Press release
Smart Card Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Smart Card Market
Smart Card Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $32.68 billion In 2028 At A CAGR Of 9.4% :
The smart card market size has grown strongly in recent years. It will grow from $20.94 billion in 2023 to $22.84 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to rising cybersecurity concerns, government initiatives, financial inclusion, contactless payment trends.
The smart card market size is expected to see strong growth in the next few years. It will grow to $32.68 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to mobile and wearable technology, biometric authentication, smart cities initiatives, e-commerce and online transactions, government-led digital initiatives. Major trends in the forecast period include rapid adoption in healthcare, blockchain integration, green and sustainable smart cards, customization and personalization.
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Smart Card Market Major Segments
The smart card market covered in this report is segmented -
1) By Type: Contact, Contactless, Hybrid, Dual-Interface
2) By Access: Physical, Logical
3) By Componenet: Memory-Based, Microcontroller-Based
4) By End Use: Government, Healthcare, Transportation, Telecommunication, Financial Services, Retail And Loyalty, Entertainment, Energy And Utility
Key Driver - Surge In Contactless Payments To Drive Market Growth
The surged demand for contactless payments is expected to significantly drive the growth of the smart card market. With the increase in social distancing during COVID_19, a rapid shift towards digitalization was seen in all aspects. Due to this sheer development in digitalization and e-commerce services, the movement to contact-less payment from numerous platforms has accelerated. For instance, in June 2021, UK Finance, a UK-based trade association, highlighted contactless payments accounted for 57% of all credit card transactions and 71% of all debit card transactions. Furthermore, in February 2022, nearly 1.2 billion contactless cards were recorded, an increase of 76.3 % from 668 million in February 2021 and 32.4 % from 889 million in February 2020. Hence the increasing demand for contactless payments will drive the growth of the smart card market.
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Prominent Trend - Technological Advancements Driving Innovation In The Smart Card Market
Technological advancement is the key trend gaining popularity in the smart card market. Major companies operating in the smart card market are focused on providing technologically advanced products to strengthen their market position. These companies are implementing next-generation smart card technologies into their products, such as memory technology, RFID, NFC, integrated circuit, Bluetooth tag, WiFi RTLS, and others. The above-mentioned feature and improvements build security, confidentiality, and convenience for its user. For instance, in July 2021, Thales, a France-based technology company, launched an EMV card with a fingerprint, a biometrics Sensor Payment card (BSPC). This BSPC fingerprint sensor card offers improved security and usability with endless contactless payment limits. This card (BSPC) involves replacing the PIN with an on-card fingerprint sensor and does not require changes to existing POS payment terminals.
Smart Card Market Players
Major companies operating in the smart card market report are 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., Francisco Partners, 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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the smart card market in 2023. The regions covered in the smart card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Card Market Report Structure
3. Smart Card Market Trends And Strategies
4. Smart Card Market - Macro Economic Scenario
5. Smart Card Market Size And Growth
…..
27. Smart Card Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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