ID: MRFR/ICT/9212-HCR | 99 Pages | Published By Aarti Dhapte on March 2023
The global digital business card market was valued at USD 242.3 million by 2027 with a CAGR of 11.2% during the forecast period, 2021–2027.
The global digital business card market was valued at USD 242.3 million by 2027 with a CAGR of ~11.2% during the forecast period, 2021–2027.
A digital business card, also known as a virtual or electronic business card, is an online means of sharing contact info. Digital business cards can be created on an Android, iPhone, iPad, or computer and are often more reasonable than their paper counterparts. Similar to typical business cards, digital business cards can be designed, customized, and shared with anyone. There are no space constraints with digital cards; a user can add as much or as little information to the card as per the desire. In addition to standard contact information (such as name, email, company, and phone number), a user can enrich a card with a video or photo, logo, and social media profiles, among others. All this information can be displayed in several languages as per the choice. The digital business card can be shared with people through text (SMS), email, QR code, Facebook Messenger, Twitter, Telegram, WhatsApp, Facebook, and LinkedIn, among other platforms.
The availability of cheaper smartphone options has propelled its popularity among consumers. The emergence of social media is the major booster for smartphone popularity among the Millenials. There are more than three billion smartphone users worldwide, and the number is increasing rapidly. The digital business card can be easily created and share from the smartphone through Text (SMS), Email, QR Code, Twitter, Facebook Messenger, WhatsApp, Facebook, and LinkedIn. Therefore, growing smartphone users are driving the adoption of digital business cards. As everyone has a smartphone with internet connectivity, sharing the digital business card has become convenient.
Rising Importance of Sustainability among the Businesses and Consumers
Today, sustainability is becoming increasingly important for companies and consumers across all industries. According to the latest MRFR research, 65% of executives consider a sustainability strategy necessary to be competitive, while 79% of consumers take corporate sustainability responsibility (CSR) into account when making purchases. The use of trees in producing mass paper products such as books, newsprint, writing paper, and business cards, among other commodities, has been a widely debated topic over the years. Companies and consumers are becoming more open to paper alternatives for newspapers, books, and business cards. Digital business cards are becoming more widespread among those businesses and consumers who have environmental conservation emotions. They are opting for digital business cards as an alternative to paper-based cards as a part of environmental conservation.
Eye-Catching Features & Options Offered by Digital Business Cards
Digital business cards are becoming more popular among businesses and consumers due to their easy-to-use and eye-catching features. The significant features such as a user can put image, video, logo, and location. Moreover, users can change or customize cards instantly without any wait. Digital cards are easy to share, and most applications provide various ways to share one’s digital cards with people via text (SMS), email, and social media. Moreover, digital business cards allow a user to attach videos and external links (surveys, sign-up forms, subscription lists, etc.), to make excellent first impressions, share contact information, and advertising services in a more engaging manner.
Furthermore, the options offered by digital business cards are fuelling its adoption among consumers and businesses. Digital business cards conveniently allow a user to store all contact information, web URLs, and social media accounts in one place.
Small and Medium Enterprises (SMEs) play a key role in most economies, especially in developing countries. SMEs account for most businesses across the globe and are key contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. In addition, the numbers of SMEs are also growing exponentially due to increased government initiatives and support such as loans, grants, and schemes. Moreover, the number of start-ups is also surging year on year, which can be a major growth opportunity for the digital business card players. This can be attributed to the affordability and pricing of digital business cards. Digital business cards are an affordable option for small and medium-sized businesses to do marketing and share contacts on social media platforms and with other consumers.
Impact of COVID-19
Digital Business Card Became the Safe and convenient alternatives to Physical Business Cards
In the wake of COVID-19, people and businesses are seeking a way to exchange contact information in an entirely touch-free way. Amidst the social distancing world, digital business cards became the prominent choice for people and businesses.
Pandemic Accelerated a Trend Towards Online Interaction
This not just due to COVID-19; even before the pandemic, there was a move to remote working, video conferencing, and virtual meetings for economic development, efficiency, and environmental awareness. The pandemic has accelerated a trend towards online interaction that has seen a rise in virtual investor events and found remote working to become the norm for most office-based workers.
Cumulative Growth Analysis
Y-o-Y Growth to Expand at a Strong Rate
According to MRFR, the digital business card market is expected to witness 8% to 14% percent Y-o-Ygrowth every year during the projected period. The increasing IT spending, increasing number of smartphones users worldwide, rising importance of sustainability among the businesses and consumers, and eye-catching features & options offered by digital business cards, and increasing demand for contactless cards to exchange information amidst the COVID-19 pandemic are expected to boom the market growth during the projected period.
Value Chain Analysis/Technology Analysis/Regulatory Implications
The global digital business cardmarket supply chain has evolved from a conventional approach to a set of highly efficient processes, including procurement, system integration, and distribution. The supply chain of the digital business card market involves the designers & programmers, software/platform developers, system integrators, and end-users. Global Digital Business Card Market, 2018–2027 (USD Million)Source: MRFR Analysis
The global digital business card market has been segmented into type, platform, pricing, application, and region/country.
Based on the type, the digital business card market has been segmented into individual user, business user, and enterprise user. The enterprise user segment holds the largest share within the market and is expected to retain its dominance throughout the projected period.
Based on the platform, the digital business card market has been divided into iOS, Android, and Windows. The Android segment holds the largest share within the market and is expected to retain its dominance throughout the projected period.
Based on the pricing, the digital business card market has been bifurcated into monthly and yearly. The yearly pricing segment holds a larger market share. This can be attributed to the heavy discount on annual subscriptions offered by the companies. Businesses and enterprises are the primary target customers of the yearly subscription. However, the individual segment is also gaining a rapid boost.
Based on application, the global digital business card market is segmented into business owners, sales entrepreneurs, marketing agencies, events and travels, software & IT, education and training, finance & realtors, health and beauty, consultants, and others. Business owners, sales entrepreneurs, marketing agencies, and consultants are the major contributors to global market growth.
The global digital business card market is expected to gain significant revenue from various continents during the projected period. The geographic analysis of the digital business card market has been conducted for North America, Europe, Asia-Pacific (APAC), the Middle East & Africa, and South America. North America is further classified into the US, Canada, and Mexico. While Europe is further classified into the UK, Germany, France, and the Rest of Europe and Asia-Pacific is further segmented into China, Japan, India, and the Rest of Asia-Pacific.
North America Holds the Largest Share in the Digital Business CardMarket Due to the US and Canada: MRFR
North America holds the leading share within the digital business cardmarket, which can be attributed to the rapid digitalization in various businesses and enterprises. Consumers are more environmentally conscious, and the importance of sustainability among companies and enterprises has increased substantially, which is further driving the adoption of digital business cards. The freelancers and self-employed people are also shifting towards the digital business card to exchange information more digitally.
APAC is Likely to be the Fastest Growing Continents
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The region has seen a rapid boom the market growth owing to the digitalization among businesses. More businesses are shifting towards online and social media has boosted the demand for a digital business card in the APAC region. The countries such as China, Japan, India, South Korea, and Australia are the major growth engines of the region's market growth.
Besides, Southeast Asian countries such as Malaysia and Singapore havealso emerged as the major market for digital business card products in recent years. APAC is filled with numerous small and medium-sized organizations, which could fuel major opportunities during upcoming years.
The global digital business card market is highly competitive with the presence of several leading vendors. However, some of these players have created goodwill by offering advanced features at affordable prices. Haystack (Australia), HiHello, Inc. (US), Inigo (US), L-Card (US), Switchit (US), Adobe (US), SnapDat (US), and CamCard (US) are the prominent players within the market, which have captured the most extensive client base across the globe. Some of these prominent players have adopted some organic and inorganic strategies such as mergers, acquisitions, partnerships, strategic alliances, and product launches, among others, to gain a competitive advantage.
List of Key Companies Covered in this Report:-
Key Developments in Global Digital Business Card Market
On 29th July 2021, HiHello Inc., the leading digital business card platform for individuals and businesses, announced a USD 7.5 million Series A round of funding led by Foundry Group, with participation from Lux Capital and existing. This new funding is expected to enable HiHello to continue growing its team and expanding its business platform to support companies of all sizes.
This study estimates revenue growth at global, regional, and country levels and offers an overview of each sub-sector's latest developments from 2018 to 2027. For this analysis, MRFR has segmented the global digital business card market has based on type, platform, pricing, application, and region/country.
Based on Type
Based on Platform
Based on Pricing
Based on Application
Based on Region
The global digital business card market is predicted to grow at an 11.2% CAGR between 2018- 2027.
The global digital business card market will touch USD 242.3 million by 2027.
North America will lead the global digital business card market.
Increase in smartphone users and eye-catching features are the key factors driving the global digital business card market growth.
Key contenders profiled in the global digital business card market include Haystack, HiHello, Inc, Inigo, L-Card, Switchit, Adobe, SnapDat and CamCard.