The report of global smart card reader market by Type (Contact-Based, Contactless, Dual Interface Based) Technology (Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC), Other) Application (Payments, Identity Management, Security & Access Management, Ticketing, Others) Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) is expected to reach US$ XX Bn by 2027, at a CAGR of 40.8% during a forecast period.
A smart card reader is a device which is used to read encrypted data on the smart card. These smart card readers attached to a laptop or computer through a USB data cable and, with the appropriate software installed on it. They are also used as a communications medium between the smart card and a user, such as a mobile telephone. They are widely used for digital payment to read the data on credit or debit cards to make payments.
Payment application of smart card reader is witnessing fast growth at CAGR of XX%.
Smart card readers are widely used in the variety of applications such as for payment, identity management, security management and others. Payment application dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during forecast period. The growth is attributed to the growing adoption of smart card readers for payment application worldwide since it is more suitable than traditional cash payment methods. Also growing trend of cashless payment or digital payment technology is driving the growth of market.
Asia Pacific is witnessing fastest growth at CAGR of 42.5%.
Asia Pacific held the largest market share in 2019 in terms of revenue and is expected to witness fast growth at CAGR of 42.5% during forecast period. The China, India, Japan and South Korea are dominating the market in the region. This is owing to the high adoption of smart cards by the users across the region. Also growing initiatives by the governments to make cashless transaction is driving the growth of market in the region.
North America followed by Europe is expected to witness fast growth during forecast period. The US, Canada, UK, Germany and France are dominating the market in respective region. This is owing to growing demand of smart card readers in the BFSI, transportation, retail, healthcare government and in many industrial sectors.
Maximize Market Research, India market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Smart Card Reader Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Smart Card Reader Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Smart Card Reader Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Smart Card Reader Market”.
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