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Smart Card Market Analysis, Key Player profile and Regional Outlook by 2031
Smart Card Market
Key players driving the global smart card market are NXP Semiconductors NV, Gemalto NV, Infineon Technologies AG, and Giesecke & Devrient (G&D) GmbH. These companies hold hold dominant share in the global smart card market. Some of the new entrants such as Watchdata and Eastcompeace Technology Co. Ltd. are making significant efforts to give a tough competition to the existing players in the market. New players are providing solutions based on consumer preference.
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Global transaction value via digital payment method was above US$ 3 trillion in 2019. Moreover, age group between 15-34 also has a robust keenness for new technologies that has changed digital solutions from being a accessibility to an important part of how people transact. This is one of the key trend of the growth in smart card sales.
Growing Demand of Contactless Smart Cards Will Drive the Market Growth
In terms of type, the global market for smart card can be segmented into contactless cards, contact cards, hybrid smart cards, and dual interface. The demand for contact smart cards is expected to keep rising as customers become more inclined towards an improved digital landscape. Based on component type, the global market for smart card can be segmented into microcontroller-based smart cards and card-based smart cards. The demand for microcontroller-based smart cards is increasing on account of the need to track transactions.
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Increasing Demand for Cashless Payment
Rising demand for cashless transaction in the developing economies in order to control and manage average spending is driving the product demand. It is a convenient option for companies to make their daily payment through smart card. According to a study. Canada, Sweden, U.K., France and U.S. are the top five cashless economies in the world.
The information presented in this review is based on a TMR report, titled Smart Card Market (Type - Contact Smart Cards, Contactless Smart Cards, Hybrid Smart Cards, Dual-interface Smart Cards; Component -Microcontroller) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019- 2027"
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Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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