Global Cards Market: Soaring Growth Anticipated at 7.5% CAGR Through 2029 Despite COVID-19 Impact

Forecasts Indicate Stellar Market Growth, Fuelled by Innovations and Demand for Cards

What Is The Projected Market Size Of The Global Cards Market And Its Growth Rate?

• The cards market has seen robust growth in recent years, reaching a market size of $324.2 billion in 2024.
• It is expected to grow to $348.59 billion in 2025, expanding at a compound annual growth rate (CAGR) of 7.5% driven by factors such as the introduction of magnetic stripe cards, banking system modernization, atm network expansion, introduction of EMV chip cards, loyal and reward programs.
• The market size is poised for substantial growth over the next few years, hitting the $465.83 billion mark in 2029, expanding at a 7.5% CAGR.
• Key contributors to this projected growth include environmental sustainability initiatives, integration with IoT devices, fintech disruption, evolving loyalty programs, and enhanced security measures.

What Is Driving The Growth In The Cards Market?

The surge in demand for credit cards is anticipated to propel the growth of the cards market in the forecast period. With the economic ramifications of the COVID-19 outbreak triggering pay delays and job losses, credit card debt has increased as consumers borrow to cover their daily expenses. This has brought about an apparent rise in demand for consumer credit products. For instance, the Federal Reserve Bank of New York revealed in November 2022 that with 500 million open accounts and 191 million American cardholders, credit cards had emerged as the most prevalent form of debt in the U.S. Thus, the growing adoption of credit cards is expected to stimulate the growth of the cards market significantly.

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Who Are the Key Players Driving Cards Market Growth?

The cards market growth is largely driven by key players such as:
• JP Morgan Chase & Co.
• The Bank of America Corporation
• Bank of Baroda Ltd.
• Citibank NA
• Wells Fargo & Company
• American Express Company
• United Services Automobile Association
• Capital One Financial Corporation
• Barclays US
• Visa Inc.
• BBVA Compass Bancshares Inc.
• PayPal Holdings Inc.
• The PNC Financial Services Group Inc.
• Mastercard Incorporated
• HDFC Bank Ltd.
• ICICI Bank Limited
• Discover Financial Services
• SBI Cards and Payment Services Limited
• Axis Bank Limited
• Ebay Inc
• The Western Union Company
• Total System Services Inc.
• Mango Financial Inc.
• Navy Federal Credit Union
• Green Dot Corporation
• NetSpend Holdings Inc.
• UniRush LLC
• Pentagon Federal Credit Union
• Kaiku Finance LLC

What Are The Key Trends In The Cards Market?

Notable trends in the cards market include:
• The adoption of biometric authentication
• Rapid growth of contactless payment
• Expansion of mobile wallets
• The rise of digital-only cards
• The advent of personalized loyalty programs

What Are The Segments Of The Global Cards Market?

The cards market can be segmented as follows:
• By Type: General Purpose, Private Label
• By Usage: General-purpose Re-loadable Card, Government Benefit/Disbursement Card, Payroll Card, Other Usage
• By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Other End-Users

Which Region Leads The Cards Market?

Asia-Pacific emerged as the largest region in the cards market in 2024, with Western Europe as the runner-up. The market report also encompasses other regions including Eastern Europe, North America, South America, Middle East, Africa providing comprehensive insights into the market dynamics across the globe.

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What Is Covered In The Cards Market Global Market Report?

- Market Size Analysis: Analyze the Cards Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cards Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cards Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cards Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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