Smart Badge Market Size, Demand, Industry Revenue and Business Views to Reach $40.81 Billion by 2030 | CAGR of 9.0%.
Smart Badge Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
WILMINGTON, DELAWARE, UNITED STATES, November 14, 2023 /EINPresswire.com/ — Smart Badge Market by Offering (Hardware and Software), Communication (Contact and Contactless), Type (Smart Badges without Display, and Smart Badges with Display), and Industry Vertical (Government & Healthcare, Corporate, Retail & Hospitality, Event & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.
The global smart badge market size was valued at $17.51 billion in 2020, and is projected to reach $40.81 billion by 2030, registering a CAGR of 9.0% from 2021 to 2030.
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Smart badge uses smart chips in cards to manage physical access to an area. Usually, these badges are utilized for personnel management where employees hold these identification badges as part of a high-level security framework for a space.
The growth of the global smart badge market size is anticipated to be driven by factors such as growing use of smart badges to authenticate the identity of the person, securely controlling physical access of the users, and surge in demand for smart badges from the government & healthcare sector. In addition, rising demand for wearable access control devices for security management boosts the overall market growth. However, proliferation of digital id and lack of consumer awareness act as major restraints of the global smart badge industry. On the contrary, benefits, such as multifunctionality & flexibility and growing applications of contactless interface smart badges, are expected to create lucrative opportunities for the smart badge industry.
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.
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Competitive Analysis:
The smart badge industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the smart badge market include,
• Devrient GmbH,
• Identiv, Inc.,
• Unitech Electronics Co., Ltd.,
• Watchdata Co., Ltd.,
• CardLogix Corporation,
• Assa Abloy,
• Thales Group,
• IDEMIA,
• Zebra Technologies Corp.,
• Kaba Holdings AG
Top Impacting Factors:
The prominent factors that impact the smart badge market growth are robust security and increased efficiency offered by smart badges. In addition, growth in adoption of smart badges with contactless interfaces drives the market growth. However, high cost of incorporating chip on badge restricts the market growth. On the contrary, high product demand from Asia-Pacific and innovation of cloud-based system for smart badge are expected to create lucrative opportunities for the market.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
1. This study comprises analytical depiction of the global smart badge market along with the current trends and future estimations to depict the imminent investment pockets.
2. The overall smart badge market analysis is determined to understand the profitable trends to gain a stronger foothold.
3. The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
4. The current smart badge market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
5. Porter’s five forces analysis illustrates the potency of the buyers and the smart badge market share of key vendors.
6. The report includes the smart badge industry trends and the revenue share of key vendors.
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