Smart Badge Industry Insights, 2020-2025: COVID-19, Contactless Interfaces, Standardization, Consumer Awareness, Latent Opportunities
DUBLIN, April 15, 2020 /PRNewswire/ -- The "Smart Badge Market by Communication (Contact and Contactless), Type (With Displays and Without Displays), Application (Government & Healthcare, Corporate, and Retail & Hospitality) and Region (NA, EU, APAC, ROW) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The market for smart badges is projected to grow from USD 21.1 billion in 2020 to USD 33.8 billion by 2025; it is expected to grow at a CAGR of 9.9% from 2020 to 2025.
Increase in adoption of smart badges in government and healthcare sector is the major factor driving the growth of the smart badge market.
The most significant factor driving the growth of this market is the rise in demand for wearable access control devices for security management.
Increased adoption of smart badges with contactless interfaces
A contactless smart card/badge contains a chip and a radio frequency identification (RFID) antenna (copper or aluminum) attached to the chip for reading and writing information from the chip's memory. To complete any transaction, contactless cards do not have to be swiped or inserted into a smart card reader. Instead, they only need to be waved within the electromagnetic field range of the reader to read and store information in the chip. These cards/badges are increasingly being used for physical access control in businesses, government, and educational institutions to restrict physical access to their offices or different zones within an office/campus.
Contactless smart card/badges offer a simple, sophisticated, secure, and cost-effective solution to the identity management and access control problem. Contactless entry into buildings is now common in college campuses. These IDs can work to open doors, too, as an alternative to swiping an entry card. Moreover, these IDs not only serve as a means of student identification but also work as a payment mechanism for on-campus transactions. These devices can be used for financial applications, secure access control, secure ID credentials and documents, automated fare collection (AFC) systems, and all RFID applications for supply chain, inventory, and item tracking.
A contactless card/badge is a must when high throughput, validation speed, and secure systems are required. Thus, there is a growing demand for smart badges with contactless interfaces, particularly in BFSI, education, and medical sectors.
Blockchain enables new modes for security in the smart badge market
Blockchain is a revolutionary technology that helps businesses create faster and secure applications that fulfill stringent security requirements. Smart cards can be used to effectively manage cryptographic keys, thereby enabling efficient and secure transactions in blockchain applications. A smart card acts like a vault where the cryptographic key can be stored.
When the smart card is connected to the Internet via a POS reader, the key stored in the card can be matched with the key stored in the online library. If the match is successful, the user is authenticated. This would help banks and other ecosystem players secure and authenticate user identity in an improved way, thereby reducing instances of cyber theft.
Technology advancement in smart badges
Smart badges are acknowledged widely as one of the most secure and reliable forms of electronic ID. Institutions ranging from business enterprises, government offices, educational institutes, and many other institutions use smart badges for different purposes. The cards/badges can come in different sizes, but they all share one thing in common - the technology that drives them.
Technological advancements in security systems, including the deployment of wireless technology, are enhancing smart badges. Continuous improvements in smart badges are driving the said market. One of the major achievements in the field of smart badges is the integration of displays. Smart display badges are opening a wide range of opportunities for the players operating in this ecosystem. These interactive display smart badges are finding significant adoption in the hospitality, retail, events, and entertainment sectors. Badges embedded with displays allow to overwrite displayed information; thus, these cards are reusable and help save cost.
Smart badges market in North America to grow at highest CAGR during the forecast period
North America contributes significantly to the smart badge market, derived primarily from the US. Moreover, the region is technologically advanced and is one of the early adopters of emerging technologies. North America is home to some major vendors of smart badges. High demand for smart badges from various verticals, such as event and entertainment, is driving the growth of the market in the region.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Growth of Smart Badge Market
4.2 Market, By Type
4.3 Market, By Communication
4.4 Market, By Vertical
4.5 Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Benefits such as Multifunctionality and Flexibility
5.2.1.2 Growing Demand for Wearable Access Control Devices for Security Management
5.2.1.3 Increased Adoption of Smart Badges With Contactless Interfaces
5.2.2 Restraints
5.2.2.1 High Costs Involved in Deploying and Acquiring Smart Badges
5.2.2.2 Proliferation of Digital ID
5.2.3 Opportunities
5.2.3.1 Technological Advancements in Smart Badges
5.2.3.2 Latent Opportunities for Smart Badges in Populated Countries, Particularly China and India
5.2.3.3 Blockchain Enables New Modes for Security
5.2.4 Challenges
5.2.4.1 Lack of Standardization and Consumer Awareness
5.2.4.2 Concerns Regarding Security and Data Theft
6 Industry Trends
6.1 Introduction
6.2 Impact of COVID-19 on Smart Badge Market
6.3 Value Chain Analysis
6.3.1 Research and Development
6.3.2 Components Suppliers
6.3.3 Assembly and Product Integration
6.3.4 Distribution
6.3.5 End Users
6.4 Benefits of Integrated in-Badge Displays
6.5 Use Cases or Markets for Smart Badge Market
6.6 Government Interventions in Smart Badge Technology
7 Smart Badge Market, By Communication
7.1 Introduction
7.2 Contact Badges
7.2.1 Increased Adoption of Contact Smart Badges in Government, Healthcare, Retail, and Corporate Verticals
7.3 Contactless Badges
7.3.1 Contactless Smart Badges to Witness Significant Adoption in North America and APAC in Coming Years
8 Smart Badge Market, By Type
8.1 Introduction
8.2 Smart Badges Without Displays
8.2.1 Low Cost of Smart Badge Market Without Displays Leading to Their Increased Global Adoption
8.3 Smart Badge Market With Displays
8.3.1 Smart Badges With Displays to Gain Traction in Event and Entertainment Vertical Initially
9 Smart Badge Market, By Vertical
9.1 Introduction
9.2 Government and Healthcare
9.2.1 Ongoing Digitization of Government and Healthcare Sectors to Fuel Global Demand for Smart Badges From 2020 to 2025
9.3 Corporate
9.3.1 Increasing Use of Smart Badge Market for Multiple Applications in Corporate Sector to Fuel Growth of Market From 2020 to 2025
9.4 Event and Entertainment
9.4.1 Rising Adoption of Smart Badge Market in Event and Entertainment Vertical for Improved Decision-Making and Streamlined Registration Process
9.5 Retail and Hospitality
9.5.1 Surging Demand for Smart Badges From Retail and Hospitality Vertical for Marketing Applications to Fuel Growth of Market From 2020 to 2025
9.6 Others
10 Geographic Analysis
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Surge in ID Theft Complaints in the US to Contribute to Growth of Smart Badge Market in Country
10.2.2 Canada
10.2.2.1 Increased Technological Awareness in Canada About Applications and Benefits Offered By Smart Badges to Fuel Growth of Market in Country
10.2.3 Mexico
10.2.3.1 Efforts Being Made By Mexico Government to Secure Identification Credentials of Citizens to Lead to Growth of Market in Country
10.3 Europe
10.3.1 Germany
10.3.1.1 Initiatives Undertaken By Government of Germany to Facilitate Integration of Eid With Businesses and Government Services to Contribute to Growth of Market in Country
10.3.2 UK
10.3.2.1 Rise in Demand for Smart and Improved Security Access Controls to Lead to Growth of Market in the UK
10.3.3 France
10.3.3.1 Presence of Leading Manufacturers of Smart Badges in France to Fuel Growth of Market in Country
10.3.4 Rest of Europe
10.4 APAC
10.4.1 China
10.4.1.1 Establishment of Smart Cities and Quick Adoption Rate of New and Advanced Technologies in China to Contribute to Growth of Market in Country
10.4.2 India
10.4.2.1 Rise in Adoption of Smart Badges to Take Place in Next 2 to 3 Years in India
10.4.3 Japan
10.4.3.1 Increase in Use of Smart Badges in Transportation Sector to Fuel Growth of Market in Japan
10.4.4 South Korea
10.4.4.1 Surge in Use of Smart Badges for Identification Applications to Meet Critical Security Requirements of Users to Contribute to Growth of Market in South Korea
10.4.5 Rest of APAC
10.5 RoW
10.5.1 Middle East and Africa
10.5.1.1 Rise in Adoption of Smart Badges for Identification Applications to Contribute to Growth of Market in Middle East and Africa
10.5.2 South America
10.5.2.1 Surge in Demand for Smart Badges From Government and Healthcare Verticals to Lead to Growth of Market in South America
11 Competitive Landscape
11.1 Overview
11.2 Smart Badge Market Ranking Analysis for 2019
11.3 Competitive Situations and Trends
11.3.1 Product Developments, Product Launches, and Expansions
11.3.2 Partnerships and Contracts
11.3.3 Acquisitions
12 Company Profiles
12.1 Introduction
12.2 Key Players
12.2.1 Thales Group (Gemalto)
12.2.2 Assa Abloy AB (HID Global Corporation)
12.2.3 Giesecke+Devrient GmbH
12.2.4 Idemia
12.2.5 Brady Worldwide, Inc.
12.2.6 Evolis
12.2.7 Identiv, Inc.
12.2.8 Beam
12.2.9 AIOI-Systems Co. Ltd. (Display it Card)
12.2.10 Watchdata Technologies
12.2.11 Identita
12.3 Other Important Players
12.3.1 Blendology
12.3.2 Squarofumi
12.3.3 Kona I
12.3.4 Proxfinity
12.3.5 Klik
12.3.6 Global Net Solutions (GNS)
12.3.7 Cardlogix Corporation
12.3.8 MpicoSys Solutions B.V.
12.3.9 Abeeway
12.3.10 Hierstar Corp.
For more information about this report visit https://www.researchandmarkets.com/r/q5qcbq
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