DUBLIN, April 8, 2021 /PRNewswire/ — The “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” report has been added to ResearchAndMarkets.com’s offering.
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.
Asia Pacific (APAC) is the largest market for smart cards. 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. The major restraints for the growth of the market are high infrastructure costs, along with security and data theft concerns. Lack of standardization in smart cards and increased security concerns and risen proliferation of digital identity cards act as major challenges for the growth of the market.
The security & access control segment projected to grow at the highest CAGR of smart card market during the forecast period.
Smart cards are used by organizations to provide authorized access to employees (members of the organization) or other persons to secured areas. In addition, businesses and universities are also using smart identity cards for all employees and students. Employees are granted access to certain data, equipment, and departments according to their status. Therefore, multifunction, microprocessor-based smart cards are provided with access privileges for use in various locations. Moreover, a smart card contains identity details of individuals, which is scanned and checked. In addition to information security, smart cards ensure greater security of services and equipment by restricting access to only authorized users.
Among vertical, the telecommunications segment to hold the largest share of the smart card market from 2021 to 2026.
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.
APAC projected to hold the largest share of the smart card market in 2020.
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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Smart Card Market: Realistic Scenario
3.2 Smart Card Market: Optimistic Scenario
3.3 Smart Card Market: Pessimistic Scenario
4 Premium Insights
4.1 Attractive Growth Opportunities in Smart Card Market
4.2 Smart Card Market, by Type
4.3 Smart Card Market in APAC, by Vertical and Country
4.4 Smart Card Market in North America, by Interface
4.5 Smart Card Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Surged Demand for Contactless (Tap-And-Play) Payments Amid COVID-19
5.2.1.2 Proliferation of Smart Cards in Healthcare, Transportation, and Bfsi Verticals
5.2.1.3 Increased Penetration of Smart Cards in Access Control and Personal Identification Applications
5.2.1.4 Surged Benefits Offered by Smart Cards in Form of Multifunctionality and Flexibility
5.2.1.5 Easy Access to E-Government Services and Heightened Demand for Online Shopping and Banking
5.2.2 Restraints
5.2.2.1 High Infrastructure Costs, Along with Security and Data Theft Concerns
5.2.2.2 Emergence of Mobile Wallets Impacting Demand for Smart Cards
5.2.3 Opportunities
5.2.3.1 New Mode of Information Security of Users Enabled by Blockchain
5.2.3.2 Adoption of Smart Cards in Populated Countries of APAC
5.2.3.3 Advent of Smart Cities and IoT to Open Up New Latent Growth Opportunities
5.2.4 Challenges
5.2.4.1 Lack of Standardization in Smart Cards and Increased Security Concerns
5.2.4.2 Increased Popularity of Digital Identity Cards
5.3 Value Chain Analysis
5.4 Ecosystem Analysis
5.5 Price Trend Analysis
5.6 Regulatory Updates
5.7 Porter’s Five Forces Analysis
5.7.1 Degree of Competition
5.7.2 Threat of Substitutes
5.7.3 Bargaining Power of Buyers
5.7.4 Bargaining Power of Suppliers
5.7.5 Threat of New Entrants
5.8 Patent Landscape
5.9 Trade Analysis
5.1 Technology Analysis
5.11 Case Study Analysis
5.11.1 Farmers & Merchants Bank Implemented [email protected] Solution of CPI Card Group
5.11.2 Rbs Deployed Fingerprint Biometric Cards for Payments for First Time in UK
5.11.3 Big Giants Team Up to Launch Biometric Cards in Asia
6 Smart Card Market, by Interface
6.1 Introduction
6.2 Contact
6.2.1 Contact Smart Cards Have to be Physically Connected to a Reader to Ensure the Proper Transmission of Information
6.3 Contactless
6.3.1 Contactless Smart Cards Provide Ease, Speed, and Convenience to Users
6.4 Dual Interface
6.4.1 Dual Interface Chip Cards Provide Greater Payment Processing Convenience
7 Smart Card Market, by Type
7.1 Introduction
7.2 Memory
7.2.1 Memory-Based Smart Cards Are Primarily Used in Applications Where Storage, Faster Processing, and Security Are of Least Priority
7.3 Mpu Microprocessor
7.3.1 Mpu Microprocessor-Based Smart Cards Are Predominantly Used in Bfsi Sector
8 Smart Card Market, by Functionality
8.1 Introduction
8.2 Transaction
8.2.1 Benefits Such as Ease of Use, Confidentiality, and Portability to Fuel Adoption of Smarts Cards for Transaction Purposes
8.3 Communication
8.3.1 Communication to Account for Large Market Share During Forecast Period
8.4 Security & Access Control
8.4.1 Smart Cards Are Used for Security & Access Control in Enterprises and Education Institutions
9 Smart Card Market, by Offering
9.1 Introduction
9.2 Smart Cards
9.2.1 Need for Efficient Storage of Personal Data is Expected to Boost Adoption of Smart Cards During Forecast Period
9.3 Smart Card Readers
9.3.1 Increasing Adoption of Identity Management Tools & Solutions to Fuel Demand for Smart Card Readers
10 Smart Card Market, by Vertical
10.1 Introduction
10.2 Telecommunications
10.2.1 Telecommunications Vertical Led Smart Card Market in 2020
10.3 Banking, Financial Services and Insurance (Bfsi)
10.3.1 Implementation of Emv Standard to Boost Adoption of Smart Cards in Bfsi
10.4 Government & Healthcare
10.4.1 Government & Healthcare Segment to Register Highest CAGR During Forecast Period
10.5 Transportation
10.5.1 Smart Cards Are Used for Transit Fare, Car Parking, Washing, Servicing, and Fueling Payment in Transportation Vertical
10.6 Education
10.6.1 APAC is Expected to Account for Largest Share of Smart Card Market for Education Vertical During Forecast Period
10.7 Retail
10.7.1 Smart Cards Help Retailers Establish Stronger Customer Relationships and Ensure Customer Loyalty
10.8 Others
11 Smart Card Market, by Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 APAC
11.5 RoW
12 Competitive Landscape
12.1 Overview
12.2 Market Share Analysis
12.3 Key Strategies Adopted by Smart Card Players
12.3.1 Product Portfolio
12.3.2 Regional FocUS
12.3.3 Organic/Inorganic Growth Strategies
12.4 5-Year Revenue Analysis of Top Companies
12.5 Company Evaluation Quadrant, 2020
12.5.1 Star
12.5.2 Emerging Leader
12.5.3 Pervasive
12.5.4 Participant
12.6 Competitive Benchmarking
12.7 Startup/Sme Evaluation Matrix, 2020
12.7.1 Progressive Company
12.7.2 Responsive Company
12.7.3 Dynamic Company
12.7.4 Starting Block
12.8 Competitive Scenario
12.8.1 Product Launches
12.8.2 Deals
13 Company Profiles
13.1 Key Players
13.1.1 Thales Group (Gemalto)
13.1.2 CPI Card Group
13.1.3 Giesecke & Devrient (G+D)
13.1.4 Idemia
13.1.5 Inteligensa
13.1.6 Cardlogix
13.1.7 Watchdata
13.1.8 Eastcompeace
13.1.9 Hid Global
13.1.10 Abcorp
13.2 Other Players
13.2.1 Cardcom Technology
13.2.2 Ingenico
13.2.3 Identiv, Inc.
13.2.4 Kona I Co. Ltd.
13.2.5 Valid
13.2.6 Verifone
13.2.7 Brilliantts Co. Ltd.
13.2.8 Perfect Plastic Printing
13.2.9 Infineon
13.2.10 Bartronics India Limited
14 Appendix
14.1 Other Insights from Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: The Subscription Portal
14.4 Available Customizations
14.5 Related Reports
14.6 Author Details
For more information about this report visit https://www.researchandmarkets.com/r/hdhczc
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