Global Smart Card Reader Market Region: By Type (Contact-Based, Contactless-Based and Dual Interface Based) Bye Technology (Europa MasterCard Visa (EMV) Chip, Near Field Communication (NFC) and Other), By Application (Payments, Identity Management, Security & Access Management, Ticketing and Others) and Region – Forecast Till 2024

Market Snapshot

The global smart card reader market is set to exhibit a compound annual growth rate (CAGR) of 40.8% during the forecast period (2018-2024) and surpass a valuation of USD 79,000 Mn. There is a growing believe that cashless transaction is the future as businesses across the globe are swiftly inclining towards it. Cashless transaction is not only convenient but safe. This is one major element that plays in favor of Smart Card Reader Market. These readers are commonly used for accessing data from credit cards, debit cards, electronic identification cards, and access cards. They offer businesses and individuals secure and more convenient payment options over traditional cash-based transactions.

Global Smart Card Reader Market, By Region

In 2017, Asia Pacific accounted for more than one-third share of the market in terms of value. The region is expected to maintain its dominance over the several years. The APAC smart card reader market is expected to witness a CAGR of 42.5% during the forecast period. Rising popularity of cashless payment in APAC countries such China, India, Indonesia, South Korea among other is driving the market growth in the region. Moreover, business in the region are introducing are changing their mode of transection systems, which allows more and more consumers to go cashless. Local policy makers are introducing frameworks to support cashless payment modes. This along with other micro and macroeconomic factors are favoring the market growth in APAC.

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Companies Covered

Gemalto NV, ID TECH, Verifone Systems Inc., IOGEAR, PAX Global Technology Limited, Ingenico Group, CHERRY, HP Inc., Advanced Card Systems Ltd., Square, Inc., Stanley Global LLC., Rocketek Electronics, PayPal Holdings, Inc., Identive Group. The smart card reader market is characterized by a large number of participants of which some are operating on global level while others operate on regional level. Domestic vendors also represent a considerable market share in terms of revenue.

PayPal Holdings Inc. is the biggest company in the global smart card reader market. The company has an impressive product portfolio, which enables it to be highly competitive and robust. The company is actively involved in strategic acquisitions to further expand is product portfolio and strengthen it market position.

The report covers the development strategies adopted by the companies between 2015 to 2018. 

Key Development

  • In 2018, Gemalto NV announced that it would supply Cairo International, the second busiest airport in Africa, with automated document readers.
  • In September 2018, ID TECH announced the release of Kiosk IV— a contactless card reader ideal for unattended applications.
  • In May 2018, PayPal acquired iZettle, a Sweden based mobile payments company which sells card-reader to small enterprises. 

Market Segmentation

By Type – Contact-based, contactless-based and dual interface based.

By Technology – Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC) and other.

By Application – Payments, Identity Management, Security & Access Management, Ticketing and Others.

Type Analysis

In 2017, the contact-based segment accounted for 43.4% market share in terms of value and is expected to grow at a CAGR of 40.6% CAGR during the forecast period. Contact-based smart card readers are common in credit card and debit card systems worldwide. They are preferred by most businesses for payment transactions owing to their security benefits. 

Technology Analysis

In 2017, Europay Mastercard Visa (Visa) chip segment accounted for 53.1%, with a market valuation of USD 3,037.23 Mn. During the forecast period, the segment is expected to register a CAGR of 40.5%.  Europay Mastercard Visa (Visa) is one of the most secure form of card transaction.

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Application Analysis

In terms of value, the payments segment accounted for 30.5% market share in 2017 and is projected to exhibit a CAGR of 43% during the forecast period. The growth of segment can be attributed to the extensive use of smart card reader for payment application worldwide as they are more convenient than traditional cash payment methods.

Key questions addressed by the report

  • Which applications / segments provides the maximum growth opportunity?
  • What are the emerging technologies and how it would disrupt the market?
  • Who are the key players dominating the market, followed by other prominent vendors and strategies adopted by them?
  • What was the market size and what would be the forecast in next few years?
  • Regional and country attractiveness: mid to long term outlook?
  • Market dynamics including trends, opportunities, drivers, challenges and how this would impact the market eco-system?

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