales and 15.5 million in industry employment. Therefore, the increasing demand of hospitality sector is driving the growth of the smart badge market.
Technology advancement in smart badges is a key trend gaining popularity in the smart badge market. Major companies operating in the smart badge market are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, Satellite Displays, a US-based company operating in smart badges, launched a smart badge with closed captioning. It turns speech into text and shows it on its E Ink display so that the deaf or hard of hearing may easily comprehend what the wearer is saying. Badger transmits audio data to a paired smartphone utilizing two microphones and Bluetooth Low Energy (LE) connectivity provided by I- BLYST840 SYST's module, which Nordic's multiprotocol nRF52840 SoC powers.
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Major Key Players of the Market:
Thales CPL SAS, ASSA ABLOY AB, Brady Corporation, IDEMIA Identity & Security USA LLC, Evolis SA, Identiv Inc., AIOI Systems Co. Ltd., Watchdata System Co. Ltd., Kontakt.io Inc., Global Net Solutions Inc., Mpicosys Solutions Private Limited, Proxfinity Inc., Unitech Electronics Co. Ltd., Vocera Communications Inc., HierStar Inc., HID Global Corporation, Gemalto a Thales Company, Giesecke+Devrient GmbH, CardLogix Corporation, Abeeway SAS, Zebra Technologies Corporation, dormakaba Holding AG, BEAM Authentic LLC, Access Smart LLC, Allegion plc, BioConnect Inc., ColorID LLC, Datacard Group, Lenel Systems International Inc., Tyco International Ltd.
Smart Badge Market 2024 Key Insights:
• The smart badge market size is expected to see rapid growth in the next few years. It will grow to $42.05 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Rising Demand For Smart Badges In Government And Healthcare Sectors Fuels Market Growth
• The Rise Of Smart Badges With Advanced Features In The Tech Market
• North America was the largest region in the smart badge market share in 2023
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