Exclusive Report on Global Smart Card Industry: Global and Regional Analysis with Forecast till 2028, Business Opportunities, Post COVID Scenario

The global Smart Card market size was valued at $13.3 Billion in 2020 and is expected to reach $19.9 Billion by 2028 growing at the CAGR of 4.86% from 2021 to 2028.

The smart card market growth is driven by factors such as growing adoption of smart cards in the banking & financial sector and surge in demand for contactless smart cards. Ongoing technological advancements, such as blockchain and IoT technologies, are also expected to impact the growth of the market. However, high costs of incorporating chip cards restrict the market growth. On the contrary, large opportunity in development in Asian countries is expected to create lucrative opportunities for the global smart card market over the forecast period.

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Key Players

Some of the major Smart Card players holding high market share include Thales Group, IDEMIA, and Giesecke + Devrient GmBH. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● Thales Group
● IDEMIA
● Giesecke + Devrient GmBH
● CPI Card Group
● HID Global Corporation
● Watchdata
● Eastcompeace
● Inteligensa
● ABCorp
● CardLogix

The recently published research report on Global Smart Card Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Smart Card market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal

As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Smart Card market report also includes the following data points:
● COVID19 Impact on Smart Card market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in Smart Card market

Segmental Analysis

Market Segment By Offerings with focus on market share, consumption trend, and growth rate of Smart Card Market:
o Smart Card
o Smart Card Readers

Market Segment By Vertical with the focus on market share, consumption trend, and growth rate of Smart Card Market:
o BFSI
o Telecommunications
o Education
o Retail

Market Segment By Type with a focus on market share, consumption trend, and growth rate of Smart Card Market:
o Memory
o MPU Microprocessor

For more information: https://evolvebi.com/product/smart-card-market-analysis-and-global-forecast-2021-2028-with-covid-impact-analysis/

Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)

Asia Pacific is the largest market for smart cards. The robust financial system that is being increasingly digitized and government agencies incorporating smart chip-based systems for better monitoring of processes are propelling several APAC countries to adopt smart card solutions owing to increasing demand, specifically in the transportation, BFSI, retail, government, and healthcare sectors.

Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC. China is projected to witness the highest demand for smart cards in the region owing to a large consumer base and the presence of a number of smart card manufacturers.

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