Smart Badge Global Market Report 2024

The global smart badge market has grown strongly in recent years. It will grow from $25.84 billion in 2023 to $28.36 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historical period can be attributed to several factors including the emphasis on corporate identity and branding, the demand for contactless access solutions, event management requirements, needs within the hospitality industry, adoption within the education sector, and the pursuit of cost-efficiency measures.

The global smart badge market is expected to see rapid growth in the next few years. It will grow to $42.05 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the upcoming period can be linked to the increasing emphasis on smart cities initiatives, widespread adoption by government and public sectors, a stronger focus on enhanced data security, a growing trend towards sustainability, the drive for personalized customer experiences, and the demand for sustainability and eco-friendly designs. Major trends expected in this period include greater integration with IoT and connectivity, advancements in digital identity and access control, real-time location tracking, integration capabilities with mobile apps, and the integration of AI and data analytics.

The smart badge market is poised for significant growth, driven by a surge in demand from the government and healthcare sectors. Within the healthcare industry, smart badges play a pivotal role in simplifying task execution, improving work accuracy, and providing real-time information to address customer queries. A notable example is the Brady Corporation, a US-based company specializing in manufacturing specialty products, which reported a substantial increase in sales for the Integrated Delivery System (IDS) segment, the most prominent segment of smart badges in 2021. This surge, accounting for 73.5% of sales, is attributed to the adoption of high-performance industrial and healthcare products, underscoring the growing demand for smart badges in the government and healthcare sector.

The smart badge market is also expected to witness growth propelled by the increasing demand from the hospitality sector. Embracing smart badge technology allows the hospitality industry to enhance guest satisfaction, streamline payment processes, improve communication, optimize operational efficiency, and gather valuable data on guest behavior, preferences, and movement patterns. As of February 2023, data from the National Restaurant Association indicates substantial figures in the foodservice industry, with $997 billion in industry sales and 15.5 million in industry employment. This highlights the pivotal role of smart badges in meeting the rising demands of the hospitality sector.

A key trend gaining momentum in the smart badge market is technological advancement. Major companies in the market are actively engaged in developing innovative technological solutions to reinforce their market position. An illustrative case is Satellite Displays, a US-based company specializing in smart badges, which introduced a technologically advanced smart badge with closed captioning in May 2022. This innovative smart badge transforms speech into text, displaying it on an E Ink display. The inclusion of closed captioning addresses the needs of the deaf or hard of hearing, providing an accessible means of understanding spoken content. The smart badge, known as Badger, employs two microphones and Bluetooth Low Energy (LE) connectivity, powered by Nordic's multiprotocol nRF52840 SoC, to transmit audio data to a paired smartphone. This exemplifies the ongoing trend of technology advancements in the smart badge market.

Major players in the smart badge market are strategically focusing on innovative products that integrate cutting-edge technologies, such as speech analytics systems, to drive revenue growth. Speech analytics systems are advanced software applications designed to analyze audio recordings, including conversations and phone calls, extracting valuable insights and identifying patterns. PJSC Sberbank, a prominent Russia-based banking and financial services company, exemplifies this trend with the launch of its SmartBadge featuring speech analytics in June 2021. This wearable electronic device, equipped with an e-ink display for conversation recording, a docking station for data download and charging, and software for secure remote control, note-taking, and data sharing, finds applications in various industries, including retail and medical. The technology's ability to separate client and employee voices into two audio tracks facilitates a comprehensive examination and evaluation of customer service quality.

In a strategic move to enhance its capabilities, Bizzabo, a leading US-based software development company, acquired Klik for $13.5 million in November 2021. This acquisition positions Bizzabo to leverage Klik's wearable technology and extensive infrastructure, providing new insights into attendee engagement and behavior at physical events. Klik, based in Canada, is recognized for its expertise in smart wearable badges. The acquisition enables Bizzabo to access valuable data visibility, empowering event organizers to assess success and better prepare for future events based on location-based insights. This strategic move reflects the industry's commitment to incorporating innovative technologies and solutions to enhance the functionalities of smart badges.

Major companies operating in the smart badge market report are Thales CPL SAS, ASSA ABLOY AB, Brady Corporation, IDEMIA Identity & Security USA LLC, Evolis SA, Identiv Inc., AIOI Systems Co. Ltd., Watchdata System Co. Ltd., Kontakt.io Inc., Global Net Solutions Inc., Mpicosys Solutions Private Limited, Proxfinity Inc., Unitech Electronics Co. Ltd., Vocera Communications Inc., HierStar Inc., HID Global Corporation, Gemalto a Thales Company, Giesecke+Devrient GmbH, CardLogix Corporation, Abeeway SAS, Zebra Technologies Corporation, dormakaba Holding AG, BEAM Authentic LLC, Access Smart LLC, Allegion PLC, BioConnect Inc., ColorID LLC, Datacard Group, Lenel Systems International Inc., Tyco International Ltd.

North America was the largest region in the smart badge market share in 2023. The regions covered in the smart badge market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart badge market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart badges come in two primary types such as those without displays and those with displays. Badges with displays offer a cost-effective, automated contact tracing solution, providing instant data. These solutions involve both hardware and software components and utilize communication mediums such as contact, contactless, NFC, and RFID technologies. They find applications across various sectors including government, healthcare, corporate environments, retail, hospitality, events, and entertainment.

This report provides smart badges market statistics, including smart badges industry global market size, regional shares, competitors with a smart badges market share, detailed smart badges market segments, market trends and opportunities, and any further data you may need to thrive in the smart badges industry. This smart badges market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart badge market consists of revenues earned by entities by providing services such as workforce safety monitoring, time and attendance tracking. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart badge market also includes sales of smart programable OLED badges, RFID smart badges, and NFC smart badges which are used in providing smart badge services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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