The smart card reader market will witness a healthy growth from 2018 to 2024, a research report suggests. Growing at a CAGR of 40.8%, the market is projected to reach US$79,000 million by 2024. Use of blockchain technology is expected to support the market growth along with increasing use of e-commerce apps. As predicted by analysts, the high cost of smart card readers will negatively affect the market’s performance from 2018 to 2024. During the forecast period, the market will be supported by an increase in the use of access cards and the use of blockchain technology for securing the data.
Compatibility issues on the other hand will challenge card machine sector based organizations functioning in the global Smart Card Reader Market. Analysts have split the market into application, technology, and type segments based on products and services. Card machine based companies have been profiled. Security concerns related to contactless smart card reader technology is set to affect the global market during the forecast period 2018 to 2024. The report also provides the market’s performance forecasts till 2024. Analysts have studied the strategy of card machine segment based organizations to help new entrants and established businesses. The card machine sector itself is supported by increasing adoption for identity management as well as improvement in the smart card reader. During the forecast period 2018 to 2024, the smart card reader market is set to witness a health growth across application, technology, and type segments as well as regional markets.
The stress on enhancing the production potential and upgradation of the workforce are the top priorities to reinvigorate the development potential of the market in the coming period. The state of the market is extremely indecisive due to the effect of the macro factors operating in the global economy. The road to the resurgence of the market is estimated to be extensive and arduous due to the degree of setbacks it has suffered. The prospects for growth in the market have to be carefully sought out and examined to ensure that they will ensure the favorable development of the market in the coming period. The competitors present in the market are recalibrating their market share to open up new areas of development in the market. The establishment of robust distribution channels is estimated to define the development of the market in the future. The investment in robotic elements in the supply chain is estimated to be seen in the future to reduce the impact of the human capital on the long term market expansion.
The renowned companies in the smart card reader market are ID TECH, Verifone Systems Inc., Stanley Global LLC., IOGEAR, PAX Global Technology Limited, PayPal Holdings, Inc., Ingenico Group, CHERRY, HP Inc., Gemalto NV, Advanced Card Systems Ltd., Square, Inc., Rocketek Electronics and Identive Group to name a few.
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The segmental evaluation of the smart card reader market is carried out on the basis of type, technology, region, and application. The type-based segmentation of the smart card reader market consists of contactless-based, contact-based, and dual interface based. Based on the technology, the smart card reader market is segmented into near field communication (NFC), Europay MasterCard Visa (EMV) Chip, and others. Based on the application, the smart card reader market is segmented into identity management, payments, ticketing, security access management, and others. Based on the regions, the smart card reader market consists of North America, APAC, Middle East, APAC, Africa, and South America.
Detailed Regional Analysis
The regional review of the smart card reader market consists of North America, APAC, Middle East, APAC, Africa, and South America. In the year 2017, the Asia Pacific region was responsible for more than one-third share of the market in terms of worth. The region is anticipated to uphold its supremacy in the upcoming years. The APAC region’s smart card reader market is anticipated to observe a CAGR of 42.5% throughout the forecast period. The escalating reputation of cashless payment in APAC nations such as India, Indonesia, China, South Korea, among others is motivating the smart card reader market development in the region.
Furthermore, the businesses in the region are altering their form of transaction systems, which permits more and more customers to go cashless. The local policymakers are presenting frameworks to maintain cashless payment modes. This, coupled with other micro and macroeconomic factors, is estimated to encourage the smart card reader market expansion in the APAC region.
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Strategic Points Covered in Table of Content of Smart Card Reader Market:
- Smart Card Reader Market Segmentation
- Smart Card Reader Market Overview
- Executive Summary
- Premium Insights
- By Component
- Product Type
- Industry Type
- Company Landscape
- Company Profiles
- Related Reports
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