Global smart badges market to profit from rapidly growing demand for wearable access control devices for security management, says Fact.MR in its new market study.

Rockville, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global smart badges market is set to reach a valuation of US$ 50 billion by 2033, expanding rapidly at 9% CAGR over the next ten years.

A smart badge is a transportable multi-mode tracker in the form of an ID card that contains embedded sensors that combine a Wi-Fi sniffer, GPS, BLE, low-power GPS, and LoRaWAN TDoA geolocation technologies to give precise and continuous geolocation. A smart badge is an excellent gadget for workforce safety and security tracking, zone notification, and surveillance. It is lightweight and simple to use, with a single button providing access to many features that can be customized to meet customers' requirements.

Smart badges are widely utilized in government and healthcare applications because they improve patient security and privacy, give secure access to emergency medical information, and prevent healthcare fraud. A smart badge also has a panic button to alert an emergency discreetly and the badge's position, which aids in tracking the individual in hospitals. Government entities often use smart badges to adhere to government regulations, as well as to confirm a person's identification and physically allow the badge holder to a facility.

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Smart badges use cutting-edge machine learning and IoT technologies to improve security and enable new functionalities. Moreover, a smart badge offers information about who is accessing what, when, and where, eliminating the danger of a security breach due to negligence or oversight. As a result of these reasons, the demand for smart badges for government and healthcare applications is increasing, which is predicted to propel the global smart badges market during the forecast period. Another major factor driving the global market is the growing demand for wearable devices.

Key Takeaways from Market Study

• The global smart badges market is worth US$ 21 billion in 2023.
• The market is expected to reach a valuation of US$ 50 billion by 2033.
• Worldwide demand for smart badges is estimated to increase at a CAGR of 9% from 2023 to 2033 (forecast period).
• The United States market was valued at US$ 6 billion in 2022.
• Global demand for contactless smart badges is projected to evolve at a CAGR of 6.2% during the forecast period.
  

“Increased use of smart badges to verify a person's identity, safely control physical access of users, and a spike in the demand for smart badges from the government and healthcare sectors are expected to accelerate global market growth during the study period,” says a Fact.MR analyst

Key Segments of Smart Badges Industry Research

• By Type :
  • Smart Badges with Display
  • Smart Badges without Display
• By Communication :
  • Contact Badges
  • Contactless Badges
• By Application :
  • Corporate
  • Retail & Hospitality
  • Government & Healthcare
  • Event & Entertainment
  • Other Applications
• By Region :
  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa

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Regional Analysis

North America is leading the worldwide market. The United States is providing the most revenue-generation opportunities in the regional market. However, the market for smart badges in Asia Pacific and Europe is witnessing significant demand growth.

Competitive Landscape:

Key players in the smart badges market are focused on technological advances and expansion to meet the increasing demand for smart badges. Furthermore, many start-ups are competing in the global market with their innovative offerings.

• Spintly, a start-up based in the United States, provides cloud-based electronic identification-based access control systems. The start-up offers users smart access control technology, which allows them to turn smartphones into access cards. It has proximity-based access, offline support, and is compatible with a variety of locking methods. These products communicate with a companion application that is compatible with iOS and Android devices and allows users to control them remotely.
• Bizzabo, an event management platform, acquired Klik, a wearable technology start-up based in Montreal. Klik's wearable goods, which appear to be standard badges or wristbands, include built-in technology that allows for the touchless transmission of contact information and tracking visitors' behavior, such as time spent in booths. They can also initiate recommendations, such as workshops or networking opportunities.

Key Companies Profiled

• AbeeWay
• Global Net Solutions (GNS)
• BEAM
• Blendology
• CardLogix Corporation
• IDEMIA
• Evolis
• Giesecke+Devrient GmbH
• Brady Worldwide, Inc
• Hierstar Corp

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global smart badges market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.

The study divulges essential insights on the market on the basis of type (smart badges with display, smart badges without display), communication (contact badges, contactless badges), and application (corporate, retail & hospitality, government & healthcare, event & entertainment, other applications), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

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