Global Smart Badge Market is valued at approximately USD 23.19 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.90% over the forecast period 2022-2029. Smart Badges are such types of electronic devices that include a microcontroller or an embedded memory that is housed in a contact pad. These smart badges are excellent devices for workforce safety and security tracking, zone notification and monitoring.
It is small and simple to use with a single button providing access to multiple functionalities that can be customized to meet the needs of the customers. The Smart Badge market is expanding because of factors such as increasing demand in the healthcare sector and rising demand for wearable devices. However, it improves security and privacy, provides secure access to emergency medical information and reduces healthcare fraud. Therefore, the increasing demand in the healthcare sector is due to the increase in the market demand for smart badges. Another, the growing demand for wearable devices due to security and privacy concerns drives the growth of the smart badge market.
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According to the India Brand Equity Foundation, the market size of the healthcare sector of India in the year 2016 is USD 110 billion and the market size of the healthcare sector of India in the year 2022 is USD 372 billion. And according to the OECD Stat, the health status of the US in the year 2019 is USD 5.1 and the health status of the US in the year 2020 is USD 5.7. Another key factor driving is the increasing demand for wearable devices. According to Statista, the number of connected wearable devices in the year 2020 is USD 835 million and the number of connected wearable devices in the year 2021 is USD 929 million. The opportunity of the smart badges market is the growing application of contactless interface smart badges due to increasing the market demand over the forecast period. It increases privacy and easily authenticates a person which boosts the smart badge market over the forecast. However, the high cost of Smart Badge stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Smart Badge Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of a large number of manufacturers of smart badges. North America is concentrating on the advancement of new technology in smart badges.
Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as increasing government and healthcare applications. It is increasing the innovation of cloud-based systems of smart badges would create lucrative growth prospects for the Player Tracking System market across the Asia Pacific region.
Major market players included in this report are:
Thales Group
ASSA ABLOY AB
Giesecke+Devrient GmbH
Brady Worldwide, Inc.
IDEMIA Group, S.A.S
Evolis
Identiv Inc.
BEAM
CardLogix Corporation
Watchdata Technologies Private Limited
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Recent Developments in the Market:
On 18th June 2021, Brady Corporation acquired The Code Corporation
On 21st July 2021, Dormakaba acquired Solus Security Systems, an integrated electronic access and data provider based in India.
On 17th October 2019,, Idemia acquired the X-Core metal card company, which specializes in contactless payments.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Communication:
Contact Badges
Contactless Badges
By Type:
Smart Badges with Display
Smart Badges without Display
By Application:
Government and Healthcare
Corporate
Event and Entertainment
Retail and Hospitality
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
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Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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