Magnetic Stripe Readers Market: Introduction
Magnetic stripe readers also known as magnetic card readers or magstripe readers are the hardware devices extensively utilized to read, access, retrieve, validate and authenticate the data or information stored in magnetic stripes. Magnetic cards; usually plastic badges contain these magnetic stripes with encoded information on its backside. Magnetic stripes are widely utilized in identity cards, credit cards, debit cards, gift/loyalty cards, access cards or any other transaction cards. These cards find enormous usage in execution of any transaction or access based activities and are commonly utilized in all commercial and professional fronts by enterprises and individuals.
Magnetic Stripe Readers: Market Dynamics
Digitalization, need for secured financial transactions, prioritization and authentication of information access across enterprises, increasing spread of e-commerce and point of sale transaction through card swipe feature are some of the underlying trends supporting firm sales growth of magnetic stripe readers across the globe. Other macro-economic factors anticipated to positively impact global sales of magnetic stripe readers include: growing urban population, improving retail development index, increasing broadband / mobile subscriber base, rapid industrialization and expanding BFSI sector across the globe. Apart from these, increasing online sales and payment activities, growing use of digital wallets and gradual increase in biometric based transaction and access systems are anticipated to marginally restrain growth of global magnetic stripe readers market.
Magnetic cards or stripes, at times are expensive when compared with barcodes, however enhanced level of security against duplication, precision and reliability makes magnetic stripes preferable for use in critical applications.
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Magnetic stripe readers are evolving these days and new type of these readers known as hybrid readers have also been introduced in the market. These readers are capable of reading conventional magnetic stripe card as well as smart card, which comes with an added level of security in the form of micro-chips.
Magnetic Stripe Readers: Market Segmentation
Owing to wide span of utilization and application, magnetic stripe readers can be selected for particular usage on the basis of reading capacity, durability, reliability, service life, programmability, card encryption options available etc. However in terms of assessing commercial prospects of the magnetic stripe readers market, it can be segmented on the basis of connectivity type, end use, application, product type and readability.
On the basis of readability volumes, the global magnetic stripe readers market can be segmented as:
- High Volume Magnetic Stripe Readers
- Standard Volume Magnetic Stripe Readers
On the basis of connectivity types, the global magnetic stripe readers market can be segmented as:
- Wired Magnetic Stripe Readers
- Serial Connection
- USB Connection
- PS/2 Connection
- Wireless Magnetic Stripe Readers
On the basis of end use, the global magnetic stripe readers market can be segmented as:
- Food Service Institutions
- Retail Stores and Outlets
- Family Entertainment Centers
- Clinics / Healthcare facilities
- Airport, Bus & Rail Transit Stations
- Highway / Toll Collection Centers
- Banking and Financial Institutions
- Other Commercial
On the basis of application, global magnetic stripe readers market can be segmented as:
- Point of Sale (POS) Terminals
- Kiosk Terminals
- Entry/Exit Control Systems
On the basis of product type, global magnetic stripe readers market can be segmented as:
- Swipe based magnetic stripe readers
- Insertion based magnetic stripe readers
Magnetic Stripe Readers Market: Regional Overview
Regional dynamics of magnetic stripe reader market are expected to differ up to great extent owing to different scales of development in urbanization, industrialization, retail sector establishments and performance of BFSI and manufacturing sector. Countries like Germany, U.S., France, Italy, Japan, and South Korea are forerunners in terms of adoption of automation technologies and digitalization while substantial growth potential exists in countries like China, India, Russia, Mexico and other ASEAN countries. In terms of growth potential, MENA (Middle East and North Africa) and Asia Pacific excluding Japan are anticipated to exhibit promising growth over the forecast while other developed countries are expected to exhibit maturing market conditions.
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Magnetic Stripe Readers Market Participants
Some of the market participants identifies in the global magnetic stripe readers market include:
- Advanced Card Systems Ltd.
- Brush Industries
- Elo Touch Solutions, Inc.
- ID TECH
- Ingenico Group
- JADAK (a Novanta Company)
- MagTek Inc.
- MUTEK Limited
- Nidec Sankyo Corporation
- Neuron Electronics, Inc.
- Unitech Electronics Co., LTD.
- Xico Inc.