Smart Cards Market Global Insights and Trends 2022, Advancement Outlook till 2030

The Global Smart Cards Market size is estimated to be USD 9.78 billion in 2019 and is predicted to reach USD 21.67 billion by 2030 with a CAGR of 7.5% from 2020-2030.

The smart card is the plastic card with microchip or memory embedded on it. It can interface with a user through direct physical contact or remote network. The smart cards have metal contacts pattern that is electrically connected to the internal chip. The contactless smart cards contain non-volatile memory storage components that contain read-only RFID called CSN (card serial number) or unique identification data on the microchip that can be transcribed via radio waves.

The smart cards are used to deliver fast and secure transactions as well as must protect personal information such as credit cards, debit cards, government identification cards, and other types of payment cards. Currently, smart cards are used as documents in official procedures of electronic passports and visas. The smart cards are also being used by the various government to provide citizen identification cards, drivers’ licenses, and patient cards to avail government service. The smart card has numerous applications in the banking, insurance, retail, media transmission, and transportation areas.

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Top Companies: Sony Corporation, Gemalto N.V., Infineon Technologies AG, Samsung Electronics Co., Ltd., Giesecke & Devrient GmbH, IDEMIA France SAS, NXP Semiconductors N.V., HID Global Corporation, and STMicroelectronics NV and others.

Market Dynamics and Trends:

The smart cards provide the higher level of security as they are embedded with microprocessors to process data without the need of remote connections. The major advantage of smart cards is the data once stores cannot be altered or changed and hence are good for storing valuable data. The smart card eliminates the queue system while collecting tickets and also provide convenience in cashless payment through Europay, Visa, and MasterCard.

The adoption of smart ticketing, growing need for identification cards to avail government facilities, demand for contactless interfaces, and adoption of e-passports and smart cards in banking sector are key driving factors to increase the market size of the smart cards. However, the increasing adoption of mobile wallets and high cost in deployment of epos terminals may limit the growth the smart cards market. The adoption of block chain technology will create new opportunities for the market growth in future.

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Market Segmentations and Scope of the Study:

Global Smart Cards Market share is analysed on the basis of type, component, application, and geography. On the basis of type, the market is segmented into contact, contactless, hybrid, and dual- interface. On the basis of component, the market covers hardware, software, smart cards, readers, and services. On the basis of application, the market is classified into government and healthcare, BFSI, transportation, retail, and others. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.

Geographical Analysis:

Asia Pacific region is anticipated hold the highest market share during the forecast period. This is attributable to the factors such as increasing demand for the smart cards, increasing population and economy in countries like China and India, and emerging of new business models in this region.

North America region would witness increasing market size owing to high consumer awareness, high R&D investments, and technological advancements.

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