According to the report published by Allied Market Research, the global smart badge market generated $17.51 billion in 2020, and is projected to reach $40.81 billion by 2030, witnessing a CAGR of 9.0% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, key investment pockets, competitive scenario, value chain, and regional scenario.
Rise in efficiency offered by smart badge and robust security drive the growth of the global smart badge market. However, high costs of incorporating chip cards hinder the market growth. On the other hand, high demand from the Asia-Pacific region and innovation of cloud-based system present new opportunities in the coming years.
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Covid-19 Scenario:
The covid-19 outbreak negatively impacted the smart badges industry. The prolonged lockdowns have impacted the manufacturing units and led to supply chain disruptions.
The covid-19 outbreak impacted electronic sector. The production facilities suspended their operations and businesses witnessed revenue loss, which, in turn, impacted the industry.
Nevertheless, the regulations are getting eased off in most of the countries and the industries are getting revitalized. With this, the smart badge market is expected to recoup soon.
The report offers detailed segmentation of the global smart badge market based on offering, communication, type, industry vertical, and region.
Based on offering, the hardware segment held the largest share in 2020, accounting for nearly three-fourths of the global smart badges market. Furthermore, the software segment is also expected to witness the highest CAGR of 9.9% throughout the forecast period.
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Based on communication, the contactless segment dominated the market in 2020, contributing around half of the global smart badges market. The segment is expected to lead the trail throughout the forecast period. In addition, the segment is also projected to portray the highest CAGR of 9.8% during the study period.
The global smart badges market is studied across Asia-Pacific, Europe, ALMEA, and North America. The North America region held the largest share in 2020, contributing to more than one-third of the market. However, the market across Asia-Pacific region is also expected to register the highest CAGR of 10.4% during the forecast period.
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Leading players of the global smart badge market analyzed in the report include Identiv, Inc., Thales Group, Unitech Electronics Co., Ltd., Watchdata Co., Ltd., Assa Abloy, CardLogix Corporation, Dorma+ Kaba Holdings AG, Giesecke+Devrient GmbH, IDEMIA, and Zebra Technologies Corp
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