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Smart Card Market Sales Revenue, Growth Factors, Future Trends, and Demand by Forecast to 2027

Vivek Vishwkarma
Smart Card Market Sales Revenue, Growth Factors, Future Trends, and Demand by Forecast to 2027

Market Snapshot

The global smart card market is poised for substantial growth forecasts Market Research Future (MRFR) in a recently published research report. Smart cards are secure portable storage devices that have microprocessor or memory chip embedded in them. Smart card technology is used in diverse applications and systems requiring smart, secure devices. The Smart Card Market is growing on account of its surging usage in various applications such as mobile phones, payment transactions, online authentication devices, and portable medical records cards. From student membership cards to driver's license, smart cards are being increasingly used for a broad spectrum of applications for verifying age, identity, and the associated access rights and benefits. The government sector is progressively leveraging smart cards to improve efficiency and transparency. Governments in emerging democracies, as well as other developed nations, use smart cards for voter IDs and driver's license. Numerous countries have introduced electronic national ID card schemes which are likely to propel the growth of the market over the forecast period. 

Increasing use of smart cards by the financial payments industry is a key factor contributing to the market growth. Earlier plastic cards were used for transactions, but now smart cards have been made the global standard for credit and debit cards by Europay, Mastercard, Visa since they ensure security. One of the most important use cases of smart cards is in securing entry points to critical infrastructure facilities such as ports, hospitals, and airports. Moreover, smart cards are extensively used in the corporate sector for physical access control system (PACS) and in logical access cards which also contributes to the growth of the market. On the contrary, the high costs associated with incorporation of smart cards and lack of awareness and hesitation on the part of consumers is likely to restrain the growth of the market. Availability of hybrid smart cards is expected to provide lucrative growth opportunities to the global smart cards market.

Global Smart Cards Market: Segmental Analysis

The global Smart Cards Market has been segmented based on type, component, and application. By type, the market has been segmented into contact, contactless, hybrid, and dual-interface. By component, the market has been segmented into hardware, smart cards, readers, software, and services. By application, the market has been segmented into government, healthcare, BFSI, retail, transportation, education, entertainment, and enterprises.

Key Players:

The global smart cards market is marked by the presence of various players including BrilliantTS Co. Ltd. (South Korea), PAX Global Technology Ltd. (Hong Kong), Rambus Inc. (the U.S.), STMicroelectronics NV (Switzerland), IDEMIA France SAS (France), VALID (Brazil), KONA I Co., Ltd. (South Korea), Fingerprint Cards AB (Sweden), HID Global Corporation (Sweden), Identiv, Inc. (the U.S.), Ingenico Group SA (France), Beijing Watchdata Co. Ltd. (China), Bitel Co. Ltd. (South Korea), VeriFone Systems, Inc. (the U.S.), NXP Semiconductors N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), Sony Corporation (Japan), ZWIPE (Norway), CardLogix Corporation (the U.S.), Samsung Electronics Co., Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), Versasec AB (Sweden), CPI Card Group Inc. (the U.S.), Infineon Technologies AG (Germany), and Gemalto N.V. (Netherlands).

Get Complete Report @ https://www.marketresearchfuture.com/reports/smart-cards-market-6499

Regional Insights

Geographically, the smart cards market span across regions namely, Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).

Considering the global scenario, the North American region is expected to be a prominent growth pocket for the global market. The growth can be ascribed to the surging adoption of new technologies and the high concentration of major players supporting the growth of the market. The U.S. Department of Defense uses smart cards for their Common Access Card and other cards for two- or three-factor authentication.

The Asia Pacific region is considered to acquire a considerable share due to the intensified demand for smart cards especially in the transportation, retail, BFSI, government, and the healthcare sectors. Regional companies in developing economies like China, India, Malaysia, and Thailand have started to implement smart cards in order to make documentation and payment procedures easy for consumers. Smart cards are also widely used to buy tickets in buses, metros, and ferries across countries in the APAC region.

Industry Updates

May 03, 2019: MeReal Biometrics has recently launched the latest version of its biometric smart card. The version is the most versatile and agile card on the market and is also compatible with access and payment devices than any fingerprint card on the market in the present day.

SourceMarket Research Future

Vivek Vishwkarma
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