The Business Research Company’s report on the Smart Card Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the smart card market further?
The surged demand for contactless payments is expected to significantly drive the growth of the smart card market. With the increase in social distancing during COVID_19, a rapid shift towards digitalization was seen in all aspects. Due to this sheer development in digitalization and e-commerce services, the movement to contact-less payment from numerous platforms has accelerated. For instance, in February 2023, according to report by Barclays plc, a England-based universal bank, total Value of Contactless Payments Surged by 49.7% in 2022, with Average User Making 220 Transactions compared to 180 in 2021. Hence the increasing demand for contactless payments will drive the growth of the smart card market.
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What are the key factors influencing the forecasted market size of the smart card industry?
The smart card market size has grown strongly in recent years. It will grow from $22.75 billion in 2024 to $24.83 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to rising cybersecurity concerns, government initiatives, financial inclusion, contactless payment trends.
The smart card market size is expected to see strong growth in the next few years. It will grow to $36.1 billion in 2029 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to mobile and wearable technology, biometric authentication, smart cities initiatives, e-commerce and online transactions, government-led digital initiatives. Major trends in the forecast period include rapid adoption in healthcare, blockchain integration, green and sustainable smart cards, customization and personalization.
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Who are the leading competitors in the smart card market?
Major companies operating in the smart card market include CardLogix Corporation, CPI Card Group – Colorado Inc., Giesecke & Devrient GmbH, IDEMIA, Infineon Technologies AG, ABCorp Corporation, Bartronics India Limited, BrilliantTS. co. Ltd., Bundesdruckerei GmbH, CardCom Technology, Eastcompeace Smart Card Co. Ltd., HID Global Corporation, Identiv Inc., Ingenico SA, Intelcav Cartões Ltda., Inteligensa Group, Kona M Co. Ltd., NXP Semiconductors Austria GmbH Co. & KG, Perfect Plastic Printing Corp., Samsung Electronics Co. Ltd., Secura Key, Sony Corporation, Square Inc., Thales Group, Valid S. A., VeriFone Inc., Watchdata Technologies Ltd., Taglio LLC, Cardzgroup Ltd.
Which emerging trends are set to transform the smart card market landscape?
Technological advancement is the key trend gaining popularity in the smart card market. Major companies operating in the smart card market are focused on providing technologically advanced products to strengthen their market position. These companies are implementing next-generation smart card technologies into their products, such as memory technology, RFID, NFC, integrated circuit, Bluetooth tag, Wi-Fi RTLS, and others. The above-mentioned features and improvements build security, confidentiality, and convenience for its user. For instance, in January 2024, Advanced Card Systems Ltd. (ACS), an Hong Kong-based technology company specializing in smart card technology, launched the ACR40U Standard Contact Smart Card Reader and the ACR40U Premium Contact Smart Card Reader for secure digital transactions and user authentication across various applications. The ACR40U Standard Reader is especially well-suited for financial transactions, making it perfect for secure processing at ATMs and point-of-sale terminals. Additionally, it supports secure identification in multiple sectors, including banking and government, and is employed in access control systems to verify users.
How do different geographies compare in terms of market share and growth potential in the smart card market?
Asia-Pacific was the largest region in the smart card market in 2024. The regions covered in the smart card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which major segments of the smart card market are experiencing the fastest growth?
The smart card market covered in this report is segmented –
1) By Type: Contact, Contactless, Hybrid, Dual-Interface
2) By Access: Physical, Logical
3) By Component: Memory-Based, Microcontroller-Based
4) By End Use: Government, Healthcare, Transportation, Telecommunication, Financial Services, Retail And Loyalty, Entertainment, Energy And Utility
Subsegments:
1) By Contact: Chip-Based Contact Cards, SIM Cards
2) By Contactless: RFID Cards, NFC Cards
3) By Hybrid: Multi-Application Cards, Cards With Mixed Functionalities
4) By Dual-Interface: Cards Supporting Both Contact And Contactless Communication
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How is the smart card market defined?
The smart card refers to a physical plastic card with a built-in integrated chip that acts as a security token. These cards provide ways to identify and authenticate the cardholder and third parties who use the card. It connects to the host computer or controller through a card reader, which receives data from the card and sends it to the host computer for authentication.
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