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.
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Global smart card reader 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.
Global smart card reader 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.
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Global Smart Card Reader Market, By Type
• Dual Interface Based
Global Smart Card Reader Market, By Technology
• Europay MasterCard Visa (EMV) Chip
• Near Field Communication (NFC)
Global Smart Card Reader Market, By Application
• Identity Management
• Security Access Management
Global Smart Card Reader Market, By Region
• North America
• Asia Pacific
• South America
• Middle East Africa
Global Smart Card Reader Market, Key Players
• Gemalto NV
• ID TECH
• Verifone Systems Inc
• PAX Global Technology Limited
• Ingenico Group
• HP Inc
• Advanced Card Systems Ltd
• Square, Inc
• Stanley Global LLC
• Rocketek Electronics
• PayPal Holdings, Inc
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