Digital Business Card Market growing at approximately 11.2% CAGR during the estimated period 2021-2027
Benefits of Digital Business Cards Drive Market Growth
The global digital business card market is
witnessing a continual rise in its revenues. The ease of reading information
and low power consumption features are major factors driving the market.
According to Market Research Future (MRFR), the booming global digital
business card market is expected to reach
USD 242.3 MN by 2027, growing at approximately 11.2% CAGR during the estimated
period (2021–2027).
Besides, the convenience of sharing business cards
through text (SMS), email, QR codes, and major social media platforms
influences market shares. Increasing advancements in technologies and the
proliferation of digitization boost the market value. The market is
expected to witness high demand on account of the growing number of
applications. Digital cards offer more benefits compared to traditional paper
business cards.
They are paperless, thus, contribute to various
environmental initiatives. Security is another notable feature of these cards
that allows one to choose who can access and redistribute it. Various
shows and conferences where industry professionals and buyers worldwide use
smart event tools/ applications that can scan badges of delegates to gather
information to prioritize contactless health and safety protocols at the venue.
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Industry Trends
Digitized business cards are trending in the
marketing and advertising world. Digital or virtual business cards help promote
a paperless environment, with great availability and accessibility on the go.
These cards can be shared through any communication app like WhatsApp with a
single click, allowing the convenience of having them at the fingertips. Thus,
digital business cards help improve customer experience and brand image.
Resultantly, many organizations have adopted this
technology to enable their employees to have their business cards on the go.
Most enterprises rely on digital solutions for convenience and growth and use
digital tools to improve office policies and customer experiences. These
digital cards are rapidly replacing traditional business cards with their
immense benefits.
Segments
The market is segmented into types, platforms,
applications, pricing, and regions. The type segment is sub-segmented into
individual, business, and enterprise users. Among these, the enterprise user
segment accounts for the largest share and is expected to retain its dominance
throughout the assessment period. The platform segment is sub-segmented into
iOS, Android, and Windows. Of these, Android is the major segment within the
market and is expected to retain its dominance throughout the assessment
period.
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The application segment is sub-segmented into
business owners, sales entrepreneurs, marketing agencies, events & travels,
software & IT, education & training, finance & realtors, health
& beauty, consultants, and others. Of these, business owners, marketing
agencies, sales entrepreneurs, and consultants are major contributors to market
growth.
The pricing segment is sub-segmented into monthly
and yearly. Among these, the yearly pricing segment accounts for the largest
market share owing to the heavy discount on annual subscriptions available with
this plan. Most businesses and enterprises opt for yearly subscriptions. On the
flip side, the individual segment is growing rapidly. The region segment is
bifurcated into the Americas, Asia Pacific, Europe, and rest-of-the-world.
North America dominates the global digital business card market.
Regional Analysis
North America dominates the global digital
business card market. The major market growth is attributed to technical
advancements and increasing demand for digital advancements in this region. North
Americans are more environmentally conscious, which alongside the importance of
sustainability among companies and enterprises, drives the market growth.
Besides, the rapid shift towards the digital business card to exchange
information more digitally boosts the market demand.
The Asia Pacific region witnesses increasing
adoption of digital business card technology. Factors such as rapid
digitalization among businesses and the shift towards online and social media
in this region boost the demand for digital business cards. More businesses are
shifting towards digital marketing and advertising tools, and the uptake of
digital technology in increasing numbers of enterprises substantiates the
region's market share.
Japan, South Korea, China, Australia, and India
are major markets in the region. Also, key Southeast Asian countries such as
Singapore and Malaysia have emerged as profitable markets. Moreover, small and
medium-sized organizations offer major opportunities to the APAC digital
business card market.
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Competitive Analysis
The digital business card market appears
competitive due to numerous well-established players with a global presence.
Innovations, mergers & acquisitions, collaboration, and expansion remain
the key trends for the leading players. The market would witness intensified
competition with increased R&D innovations and M&A. Digital business
card start-ups look for co-investors to boost the funding required for business
expansion.
Some market players incorporate new business
strategies, such as establishing development centers in several developing
countries to encourage business growth. Witnessing the increasing trend of
digitalization and virtualization across industries, digital business card
providers strive to expand their footprints on the global platform.
For instance, on May 17, 2022, Blinq, a
Melbourne-based digital business card developer, announced that it has raised
about US$3.5 million from Blackbird and Square Peg Capital to expand its
business further. Blinq plans to use these funds to build out its growth,
develop more unique products, add more enterprise features, and onboard more
directories to its platform.
Players leading the global digital business card
market include HiHello, Inc. (US), Haystack (Australia), Inigo (US), L-Card
(US), Switchit (US), Adobe (US), Techno Infonet (India), ME (US), SnapDat (US),
CamCard (US), Mobilo (US), COM (Quancore Group - India), Knowee (Spain), Lulu
Systems, Inc. (US), and Vistinkard (India), among others.
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