Factors such as growing demand for wearable access control devices for security management, benefits such as multifunctionality and flexibility offered by smart badges, and increased adoption of smart badges with contactless interfaces are fueling the growth of the smart badge market. Moreover, high costs involved in deploying and acquiring smart badgesis expected to affect market growth.
Northrook, IL -- (SBWIRE) -- 06/03/2020 -- The global Smart badge market size is estimated to grow from USD 21.1 billion in 2020 to USD 33.8 billion by 2025, at a CAGR of 9.9% between 2020 and 2025. The most significant factor driving the growth of this market is the increasing demand for smart badges from the government and healthcare sector.
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Government interventions in smart badge technology
Smart badge market are adopted increasingly as the credential of choice for securely controlling physical access of the users. These badges are used to authenticate the identity of a person, and physically admit the cardholder to a facility. Smart badges are frequently used by government agencies to comply with government regulations, such as the Defense Federal Acquisition Regulation System (DFARS) and the International Traffic in Arms Regulations (ITAR).
Government ID badges and cards conform to high-security standards to protect against frauds, forgeries, and alterations. For instance, the United States Environmental Protection Agency (EPA) (US) issues Personal Identity Verification (PIV) badges to all federal employees and certain non-federal personnel. Use of these smart badge market is required under Homeland Security Presidential Directive-12 of the Government of the US.
The contactless segment is anticipated to register high CAGR during the forecast period
Based on communication, the contactless segment of the smart badge market is projected to grow at a higher CAGR than the contact segment during the forecast period. In 2019, the contactless segment accounted for the largest share of market. The growth of this segment can be attributed to the increased demand for contactless smart badges as they enable quick transactions. These badges eliminate the requirement of waiting for terminals to communicate. They allow fast, easy, and secured access to physical and logical areas.
North America is anticipated to register high CAGR during the forecast year
The market in North America is expected to witness rapid growth during the forecast period owing to the increasing adoption of smart cards in healthcare and event and entertainment verticals. Moreover, Asia Pacific (APAC) to hold a major share of the smart badge market during the forecast period.
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Key Market Players
Some of the leading players in the smart badge market are Thales Group (Gemalto) (France), ASSA ABLOY AB (HID Global Corporation) (Sweden), Giesecke+Devrient GmbH (Germany), Brady Worldwide, Inc. (US), IDEMIA (France), Evolis (France), Identiv Inc. (US), BEAM (US), AIOI-SYSTEMS CO., LTD. (DISPLAY IT CARD) (Japan), Watchdata (Singapore), and Identita (Canada). The other players operating in the market include Blendology (UK), Squarofumi (China), KONA I Co. Ltd. (South Korea), Proxfinity Inc. (US), Klik (Canada), Global Net Solutions (GNS) (US), CardLogix Corporation (US), MpicoSys Solutions B.V. (Netherlands), AbeeWay (France), and HierStar Ltd. (China).
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