Global Smart Card Reader Market

 Global smart card reader market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 40.8% during forecast period.



The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.

Market Definition

A smart card reader is an input electronic device which is used to read a smart card with some sort of magnetic strip or bar coding in it. Smart card is a physical electronic authorization device with plastic technology which uses built-in chip for electronic processes such as authentication, personal identification, financial transactions and control access to a respective resource.

Market Dynamics

Growing demand for enhanced security for private data and increased adoption of electronic commerce applications (e- commerce) are major driving factors behind the growth of market. Surge in the adoption of next generation smart card technology for credit cards, access cards, debit cards and other types of cards, surge in the demand of smart card readers in various industries for authorization, attendance and other purposes, increasing requirement for identification cards to avail government facilities, adoption of smart cards and e-passports in banking systems and wide use of smart card readers in business organizations protect login to computer, laptops and networks, encrypt hard drives and digitally sign and encipher email are expected to improve the growth of market during forecast period. A smart card reader provides some benefits such as portability, flexibility, security and data integrity, which are ultimately propelling the growth of market.

However, high cost and compatibility of smart card reader is major restraining factor that could hamper the growth of market. Security concerns related with contactless smart card reader technology and lack of consumer awareness and standardization could restrict the growth of market.

Global Smart Card Reader Market: Segmentation Analysis

By type, contact based segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during forecast period. The wide adoption of contact smart cards in credit cards and debit cards across the globe is lead to the increased demand of contact based smart card readers, which is contributed in the growth of market. Contact smart card readers require that the smart card is manually inserted into the reader by the user.
Contact smart card readers are widely used for the applications like e-commerce transactions, government IDs, network security, campus IDs, health care and electronic cash cards, which is further driving the growth of market.

By technology, Europay MasterCard Visa (EMV) Chip segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during forecast period. High adoption and implementation of EMV chips on credit and debit cards to allow secure payment at compatible point of sale (POS) terminals is driving the growth of market. Growing actions of the worldwide banks to replace the existing magnetic strip credit and debit cards readers with latest EMV chip cards readers is expected to improve the growth of market during forecast period. For instance, in May 2015, India's central bank RBI asked other public and private banks to gradually phase out the magnetic cards and move to EMV chip cards, which ultimately grow the demand of EMV chip technology based smart card reader in the market.

Global Smart Card Reader Market: Regional Analysis

Region wise, Asia pacific held the largest market share in 2019 and is expected to maintain its dominance at CAGR of 42.5% during forecast period. The developing economies such as China, Japan, India and South Korea are major key contributors behind the growth of market. This is owing to the growing popularity of digital payment in APAC countries. Also growing adoption of smart card reader technology in BFSI, government, retail and sector is driving the growth of market in the region.

In the developing countries like China and India, smart cards are poised for a rapid growth. For instance, the smart card enabled e-governance project initiatives taken by India central government and its related organisations and departments are the major growth factors for smart cards and for smart card reader devices market.

Global Smart Card Reader Market: Key Development

In Sept 2018, PayPal Holdings, Inc announced that company has completed its acquisition of iZettle for approximately $2.2 billion USD. This transaction builds on PayPal’s strong set of products and services for small businesses and is intended to help accelerate growth and deliver a seamless commerce experience for merchants.

The objective of the report is to present a comprehensive analysis of the Global Smart Card Reader Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Smart Card Reader Market dynamics, structure by analyzing the market segments and projects the Global Smart Card Reader Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Smart Card Reader Market make the report investor’s guide.
The Scope of Global Smart Card Reader Market

Global Smart Card Reader Market, By Type

• Contact-Based
• Contactless
• Dual Interface Based
Global Smart Card Reader Market, By Technology

• Europay MasterCard Visa (EMV) Chip
• Near Field Communication (NFC)
• Other
Global Smart Card Reader Market, By Application

• Payments
• Identity Management
• Security & Access Management
• Ticketing
• Others
Global Smart Card Reader Market, By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Global Smart Card Reader Market, Key Players

• Gemalto NV
• ID TECH
• Verifone Systems Inc
• IOGEAR
• PAX Global Technology Limited
• Ingenico Group
• CHERRY
• HP Inc
• Advanced Card Systems Ltd
• Square, Inc
• Stanley Global LLC
• Rocketek Electronics
• PayPal Holdings, Inc

For more information of visit:https://www.maximizemarketresearch.com/market-report/global-smart-card-reader-market/64265/
This report submitted by Maximize market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Contact info:
Name: Lumawant Godage
Organization Address: MAXIMIZE MARKET RESEARCH PVT. LTD.
Email: sales@maximizemarketresearch.com
: Omkar Heights,
Sinhagad Road,
Manik Baug,
Vadgaon Bk,Pune,
Maharashtra 411051,
India.
Contact: +919607195908

Comments

Post a Comment

Popular posts from this blog

Global Hernia Repair Market Analysis, Current Trends, Along with SWOT Growth and Forecast 2027

  Hernia is a condition in which the internal layers of muscular strength become impotent and the mid-regional covering swells out into a little sac. It can affect the navel (umbilical hernia), the crotch (inguinal hernia), or the entry point site of a surgical treatment (post-medical procedure hernia). Hernia can be treated with two methods: vigilant waiting and surgery. The surgeries include two approaches: open pressure-free repair surgery and laparoscopy. Global Hernia Repair Market Size   was valued at US$ 3.52 Bn. in 2021. Global Hernia Repair Market size is expected to grow at a CAGR of 8.4% through the forecast period. Global Hernia Repair Market Overview: The primary purpose of this MMR report is to estimate the size of the Global Hernia Repair market. This MMR Global Hernia Repair Market Report examines the industry in both qualitative and quantitative terms. Learn about the key Global Hernia Repair market drivers, limits, oppo...
Read more

Global Veterinary Medicine Market Type, Applications, Region, opportunities, Regional Trends, Outlook and Forecast 2027

  Global Veterinary Medicine Market Overview: The Global Veterinary Medicine   market study provides an in-depth analysis of the competition, including market share data and company profiles for the top international rivals. The research's scope covers a thorough analysis of the Global Veterinary Medicine   Market as well as the causes of regional differences in the industry's growth. Global Veterinary Medicine Market Size   was is expected to reach US$ 44.37 Bn. at a CAGR of 7.10% during the forecast period 2027. Global Veterinary Medicine Market Scope: Extensive primary research was conducted to acquire data and check and validate key figures once market engineering, which included market statistics computations, market size estimations, market projections, market breakdown, and data triangulation, was finished. Top-down and bottom-up strategies, as well as other data triangulation techniques, were frequently used throughout the market engineering process...
Read more

Exosomes Market To Surpass USD 8.7 Billion at a 25.12%. CAGR by 2029

  The market for exosomes has grown significantly in recent years and is likely to continue rising at a rapid pace. Exosomes are small extracellular vesicles that cells secrete and play an important role in intercellular communication and the transfer of bioactive substances such as proteins, nucleic acids, and lipids. Because of their potential applications in illness detection, drug delivery, and regenerative medicine, they have sparked tremendous interest in a variety of sectors, including diagnostics, therapeutics, and research. Exosomes Market Overview: The extensive  Exosomes Market  report, undertaken by Maximize Market Research, furnishes an intricate regional examination and a competitive panorama. The assessment presents significant discernments for enterprises and investors aiming to leverage the promising prospects within the market. Get Sample Copy Of This Report At: https://www.maximizemarketresearch.com/request-sample/189733   Exosomes Market Report Sc...
Read more