DUBLIN, Jan. 28, 2022 /PRNewswire/ — The “Smart Cards – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Smart Cards Market to Reach US$16.8 Billion by the Year 2026
Global market for Smart Cards estimated at US$12.6 Billion in the year 2020, is projected to reach a revised size of US$16.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period.
Demand for smart cards and digital payments is anticipated to rise significantly over the coming years due to several factors, foremost among which is convenience and speed which the technology offers. Corporates are increasingly issuing their employees with smart payment cards. The transportation sector is also anticipated to witness increased adoption of smart payment cards for enhancing travel experience.
Governments in countries across the world are planning for investing in technologies that enhance passenger convenience and streamline operations. Public investments in automation of ticketing and access control would therefore be one of the major growth promoting factors for the market for smart cards going forward.
Telecommunication, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$8.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the BFSI segment is readjusted to a revised 4.3% CAGR for the next 7-year period.
This segment currently accounts for a 28% share of the global Smart Cards market. A major end-user sector for smart cards is mobile telecommunications. Subscriber Identity Module (SIM) commonly known as SIM cards are designed using smart card technology. Wireless providers are increasingly depending on smart cards which act as the important security mechanism protecting services like internet browsing and mobile commerce.
Government & Healthcare Segment to Reach $2.3 Billion by 2026
Governments across the world are adopting smart card projects for civilian applications that offer effective and economical solutions. Smart cards, capable of providing foolproof authentication, are used in various applications such as social security, identification, phone cards, and electronic-purse programs.
With increasing number of benefits offered, this technology is expected to aid the growth of e-government projects. Smart card usage in healthcare minimizes operational costs through the elimination of paper or electronic maintenance of medical information. In the global Government & Healthcare segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$279.1 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period.
The U.S. Market is Estimated at $1.8 Billion in 2021, While China is Forecast to Reach $4.4 Billion by 2026
The Smart Cards market in the U.S. is estimated at US$1.8 Billion in the year 2021. The country currently accounts for a 14.1% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$4.4 Billion
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$704.5 Million by the end of the analysis period.
Developing economies across Asia-Pacific is poised to present probable opportunities for the development of the market for smart card, attributable to the evolving strong financial structure which is progressively becoming digitized as well as finding push from the government agencies for incorporating smart chip-based framework for better overseeing the processes.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- COVID-19 Pandemic Spurs Use of Contactless Payment Options
- Smart card: Introduction and Overview
- Smart Cards Vs Magnetic Stripe Cards
- Development of Smart Card
- Smart Cards Categorization Based on Mechanism
- Based on Configuration
- Applications and Usage of Smart Cards
- Market Outlook
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 121 Featured)
- Gemalto NV
- Giesecke & Devrient GmbH
- Infineon Technologies AG
- KONA I Corporation
- NXP Semiconductors NV
- Sony Corporation
- STMicroelectronics NV
- Watchdata Technologies
3. MARKET TRENDS & DRIVERS
- COVID-19 Pandemic Drives Demand for Smart Cards for Public Transportation
- Chip Shortage Hits Payment Card Manufactures
- Smart Cards Gain Use for Cryptocurrency Management
- Rise in Adoption of Multiple Application Cards
- Smart Card Technology in Network Security
- Smart Cards Outshine Traditional Legacy & Proximity Cards
- Advancements in Smart Card Readers Drive Adoption
- Smart Card EACS Witness Increasing Application as Attendance Management Tool
- Biometric Smart Cards in Spotlight
- Smart Cards in Healthcare Market
- Need to Restrict Unauthorized Access to Sensitive Areas Drive Demand in Healthcare Establishments
- Growing Need for Interoperability of Smart Cards
- Smart Technology for COVID-19 Vaccination Status in the US
- Contactless Payments in Financial Services Sector Offers Strong Growth Opportunities
- Mobile POS Push Demand for Contactless Cards amid Pandemic
- EMV Compliance Boosts Financial Sector
- Rising Contactless Share in Government Sector
- Telecom: Solid Gains for e-SIMs
- Persistent Demand for Dual and Hybrid Cards
- Potential Growth of Microprocessors Market
- Optimal Usage of Smart Cards in Telecommunication Sector
- Spurt in Online Transactions and Opportunities Ahead
- Smart City Investments Drive Global Demand for Smart Cards
- EXHIBIT 4: Global Smart Cities Market in US$ Billion: 2018-2026
- Future of Secure Smart Cards
- Innovation in Payment Cards
- Higher Education Sector: A Key Contributor to Growth
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/n8w5zx
Research and Markets
Laura Wood, Senior Manager
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