Smart Card Reader Market to Develop With Surge in Contactless Transaction Demand Due to COVID -19

E-Commerce Technology Trends Reshaping the Future of Smart Card Reader Market

Smart Card Reader Market Highlights

The smart card reader market will witness a healthy growth from 2020 to 2027, a research report suggests. Growing at a CAGR of 40.8%, the market is projected to reach US$79,000 million by 2027. 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 2020 to 2027. The report also provides the market’s performance forecasts till 2027. 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 2020 to 2027, the smart card reader market is set to witness a health growth across application, technology, and type segments as well as regional markets.

Market Segmentation

The card machine sector has seen growth across application, technology, and type segments owing to application of smart cards in different end use verticals and demand for a smart credit card with chip. To study the market, analysts have further segmented application, technology, and type into application on the basis of near field communication (NFC), europay mastercard visa (EMV), and others. The market is further segmented into the technology sub segment which is split into identity management, payments, security and access management, ticketing, and others. Additionally, the smart card reader market on the basis of type is segmented into dual interface based, contactless-based, and contact-based.

The segmental analysis presented in the report provides card machine field based organizations insights into key growth factors such as growing need for security of applications as well as challenges such as lack of standardization the market will face from 2020 to 2027. The increasing adoption of e-commerce and critical information with the help of contactless cards are some of the key factors having an influence on card machine industry based companies, suggest analysts as per the smart card reader market report. But the report also identifies lack of consumer awareness and the lack of professional services as major threats companies in card machines will face till 2027. 

Regional Overview

Card machine market based companies in the smart card reader market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The growing need for enhanced security for private data will be a key growth driver for regional markets. However, an undeveloped IT infrastructure will turn out to be a threat. For the forecast period 2020 to 2027 each of these regional markets are studied in the report. Starting from North America, the regional market and card machine vertical based companies are spread across the United States, Canada, and Mexico. Security Issues will turn out to be a major challenge from 2020 to 2027. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.

The market in the region will be benefitted by increasing adoption of next-generation smart card technology as well as the growing use of smart card readers in attendance and authorization, suggests the report. Similarly, the card machine sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the smart card reader market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2027.

Competitive Landscape

The global smart card reader market research report brings a comprehensive study of application, technology, and type market segments, regional analysis, and card machine vertical based company details of key players. As the forecast period 2020 to 2027 will bring new opportunities for the market owing to the growing need for identification cards and use of smart card readers in businesses, the market is set to grow at a compound annual growth rate of 40.8% and is predicted to reach a value of US$79,000 million by 2027. With SWOT analysis of card machine sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the increasing demand for highly skilled professionals and the availability of substitutes, companies in the card machine sector can change the way business is done.

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