Smart Card Market Report, Volume, Value, Global Trends, Business Strategies and Forecast 2023-2028
According to IMARC Group latest report titled “Smart Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on smart card market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart card market size reached US$ 8.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Smart card represents electronic authorization devices that help control data manipulation and accessing processes and perform financial transactions. They are available in numerous types, including contact-based, contactless, dual-interface, memory-based, microcontroller-based, and other types. These smart card variants are embedded with a built-in microprocessor and an integrated circuit (IC) chip that serves as a service token for storing data and transacting them between users. They even offer authentication, personal identification, data storage, application processing, etc. As a result, smart card solutions find extensive utilization across various sectors, such as banking, healthcare, telecommunication, government, transportation, etc.
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Market Trends:
The elevating usage of e-commerce websites to purchase goods and services is among the key factors driving the smart card market. In addition to this, the shifting preferences toward cashless or digital payments to pay utility and mobile recharge bills are also positively influencing the market growth. In line with this, the launch of several policies by government bodies across countries aimed at encouraging the use of contactless payments and the expanding emphasis on automated fare collection systems are further augmenting the global market. Apart from this, the increasing employment of telemedicine, electronic medical records, and other information technology (IT) services for the management and delivery of healthcare systems to provide efficient patient care is acting as another significant growth-inducing factor. Moreover, the growing reliance on smart employee identification (ID) cards to safeguard access to computer systems, networks, and physical facilities and the rising focus on improving international security are anticipated to propel the smart card market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Bartronics India Ltd
- CardLogix Corporation
- CPI Card Group
- Fingerprint Cards AB
- Giesecke+Devrient (MC Familiengesellschaft mbH)
- IDEMIA
- Identiv Inc.
- NXP Semiconductors N.V.
- Samsung Electronics Co. Ltd
- Secura Key
- Thales Group
- Watchdata Technologies Pte. Ltd
Smart Card Market Segmentation:
Our report has categorized the market based on region, type, component, application and end use industry.
Breakup by Type:
- Contact
- Contactless
- Dual Interface
Breakup by Component:
- Memory Based
- Microcontroller Based
- Magnetic Stripes
Breakup by Application:
- Payment Transactions
- ID Verification
- Access Control
Breakup by End User:
- BFSI
- Telecommunication
- Healthcare
- Government
- Transportation
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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