Smart Card Reader Market Segmentation, Application, Technology, Analysis and Forecast 2019 to 2024

Information Technology

Updated on Nov 15, 2019

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Market Snapshot

As per the latest report published by Market Research Future (MRFR), the global smart card reader market will grow at a CAGR of 40.8% during the assessment period (2018-2024). The market is expected to reach a valuation in excess of USD 79,000 Mn by 2024. The growing importance of cashless transaction is somewhat driving the market growth globally. More and more business entities both in micro and macro level are adopting cashless transaction systems. Modernization of payment systems is crucial for business optimization; hence it is able to draw a significant amount of investment. The aforementioned factors are driving the demand for smart card reader market.

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Global Smart Card Reader Market: Competitive Landscape

Some of the top-notch smart card reader market players covered in MRFR’s report include ID TECH, Gemalto NV, IOGEAR, Ingenico Group, HP Inc., Square, Inc., Rocketek Electronics, Identive Group, Verifone Systems Inc., CHERRY, Stanley Global LLC., PAX Global Technology Limited¸ PayPal Holdings, Inc. and Advanced Card Systems Ltd.

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.

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