The global smart badges market is on pace to reach a valuation of $50 billion by 2033, expanding rapidly at a 9% compound annual growth rate (CAGR) over the next 10 years, according to market research firm Fact.MR.
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 considered an excellent implement 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.
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.
Due to 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.
According to the Smart Badge Market Outlook (2023-2033), the global market is said to currently be worth $21 billion. The United States market was valued at $6 billion in 2022. Global demand for contactless smart badges is projected to evolve at a CAGR of 6.2 percent during the forecast period.
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.