Smart Card Market: Global Industry Analysis and Forecast (2022-2029) by Technology, Application, and Region

Global Smart Card Market size was valued at US$ 13.90 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 3.9% through 2021 to 2029, reaching nearly US$ 18.88 Bn.
Global Smart Card Market Overview:
The Global Smart Card market was valued at US $ 13.90 Bn. in 2021, and it is expected to reach US $ 18.88 Bn. by 2029 with a CAGR of 3.9% during the forecast period. A smart card is a physical card with an embedded memory or a microcontroller embedded in the contact pad. It communicates with a reader using a short-range wireless connection or a direct physical contact standard like near-field communication (NFC) or radio-frequency identification (RFID).

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Global Smart Card Market Dynamics:
During the forecast period, the global smart card market is expected to rise significantly. The smart card industry is growing due to factors such as increasing digitalization, an increase in cashless transactions, and an increase in demand from the healthcare sector. However, the global smart card market is being held back by high setup costs, as well as data theft and security concerns. Furthermore, the smart card business is likely to benefit from a new way of user information security offered by block chain. Smart cards can efficiently maintain cryptographic keys, allowing for secure and efficient block chain transactions.

The increased acceptance of smart cards in the banking and financial sector, as well as the surge in demand for contactless smart cards, are two major drivers influencing the smart card market's growth. The smart card industry is driven by ongoing technology innovations such as block chain and IoT technologies. However, the high costs of adding chip cards limit market growth. High demand from the Asia-Pacific region, on the other hand, is likely to generate profitable chances for the market. As a result, these factors are expected to have a significant impact on the global smart card market during the forecast period.
Global Smart Card Market Segment Analysis:
The Global Smart Card Market is segmented by Technology, and Application.

Based on the Technology, the market is segmented into Contact, Contactless, and Dual Interface. Contactless segment is expected to hold the largest market shares of xx% by 2029. A contactless smart card consists of an embedded secure microcontroller or comparable intelligence, internal memory, and a tiny antenna that communicates with readers through a contactless radio frequency (RF) interface. For contactless smart card applications, radio-frequency identification (RFID) or near-field communication (NFC) communication technologies are commonly employed.

COVID-19 is having a beneficial impact on the contactless smart card business, as the World Health Organization (WHO) and governments throughout the world are promoting the use of contactless smart cards for a variety of purposes in order to maintain social distance and prevent the virus from spreading. Users benefit from the ease, quickness, and convenience of contactless smart cards. In the present COVID-19 situation, the contactless interface has become increasingly important, particularly for payment applications, since it allows for safe and secure transactions without the need for physical contact. These are the key factors that drive the growth of this segment in the Global market during the forecast period 2021-2029.

Based on the Application, the market is segmented into BFSI, Telecommunications, Healthcare, Government, Transportation, and Others. Telecommunications segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2029. A subscriber identity module (SIM) card is a microcontroller-based smart card that is commonly seen in mobile phones and other electronic devices. A subscriber to a wireless cell phone network is identified and authenticated by a SIM.

In 2020, the telecommunications segment held the largest share of the smart card market, accounting for 42%. The market is growing due to the growth of the global mobile network and improvements in its infrastructure. Furthermore, COVID-19 raised the demand for connectivity. The current crisis has accelerated the trend of using cellular technology to digitise business and private communication, as well as the widespread use of digital conferences. These are the major drivers that boost the growth of this segment in the Global market during the forecast period 2021-2029.


Global Smart Card Market Regional Insights:
Asia Pacific dominates the Global Smart Card market during the forecast period 2021-2029. Asia Pacific is expected to hold the largest market shares of xx% by 2029. Due to rising demand, several Asia Pacific countries are adopting smart card solutions, particularly in the transportation, BFSI, retail, government, and healthcare sectors, this is due to a robust financial system that is becoming increasingly digitised and government agencies incorporating smart chip-based systems for better process monitoring. In numerous Asia Pacific countries, smart cards are used to purchase tickets for metros, buses, and ferries, among other things. These are the major drivers that boost the growth of this region in the Global market during the forecast period 2021-2029.

The objective of the report is to present a comprehensive analysis of the Global Smart Card Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the Global Smart Card Market dynamic, structure by analyzing the market segments and project the Global Smart Card Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Smart Card Market make the report investor’s guide.
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Global Smart Card Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2016 to 2021
Market Size in 2021:
US $ 13.90 Bn.


Forecast Period 2021 to 2029 CAGR:
3.9%
Market Size in 2029:
US $ 18.88 Bn.


 Segments Covered:
by Technology
• Contact
• Contactless
• Dual Interface


by Application
• BFSI
• Telecommunications
• Healthcare
• Government
• Trasportation
• Others



Global Smart Card Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Global Smart Card Market Key Players
• Ideals Solutions
• ATMEL Corporation
• Ingenico SA
• Datacard Corp
• ARM Holdings PLC
• Infineon Technologies
• Caplinked
• Giesecke & Divrient GmbH
• FUJITSU Ltd
• Gemalto NV
• Diebold Inc.
• Ingenico SA
• Thales
• CPI Card
• G+D
• HID Global
• IDEMIA.
• Atos SE
• BRILLIANTTS
• Identiv, Inc.
• INSIDE SECURE ALL
• Newland Payment Technology
• Rambus.com
• Watchdata Technologies
Frequently Asked Questions:
1] What segments are covered in Global Smart Card Market report?
Ans. The segments covered in Global Smart Card Market report are based on Technology, and Application.

2] Which region is expected to hold the highest share in the Global Smart Card Market?
Ans. Asia Pacific is expected to hold the highest share in the Global Smart Card Market.

3] Who are the top key players in the Global Smart Card Market?
Ans. Ideals Solutions, ATMEL Corporation, Ingenico SA, Datacard Corp, ARM Holdings PLC, and Infineon Technologies are the top key players in the Global Smart Card Market.

4] Which segment holds the largest market share in the Global Smart Card market by 2029?
Ans. Contactless Smart Card Technology segment hold the largest market share in the Global Smart Card market by 2029.

5] What is the market size of the Global Smart Card market by 2029?
Ans. The market size of the Global Smart Card market is US $ 18.88 Bn. by 2029.

6] What was the market size of the Global Smart Card market in 2021?
Ans. The market size of the Global Smart Card market was worth US $ 13.90 Bn. in 2021.