chip card reader market


chip card reader market By Type (Contact-Based, Contactless-Based and Dual Interface Based) Bye Technology (Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC) and Other), By Application (Payments, Identity Management, Security & Access Management, Ticketing and Others) and Region - Forecast Till 2024

chip card reader market Research Report By

Forecast 2024

Industry Survey, Growth, Competitive Landscape

and Forecasts to 2024


Market Research Future

(Part of Wantstats Research & Media Pvt. Ltd.)


chip card reader market Forecast To 2024

chip card reader market Forecast To 2024

• Market Research Future (MRFR), on the global market of smart card reader, reveals that the market

is poised to expand at a lucrative CAGR of 40.8% across the forecast period of 2018-2024 and touch

a valuation of USD 79,000 million by 2024.

• The emerging trend of cashless transaction is identified as a major factor that is expected to propel

the global chip card reader market. Increase in number of cashless business transactions across

different verticals and the adopting cashless transaction systems are likely to gain a considerable

traction for the worldwide market of smart card reader. In addition, modernization of payment

methods is enabling business transaction optimization. These aforementioned factors are likely to

escalate the market growth.


chip card reader market Forecast To 2024

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• A greater number of people are gaining confidence in cashless transaction due to the increase in the

awareness about its safety. Alongside, the convenience in making online payment is also aiding

smart card reader in gaining popularity. These cards are generally used in accessing data from credit

cards, electronic identification cards, debit cards, and access cards. They offer an individual or

businesses a secured and better payment options over traditional cash transactions. These factors

are likely to boost the chip card reader market.


chip card reader market Forecast To 2024

Global chip card reader market Segmented on the basis of

The chip card reader market has been segmented by type, application, and technology.

By type, the market has been segmented into contactless-based, interface based, and contact-based. The

contact-based segment of the market is expected expand at a CAGR of 40.6% during the assessment

period and surpass a valuation of USD 2,290.03 million by 2024. The expansion of the segment can be

attributed to the large-scale application of contact-based smart card readers in credit card and debit card

transaction system. The contactless-based segment to exceed a valuation of USD 1,673.96 Mn.

By technology, the market has been segmented into Europay MasterCard Visa (EMV) Chip, Near Field

Communication (NFC), and other. The Europay Mastercard Visa (EMV) chip segment accounted for 53.1%

of the global market share. The near field communication (NFC) is likely to value at USD 24,100 Mn by


By application, the market has been segmented into identity management, ticketing, security & access

management, payments, and others. The payment segment, due to the increase in the application of

smart card readers in payment systems is expected to direct the growth of the market in the coming years.

The identity management segment is anticipated to follow the lead.


chip card reader market Forecast To 2024

Global chip card reader market - Geographical Analysis

• North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA) are regional

segments of the market. APAC to secure the leading position in the global chip card reader market. The APAC

market likely to thrive at a 42.5% CAGR across the evaluation period. The segment is set to touch a valuation of

USD 34,100 Mn by 2024. Strong internet connectivity, increase in the adoption of cashless mode of payment

technologies, and the introduction of favorable policies are reasons that are expected to strengthen the base

of the regional market to grow. Emerging countries such as India, Indonesia, China, and others are likely to

exhibit robust growth of the market. The North America market to expand at a CAGR of 40.7% and exceed a

valuation of USD 1,485.92 million by due to the presence of multiple key players.

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chip card reader market Forecast To 2024

Global chip card reader market - Competitive Analysis

• PayPal Holdings, Inc., ID TECH, Gemalto NV, IOGEAR, Verifone Systems Inc., Ingenico Group, PAX Global

Technology Limited, Advanced Card Systems Ltd., CHERRY, HP Inc., Stanley Global LLC., Square, Inc., Identive

Group, Rocketek Electronics, and others.

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