Global Smart Card Market, By Communication (Contact, Contactless), By Components (Hardware, Smart Cards, Readers, Software, and Services), By Application (Banking, Financial Services, and Insurance (BFSI), Government and Healthcare, Transportation, Retail, and Others (Enterprises, Entertainment, and Education)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global smart card market in 2020 is estimated for more than US$ 11.4 Bn and expected to reach a value of US$ 24.9 Bn by 2028 with a significant CAGR of 10.3%.
Together with the enormous technological advancements in the micro-embedded electronics as well as in the payment services in the present times, smart cards are produced and used to make payment options more convenient and easier.
A smart card is basically another kind of a plastic, pocket-sized, chip card, installed with a computer chip that preserves and transmits essential data or information among the users. This data is related to either information or value or both and is accumulated and processed within the card’s chip, either a memory or microprocessor.
The data of the card is transferred through a reader that is a component of a computing system. There are plenty of smart card-driven systems in use in the current times serving through several leading applications, including banking, financial services and insurance, healthcare, transportation, and entertainment.
To a certain degree, all applications can take advantage from the beneficial attributes and level of security smart cards provide. Owing to which, the global smart card market is expected to augment rapidly over the forecast period.
In addition to that, it is also anticipated that all plastic cards will be merged together to form an all-inclusive common access card, that is smart card to perform multiple functions in various vertices across the world, as it has the potential to keep and preserve all the essentials which can be found in one’s wallet, including driving license, credit cards and bank accounts and other essential insurance information. Such factors further gain momentum in the global markers, thus the global smart card market is projected to witness substantial growth in the forthcoming future.
Other than that, smart cards are much secure, reliable and convenient for users in comparison to other plastic cards, as well as it is much cost-effective for the system maintenance, which makes it more desirable in the global markets. Owing to which, the global smart card market is estimated to escalate higher in the upcoming timeframe.
However, the high installation cost of EPOS terminals may not be affordable for small and mid-sized businesses and merchants, which might negatively affect the growth of the global smart card market in the near future.
Moreover, service denials, disrupted operations, communication links, and furtive transactions and dual modes are few other restraining factors which are likely to confine the growth of the global smart card market over the coming years.
MMC Study identifies some of the key participating players in the smart card market globally are Gemalto N.V, Giesecke & Devrient Gmbh (G+D), Idemia, Infineon Technologies AG, NXP Semiconductors N.V., Sony, Samsung Electronics, HID Global Corporation, STMicroelectronics N.V., Ingenico Group SA, VeriFone Systems Inc., Beijing watchdata Co. Ltd., among others.
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