How Much Growth is Expected in the Smart Card Market Size?
The smart card market has been experiencing robust growth in years gone past, recording its size as $22.75 billion in 2024 and predicting to touch $24.83 billion in 2025, at a compound annual growth rate (CAGR) of 9.1%. This rise can be credited to causes like rising cybersecurity concerns, government initiatives, financial inclusion, and contactless payment trends.
Meanwhile, projections for the smart card market size exhibit a promising upward trajectory. As per estimates, the market is due to burgeon at a lucrative growth rate of 9.8% CAGR, reaching a worth of $36.1 billion by 2029. This growth in the forecast period can be primarily attributed to factors such as emerging mobile and wearable technology, biometric authentication, smart cities initiatives, e-commerce and online transactions, and government-led digital initiatives. Additional catalysts include the rapid adoption in the healthcare sector, blockchain integration, and the rise of green and sustainable smart cards.
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What is Driving the Growth in the Smart Card Market?
One of the major growth drivers for the smart card market is the surged demand for contactless payments, further accelerated by the pandemic induced social distancing norms and rapid digitalization globally. These developments led to a shift towards contactless payment across platforms. As an example, Barclays plc reported a significant increase in contactless payments, registering an upsurge of 49.7% in 2022, with Average User Making 220 Transactions in comparison to 180 in 2021.
What are the Major Segments Within the Smart Card Market?
The smart card market covers several segments:
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
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What Companies are Major Players in the Smart Card Market?
Companies that are considered major players 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.
What Emerging Trends are Seen in the Smart Card Market?
Technological advancement is a key trend in the smart card market. Major companies are focusing on integrating next-generation technologies in their products, like memory technology, RFID, NFC, integrated circuit, Bluetooth tag, Wi-Fi RTLS, and more for improving security, authenticity, and user convenience. As an instance, Advanced Card Systems Ltd. launched an updated smart card reader for secure digital transactions and user authentications in various applications in January 2024.
Which Region is Leading in the Smart Card Market?
Asia-Pacific was the largest region in the smart card market in 2024, followed by other regions namely Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Smart Card Market Report 2025 Offer?
The smart card refers to a physical plastic card with an embedded integrated chip that acts as a security token. These cards help identify and authenticate the cardholder and the third parties using 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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