Dublin, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The "Smart Badge Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global smart badge market is on the verge of substantial growth, with projections indicating an increase from $23.55 billion in 2022 to $25.84 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 9.7%. This momentum is expected to persist, driving the market to reach $37.13 billion by 2027 at a CAGR of 9.5%.
Major players in the smart badge market, including Thales Group, Assa Abloy AB, Brady Corporation, IDEMIA, Evolis, Identiv, AIOI Systems, Watchdata System Co. Ltd., Kontakt.io, Global Net Solutions, Mpicosys, Proxfinity, Unitech Electronics Co Ltd., Vocera Communications, and HierStar, are poised to capitalize on this robust market expansion.
Reasons to Choose Smart Badges
- Global Perspective: Gain comprehensive insights across 50+ geographies.
- COVID-19 Impact: Understand how the market responded to the pandemic and its ongoing effects.
- Geopolitical Factors: Assess the impact of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and its direct and indirect influence on the market.
- Inflation Impact: Measure the effects of high global inflation on market growth.
- Regional Strategies: Develop tailored strategies based on local data and analysis.
- Growth Segments: Identify promising segments for investment.
- Competitive Edge: Outperform competitors using forecast data and market trends.
- Market Shares: Understand customer preferences through the latest market shares.
- Performance Benchmarking: Compare performance against key competitors.
- Presentation Support: Enhance internal and external presentations with high-quality data and analysis.
Smart Badges: A New Era of Efficiency
Smart badges are compact, lightweight devices equipped with microcontrollers or embedded memory that facilitate seamless communication with readers. They employ technologies such as RFID (Radio-Frequency Identification), NFC (Near Field Communication), and short-range wireless communication. These badges are user-friendly and provide access to various customizable functionalities.
Types of Smart Badges
- Smart Badges without Display: Compact and automated contact tracing solutions, ideal for businesses.
- Smart Badges with Display: Cost-effective devices offering automated functionalities in various verticals, including government, healthcare, corporate, retail, hospitality, events, and entertainment.
Market Research Report
Our comprehensive report offers detailed smart badge market statistics, encompassing global market size, regional market shares, key competitors with their market share, granular market segments, emerging market trends, and lucrative opportunities.
Technological Advancements: A Key Trend
Technological innovation is a prominent trend in the smart badge market. Leading companies are committed to developing cutting-edge solutions to enhance their market position. For instance, Satellite Displays, a US-based company, introduced a smart badge with closed captioning in May 2022. This innovative badge converts speech into text, displaying it on its "E Ink" screen, facilitating communication for the hearing impaired. The smart badge achieves this through audio data transmission to a paired smartphone, utilizing Bluetooth Low Energy (LE) connectivity powered by Nordic's multiprotocol nRF52840 SoC.
Strategic Acquisitions Fuel Growth
In November 2021, Bizzabo, a US-based software development company, acquired Klik for $13.5 million. This acquisition grants Bizzabo access to Klik's wearable technology and robust infrastructure, providing invaluable insights into attendee engagement and behavior at physical events. Organizers can assess event success and plan for future events effectively. Klik, a Canada-based company specializing in smart wearable badges, brings added value to the market.
Leading Region: North America
North America dominated the smart badge market in 2022, with regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa showing promising growth potential.
Key Countries in Focus
The report covers key countries, including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Government and Healthcare Drive Demand
The surge in demand for smart badges from the government and healthcare sectors is expected to drive market growth. Smart badges in healthcare streamline tasks, improve accuracy, and provide real-time solutions to customer inquiries.
Defining Market Value
The smart badge market includes revenues generated by entities offering services such as workforce safety monitoring and time and attendance tracking. The market value encompasses the value of related goods sold by service providers or included within the service offerings. This market also comprises sales of smart programmable OLED badges, RFID smart badges, and NFC smart badges used in providing smart badge services.
Market Value and Geographical Revenues
Market value represents revenues earned from the sale of goods and/or services within the specified market and geography, including sales, grants, or donations, denominated in USD. Revenues for a specified geography denote consumption values generated within that geography, irrespective of production location. These values exclude revenues from resales along the supply chain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $25.84 billion |
| Forecasted Market Value (USD) by 2027 | $37.13 billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Smart Badge Market Characteristics
3. Smart Badge Market Trends And Strategies
4. Smart Badge Market - Macro Economic Scenario
4.1. COVID-19 Impact On Smart Badge Market
4.2. Ukraine-Russia War Impact On Smart Badge Market
4.3. Impact Of High Inflation On Smart Badge Market
5. Smart Badge Market Size And Growth
5.1. Global Smart Badge Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Badge Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Smart Badge Market Segmentation
6.1. Global Smart Badge Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Smart Badges without Display
- Smart Badges with Display
6.2. Global Smart Badge Market, Segmentation By Offering, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hardware
- Software
6.3. Global Smart Badge Market, Segmentation By Communication, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Contact
- Contactless
- NFC Technology
- RFID Technology
6.4. Global Smart Badge Market, Segmentation By Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Government and Healthcare
- Corporate
- Retail and Hospitality
- Event and Entertainment
- Other Industries
7. Smart Badge Market Regional And Country Analysis
7.1. Global Smart Badge Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Smart Badge Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/8fmjsg
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