Press release
Segmentation, Major Trends, and Competitive Overview of the Smart Badge Market
Smart Badge
Projected Growth Outlook for the Smart Badge Market
The smart badge market is predicted to grow significantly, reaching a value of $43.98 billion by 2029. This translates to a compound annual growth rate (CAGR) of 10.1% during the forecast period. Several factors are contributing to this rapid expansion, including initiatives supporting smart city developments, adoption by government and public bodies, a heightened focus on data security, and a commitment to sustainable, eco-friendly designs. Additionally, the market is evolving through integration with Internet of Things (IoT) connectivity, digital identity management, real-time location tracking, compatibility with mobile applications, and incorporation of artificial intelligence (AI) and data analytics.
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Leading Companies Making an Impact in the Smart Badge Industry
Key organizations dominate the smart badge sector, leveraging innovation and strategic partnerships to maintain a competitive edge. Prominent players include 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., 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., and Tyco International Ltd.
In a notable recent development, Entrust, a US-based software company, acquired UK-based Onfido in April 2024 for an undisclosed sum. This move aims to enhance Entrust's portfolio with Onfido's biometric and AI-powered identity verification technology, reinforcing its position in digital security.
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Key Technological Trends Shaping the Smart Badge Market
Innovation continues to be a core driver in the smart badge industry, with companies focusing heavily on advancing technology to meet diverse user needs. A standout example is from May 2022, when Satellite Displays, a US-based firm, introduced a smart badge featuring closed captioning capabilities. This device converts spoken words into text displayed on an E Ink screen, assisting those who are deaf or hard of hearing to communicate more effectively. The smart badge uses two microphones and Bluetooth Low Energy (LE) connectivity enabled by the I-BLYST840 SYST module, which is powered by Nordic Semiconductor's nRF52840 SoC, demonstrating the integration of sophisticated hardware in wearable tech.
Breakdown of Market Segments Covered in the Smart Badge Report
The smart badge market is categorized into various segments to provide a detailed industry overview:
1) By Offering: Divided into Hardware and Software solutions
2) By Type: Smart Badges Without Display and Smart Badges With Display
3) By Communication Technology: Contact, Contactless, NFC Technology, and RFID Technology
4) By Industry Application: Government and Healthcare, Corporate, Retail and Hospitality, Event and Entertainment, and Other Industries
Further subsegments include hardware types such as NFC or RFID badges, Bluetooth-enabled badges, biometric badges, and display badges. On the software side, offerings include badge management software, access control software, data analytics and reporting tools, as well as integration platforms that support interoperability and enhanced functionality.
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