Smart Badge or smart card is small device having sophisticated name-tag or button and is equipped with RFID chips. It is usually worn across the neck or as wristband. Smart badges can handle all the tasks by automatically recording who comes in and out of the space at particular time. During an event, it can be boom for event attendees and hosts. They offer multiple advantages to customers as they are reusable, provide enhanced security, and perform secure transactions. Smart badges are adopted by various industries including, healthcare, government, telecommunications, and event & entertainment.
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The factors accelerating the growth of the Smart Badge market includes increasing demand for wearable access control devices for security management, its exceptional benefits such as flexibility and multifunctionality, and increasing adoption of smart badges with contactless interfaces. Individuals across the world are adopting smart badges and are more inclined toward contactless smart badges as they achieve higher security level credential and overall access control systems. Contactless smart badges technology is optimized to provide extremely secure devices by using encryption, cryptography, and internal computing power of smart chip. They carry secure IT applications including digital signature, encryption, and log-on to network. Moreover, the capability to add other applications to the card is one of the most remarkable benefit of contactless smart badges over proximity technology. Therefore, increasing incidents such as breach of smart badges and information systems security is progressively increasing the adoption of contactless smart badges, which is further driving the growth of market. On contrary, high cost incurred in acquiring and deploying smart badges might hamper the growth of the market, globally.
On the basis of communication, the market is segmented into contact badges and contactless badges. Among these, the contactless badges segment is expected to grow higher CAGR during the forecast period. Contactless badges are different from contact badges with enhanced features. The chip is not visible in contactless badges, instead, chip is in antenna and inserted within badge’s body. They reduce the need for conventional ticketing, which further reduces the operational cost and makes it easy for consumers to transit. These badges eliminate the requirement of waiting at terminals to communicate and allow easy, fast, and secured access to logical and physical areas.
Based on application, market is segmented into government & healthcare, corporate, event & entertainment, and retail & hospitality, others. Among these, the government & healthcare sector is expected to witness higher CAGR during the forecast period. Usage of smart badges helps in enhancing the security and privacy of patients, reduce healthcare fraud, provide secure access to emergency medical information, provide secure carrier for portable medical records, and enable compliance with government mandates and initiatives. Moreover, government of multiple countries have started adopting small badge technology to enhance customer interactions, to authenticate citizens’ identity and to comply with government regulations. Hence, such enhanced advancement in smart badge technology is increasing the demand for smart badge technology in government & healthcare sectors.
On the basis of region, North America is expected to lead the market during the forecast period, owing to high adoption of technology in healthcare and government sectors. Additionally, Asia-Pacific is projected to grow at a higher CAGR during the forecast period attributed to digitalization of financial system and push of government to incorporate smart chip based system.
The major players in the market includes Thales Group, ASSA ABLOY Ltd, Brady Worldwide, Inc, IDEMIA Group, Evolis Inc, Identiv Inc, AIOI-SYSTEMS CO., LTD, Watchdata Technologies Ltd, Identita Technologies Ltd, Global Net Solutions Inc. among others.
The Global Smart Badge market has been segmented based on Communication, Type, Application, and Region. Based on Communication, the market is segmented into Contact and Contactless. Based on Type, the market is segmented into Smart Badges with Display and Smart Badges without Display. Based on Application, the market is segmented into Government & Healthcare, Corporate, Event & Entertainment, Retail & Hospitality, and Others.
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