Powered Smart Card Market to See Competition Rise

The smart card market has been segmented based on communication, component, application, and geography.

In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations.

However, factors such as initial costs associated with the deployment of contactless EPOS terminals and increasing adoption of mobile wallets are restraining the growth of the market.Ask for PDF:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=285The increasing adoption of biometric-enabled smart cards is expected to be a game changer for the smart card market over the coming years.Companies such as IDEMIA France SAS, Gemalto N.V., Ingenico Group SA, KONA I Co., Ltd. Fingerprint Cards AB, and ZWIPE AS have launched a range of bio-metric-enabled smart cards for various end-use applications.

Further, these companies are also exploring applications of block chain technology to transform the smart card market.A contactless smart card includes an embedded smart card, secure microcontroller or equivalent intelligence, internal memory, and a small antenna; it communicates with a reader through a contactless radio frequency (RF) interface.

Companies such as Gemalto N.V., Giesecke & Devrient GmbH, and IDEMIA France SAS are offering customized solutions using embedding contactless technology to their end users.Further, chip manufacturing players such as Infineon Technologies AG, NXP Semiconductors N.V., and Sony Corp. are offering new contactless enabled chips owing to their increased demand.

The BFSI and transportation sectors are expected to witness a high adoption of contactless smart cards in the coming years.Speak to Analyst:https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=285The smart card market in the Rest of the World (RoW) comprises South America, and the Middle East and Africa (MEA).

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Market OverviewThe global smart card market is poised for substantial growth forecasts Market Research Future (MRFR) in a recently published research report.

The market for smart cards 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.

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.

Smart Card Market 2021-2023New Study Reports " Smart Card Market 2021 Global Market Opportunities, Challenges, Strategies and Forecasts 2023" has been Added on MarketResearchFuture.Introduction/Report Summary:This report provides in depth study of Smart Card Market using SWOT analysis i.e.

Strength, Weakness, Opportunities and Threat to the organization.

In addition to it, various growth factors, restraints, and opportunities are also analyzed for the market to study the in-depth understanding of the market.This report also analyzes the impact of Coronavirus COVID-19 on the Smart Card industry.The global Smart Card is poised for substantial growth forecasts Market Research Future (MRFR) in a recently published research report.

Governments in emerging democracies, as well as other developed nations, use smart cards for voter IDs and driver's license.

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.

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.

According to the new market research report on the "Smart Card Market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023.

Use of smart cards in the BFSI sector has also been rising, supported by the transition of magnetic cards to EuroPay, MasterCard, and Visa (EMV) standard (chip and PIN) cards.

In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations.

Consulting, support, and maintenance services play a vital role in implementing smart card systems.

The transportation sector is operating in compliance with EMV, which is an open-standard specification for smart card payments.

EMV-based solutions are deployed in parking infrastructure to avoid fraud and complications.