Digital Business Card Market Trends

Growth Drivers

• High use of smartphones: Smartphones are widely used by individuals as they have become a vital component in performing multiple tasks such as calling, messaging, and multimedia sharing in minutes. The continuous advancements in smartphones and the applications installed in them are contributing to the increasing use of digital business cards. Smartphones with advanced software applications such as Apple Wallet and Google Wallet make contact sharing easy and secure. As mentioned above, Research Nester's study estimates that around 45% of individuals prefer digital business cards to share contact details. Thus, the mobile-centric lifestyle of the majority of people globally is aiding digital business card solution producers in earning more.

• Integration of NFC, QR, and AR: Near-field communication (NFC) chips, quick response (QR) codes, and augmented reality are some of the latest technological advancements in digital business cards.  The NFC and QR code technologies directly connect with the individual’s business portfolio. These advanced technologies are effectively bridging the gap between traditional cards and modern networking.
  
  Another aspect of these technologies is that they aid in aligning with sustainability practices. Augmented reality (AR) is one of the latest digital business card market trends, one can scan these electronic business cards using AR-enabled devices or scanning applications available on smartphones. AR-based digital business cards offer a personalized experience, further increasing brand visibility and data optimization. The continuous advancements in AR technology are anticipated to offer a bright future for digital business cards.

Challenges

• Lack of awareness and high costs: The lack of awareness in developing and underdeveloped regions is hampering the digital business card market growth to some extent. People and businesses in these regions are not aware of these latest technologies and also as they resist change creates challenges for digital business card producers. The high cost associated with digital business card technologies also limits their adoption rates among these regions. The older generation or companies with limited budgets are deterred from investing in such advanced contact-sharing solutions, hampering the digital business card market growth.
• Data privacy & security concerns: Data privacy concerns are also one of the significant challenges for digital business card adoption. These cards hold numerous professional as well as some personal information of the users, and if they are accessed by any third party or cybercriminal, a data privacy and security breach takes place. Thus, these concerns are expected to limit the sales of digital business cards.