Market Research Future (MRFR), on the global smart card reader market, reveals that the market is poised to expand at a lucrative CAGR of 40.8% across the forecast period of 2018-2024 and touch a valuation of USD 79,000 million by 2024.
The emerging trend of cashless transaction is identified as a major factor that is expected to propel the global Smart Card Reader Market. Increase in number of cashless business transactions across different verticals and the adopting cashless transaction systems are likely to gain a considerable traction for the worldwide market of smart card reader. In addition, modernization of payment methods is enabling business transaction optimization. These aforementioned factors are likely to escalate the market growth.
A greater number of people are gaining confidence in cashless transaction due to the increase in the awareness about its safety. Alongside, the convenience in making online payment is also aiding smart card reader in gaining popularity. These cards are generally used in accessing data from credit cards, electronic identification cards, debit cards, and access cards. They offer an individual or businesses a secured and better payment options over traditional cash transactions. These factors are likely to boost the smart card reader market.
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Key Players
PayPal Holdings, Inc., ID TECH, Gemalto NV, IOGEAR, Verifone Systems Inc., Ingenico Group, PAX Global Technology Limited, Advanced Card Systems Ltd., CHERRY, HP Inc., Stanley Global LLC., Square, Inc., Identive Group, Rocketek Electronics, and others.
Segmental Outline
The smart card reader market has been segmented by type, application, and technology.
By type, the market has been segmented into contactless-based, interface based, and contact-based. The contact-based segment of the market is expected expand at a CAGR of 40.6% during the assessment period and surpass a valuation of USD 2,290.03 million by 2024. The expansion of the segment can be attributed to the large-scale application of contact-based smart card readers in credit card and debit card transaction system. The contactless-based segment to exceed a valuation of USD 1,673.96 Mn.
By technology, the market has been segmented into Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC), and other. The Europay Mastercard Visa (EMV) chip segment accounted for 53.1% of the global market share. The near field communication (NFC) is likely to value at USD 24,100 Mn by 2024.
By application, the market has been segmented into identity management, ticketing, security & access management, payments, and others. The payment segment, due to the increase in the application of smart card readers in payment systems is expected to direct the growth of the market in the coming years. The identity management segment is anticipated to follow the lead.
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Regional Outlook
North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA) are regional segments of the market. APAC to secure the leading position in the global smart card reader market. The APAC market likely to thrive at a 42.5% CAGR across the evaluation period. The segment is set to touch a valuation of USD 34,100 Mn by 2024. Strong internet connectivity increases in the adoption of cashless mode of payment technologies, and the introduction of favorable policies are reasons that are expected to strengthen the base of the regional market to grow. Emerging countries such as India, Indonesia, China, and others are likely to exhibit robust growth of the market. The North America market to expand at a CAGR of 40.7% and exceed a valuation of USD 1,485.92 million by due to the presence of multiple key players.
