Jalandhar Online

Smart Card Market worth $16.9 billion by 2026, at a CAGR of 4.0%

 Breaking News
  • No posts were found

Smart Card Market worth $16.9 billion by 2026, at a CAGR of 4.0%

April 05
21:40 2021
Smart Card Market worth $16.9 billion by 2026, at a CAGR of 4.0%

Smart Card Market
[144 Pages] Smart Card Market report categorizes the Global market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application and Geography. COVID-19 impact on Smart Card Industry.

According to a research report Smart Card Market with Covid-19 Impact by Interface (Contact, Contactless, Dual), Type (Memory, MPU Microprocessor), Functionality (Transaction, Communication, Security and Access Control), Offering, Vertical, and Region – Global Forecast to 2026″ published by MarketsandMarkets, the smart card market is projected to reach USD 16.9 billion by 2026 from USD 13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026. Major drivers for the growth of the market are surged demand for contactless card (tap-and-pay) payments amid COVID-19, proliferation of smart cards in healthcare, transportation, and BFSI verticals, transportation, and BFSI applications; increased penetration of smart cards in access control and personal identification applications; and easy access to e-government services and risen demand for online shopping and banking. Moreover, new mode of information security of users enabled by blockchain and adoption of smart cards in populated countries of APAC act as growth opportunities for developers of smart card.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=285

Thales Group (France), IDEMIA (France), Giesecke + Devrient GmBH (Germany), CPI Card Group (US), HID Global Corporation (US), Watchdata (China), Eastcompeace (China), Inteligensa (US), ABCorp (US), and CardLogix (US) are a few major players in the smart card market.

Browse 131 market data Tables and 57 Figures spread through 184 Pages and in-depth TOC on “Smart Card Market – Global Forecast to 2026”

Smart Card Market

The contactless segment of the smart card market projected to largest share during the forecast period.

A contactless smart card includes an embedded smart card secure microcontroller or equivalent intelligence, internal memory, and a small antenna; it communicates with readers through a contactless radio frequency (RF) interface. Radio-frequency identification (RFID) or near-field communication (NFC) communication technologies are primarily used for contactless smart card applications. COVID-19 is positively impacting the contactless smart card market as the World Health Organization (WHO) and governments across the world are advocating the use of contactless smart cards for various purposes to ensure social distancing to contain the spread of the virus. Contactless smart cards provide ease, speed, and convenience to users. The contactless interface has become highly relevant in the current COVID-19 situation, especially for payment applications, as it facilitates safe and secure transactions without physical contact.

Among vertical, the telecommunications segment projected to hold the largest share of the smart card market during the forecast period.

A subscriber identity module (SIM) card is a type of microcontroller-based smart card used in mobile phones and other devices. A SIM identifies and authenticates a subscriber to a wireless cell phone network. The telecommunications segment accounted for the maximum share of 42% of the smart card market in 2020. Expanding global mobile network and improvements in its infrastructure are boosting the growth of the market. In addition, COVID-19 led to an increased demand for connectivity. The current crisis provided a push to the trend of digitalization of business and private communication with cellular technology, along with the generalization of digital conferences. Moreover, the penetration of high-end SIM card technologies, such as LTE, 5G, M2M, eSIM, and SWP, is expected to augment the market growth in the coming years.

The Smart Card market in APAC projected to hold the largest share in 2020.

The APAC region is the largest market for smart card and is expected to lead the market for a few years. The robust financial system that is being increasingly digitized and government agencies incorporating smart chip-based systems for better monitoring of processes are propelling several APAC countries to adopt smart card solutions owing to increasing demand, specifically in the transportation, BFSI, retail, government, and healthcare sectors. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC. China is projected to witness the highest demand for smart cards in the region owing to a large consumer base and the presence of a number of smart card manufacturers.

Properly implemented smart cards in all sectors have proven highly effective in combating thefts and fraud. Government projects, such as the Aadhar card in India, drive the demand for smart cards for use in a number of sectors. Moreover, security concerns, particularly within the public sphere, are also expected to fuel the growth of the smart card market in APAC.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/smart-card-285.html