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What are the latest figures on the smart card reader market’s size and projected CAGR?
The smart card reader market size has grown steadily in recent years. It will grow from $16.47 billion in 2024 to $17.24 billion in 2025 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to increase in the use of access cards electronic identification cards debit cards credit cards, surging adoption of digital payment modes, increasing digital transactions, growing adoption of contactless smart cards, increasing penetration of IoT devices.
The smart card reader market size is expected to see steady growth in the next few years. It will grow to $20.75 billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increasing adoption for identity management, increasing requirements for financial security raise the adoption of smart cards, growing iot adoption, rising cybersecurity concerns, demand from healthcare sector. Major trends in the forecast period include technological advancements, contactless technology integration for enhanced security and convenience, government initiatives for secure identification systems, regulatory compliance requirements in various industries, and integration of smart card readers in smart home systems.
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What have been the primary factors driving the smart card reader market’s growth?
The surging adoption of digital payment modes is expected to propel the growth of the smart card reader market going forward. Digital payment modes refer to various methods of transferring value electronically without involving physical cash. They encompass a wide array of techniques, including mobile point-of-sale (mPOS) systems, contactless payments, digital wallet payments, peer-to-peer digital payments, social Media & Entertainment payments, cryptocurrency payments, and cross-border or FX payments. The main reason behind the surge in digital payments is the increasing adoption of smartphones and internet connectivity. Smart card readers can integrate with digital payment modes primarily through contactless payments, which utilize near-field communication (NFC) technology. For instance, in July 2024, according to the UK Finance, a UK-based trade association, the UK saw a total of 18.3 billion contactless payments in 2023, marking a seven percent increase from 17.0 billion in 2022. Contactless payments accounted for 38 percent of all transactions made in the UK. Therefore, the surging adoption of digital payment modes is driving the growth of the smart card reader market.
What are the key segments within the smart card reader market?
The smart card reader market covered in this report is segmented –
1) By Type: Contact-based, Contactless-based, Dual Interface Based
2) By Technology: Near Field Communication (NFC), Europay MasterCard Visa (EMV) Chip
3) By Applications: Payment Transaction, Communication, Identity Management, Ticketing, Security And Access Control, Other Applications
4) By End-user: Enterprises And Institutions, Individuals
Subsegments:
1) By Contact-based: Smart Card Readers with USB Interface, Embedded Contact Card Readers
2) By Contactless-based: RFID-based Card Readers, NFC-based Card Readers
3) By Dual Interface Based: Contact and Contactless Combined Readers, Hybrid Smart Card Readers
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Which key players are shaping the smart card reader market?
Major companies operating in the smart card reader market are Samsung Electronics Co. Ltd., HP Inc., Lenovo Group Limited, FUJITSU Ltd., Canon Camera Co. Inc., PayPal Holdings Inc., Thales Group, NXP Semiconductors N.V, Gemalto NV, Ingenico Group, ARM Holdings PLC, Giesecke & Divrient GmbH, ATMEL Corporation, Linear Technology, Winpak, PAX Global Technology Limited, Datacard Corporation, Verifone Systems Inc., Nayax Ltd., PNY Technologies, Fingerprint Cards AB, ID Tech Camps, iDeals Solutions, TX RX Systems, Advanced Card Systems Ltd., Shenzhen Rocketek Electronics Co. Ltd., IOGEAR Stanley Global LLC.
How will emerging trends drive the smart card reader market throughout the forecast period?
Major companies operating in the smart card reader market are developing innovative products, such as biometric sensor payment cards, to enhance security and convenience for users. Biometric sensor payment cards refer to innovative payment cards equipped with biometric technology, specifically fingerprint sensors, to enhance security and convenience in credit, debit, and prepaid card transactions. These cards use fingerprint-matching technology, where the user’s fingerprint template is securely stored on the card’s chip, ensuring that only authorized individuals can make transactions by physically authenticating themselves with their fingerprint. For instance, in September 2024, Infineon Technologies AG, a Germany-based semiconductor company, launched the SECORA Pay Bio. It is a comprehensive biometric payment card solution that meets Visa and Mastercard standards. It combines Infineon’s advanced SLC39B system-on-chip (SoC) secure element with the FPC1323 sensor. This innovative solution merges Fingerprints’ sensor and Infineon’s SLC39B SoC Secure Element into a dual-interface package known as the Infineon biometric coil on module (BCoM). The SLC39B Secure Element features an integrated power source, substantial memory capacity, multiple peripherals, and outstanding contactless performance.
How do regional factors impact the smart card reader market, and which region is the largest contributor?
North America was the largest region in the smart card reader market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart card reader market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Smart Card Reader Market Report 2025 Offer?
The smart card reader market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A smart card reader refers to a device designed to access data stored on smart cards. It consists of a slot or interface through which the smart card is inserted, as well as hardware and software for reading and interacting with the card. Smart card readers are commonly used for user authentication in many applications, enabling safe transactions in banking, payment systems, and electronic commerce.
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