A magnetic card is a rectangular card that contains either a magnetic object within the card or a magnetic strip on the outside that contains data. It contains information about an individual such as available credit on a credit card or passes codes to enter secure buildings. It can be swiped through a magnetic card reader.
The magnetic card market is fragmented. Some of the foremost players utilize the tactics, such as partnerships, new product launches, agreements, enlargements, innovations, joint venture acquisitions, and several other strategies, to augment their footprints in this market. Besides, several other players are looking to enlarge their production capacity, especially around Asia-Pacific, which is the fastest-growing smart card market. Around the emerging economies, companies are aiming on launching new magnetic card products for government and transportation applications.
According to the report analysis, ‘Global Magnetic Card Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use’ states that Plastek Cards, Q-card, Zebra, Fargo, Magicard and many more are the foremost corporates which recently operating in global magnetic card market more effectively for leading the highest market growth and registering the great value of market share around the globe more effectively while delivering the better consumer satisfaction, employing the young and active personnel, decreasing the associated cost of such, increasing the applications and benefits of such, spreading the awareness connected to the applications of such, analysing the strategies and policies of government as well as corporates, establishing the several research and development programs, improving the qualitative and quantitative measures of such, and implementing the policies of enlargement and profit making.
By type, the global magnetic card market is categorized into magnetic stripe type, high magnetic (3500oe), general magnetic (300oe), coating type, high magnetic (2700oe) and general magnetic (300oe). By application, the global magnetic card market is classified into bank & financial, bank card, Dc and business card.
In addition, the effective growth in demand for mobility & connectivity in consumer electronics and testing services propel the global magnetic card market. Not only has this, it offers features such as reliability, versatility, durability, and security, which propels the market growth. However, a magnetic card can be scratched easily and its non-optimal nature limits the market growth. The effective augment in deployment of safety systems in automobiles offers a foremost opportunity for the market expansion.
Based on region, the market has been analysed around North America, Europe, Asia-Pacific, and LAMEA. Whereas, it is predicted that the North America region dominates the market owing to the effective growth in demand for mobility and connectivity in the consumer electronics. In addition, the Asia Pacific region also predicts to register the handsome value of market share during the near future owing to the growth in populace and increment in disposable income. Therefore, in the near years, it is predicted that the market of magnetic card will increase around the globe more effectively over the near future along the effective amount of investment by the prevailing as well as coming entities and investors.
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Ankur Gupta, Head Marketing & Communications