The global smart card market size was valued at US$ 33.1 bn in 2020 and predicted to hit US$ 83 billion by the end of 2030. The global smart card market is anticipated to grow at a CAGR of 10.5% during the forecast period 2021 and 2030.
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; 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.
Top Impacting Factors: The prominent factors that impact the smart card market growth are growing adoption of smart cards in the banking & financial sector and surge in demand for contactless smart card. Ongoing technological advancements, such as blockchain and IoT technologies, drive the smart card market. However, high costs of incorporating chip cards restrict the market growth. On the contrary, high demand from the Asia-Pacific region is expected to create lucrative opportunities for the market. Therefore, these factors are anticipated to definitely affect the development of the global smart card market during the forecast period.
A smart card refers to a special type of card-like device that comes with an integrated circuit chip integrated onto it. This chip could be a plain memory circuit or a microprocessor with memory. In a nutshell, it is a card through which one can manipulate, store, and exchange data. The global smart card market is likely to gather momentum from the growing popularity of this product across a diverse range of industries.
A card reader is utilized by a smart card to establish connection with the controller or a host computer. This card reader collects all the needed information from the smart card and passes on the information to the controller or host computer accordingly.
Smart cards are used across several industries such as health, transportation, financial, retail and gas, telecommunication, and government. These organizations are making constant efforts to make a shift toward smart card technology owing to the high security and credibility of data that it offers. It also helps in the protection of individual’s assets and identity. These factors are likely to encourage growth of the global smart card market in the forthcoming years. Manufacturers of smart cards in several countries such as the UK, China, Malaysia, Singapore, Germany, the US, and India are making constant efforts to widen their presence across the globe. The manufacturers are diversifying their product and services portfolio to grab bigger market share.
Consumer shift towards digitization and automation technologies has overhauled the functional dynamics of multiple sectors and industries. Advancements in IoT and automation technologies has also aided the growth of the global smart card market. MasterCard, Visa, and Europay are some of the popular smart cards. There is heavy demand for smart cards amongst the allied classes who are not willing to bear the hassle of carrying cash. Henceforth, the global market for smart card is projected to accumulate voluminous revenues in the years to come. Smart cards have helped individuals and business in accelerating their activities of sale and purchase. Smart cards help in making cashless transactions across selling points, and this is the primary distinction of these cards. There is a stellar need for accentuating digital transactions across various sectors, and this factor is projected to bring in voluminous revenues into the global market.
Rapid urbanization and industrialization in the developing countries including China, India, Mexico, South Africa and Brazil are providing lucrative opportunities for the global smart card market. Over the years, growth in prepaid card and contactless card Industry has transformed that have shaped economies of several countries.
For instance, contactless and prepaid technology are comparatively new. According to Kalyani Pillay, Chief Executive of SABRIC (The South African Banking Risk Information Centre), contactless payment cards are very secure method just like a traditional cards Additionally, rising contactless card and prepaid industry with growing technological modernizations along with the convenience and benefits provided by smart cards are projected to offer an opportunities in the coming years.
In terms of type, the global market for smart card can be segmented into contactless cards, contact cards, hybrid smart cards, and dual interface. The demand for contact smart cards is expected to keep rising as customers become more inclined towards an improved digital landscape. Based on component type, the global market for smart card can be segmented into microcontroller-based smart cards and card-based smart cards. The demand for microcontroller-based smart cards is increasing on account of the need to track transactions.
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.
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.
|Market Size||US$ 83 billion by the end of 2030|
|Growth Rate||CAGR of 10.5% From 2021 and 2030|
|Segments Covered||Type, Interface, Functionality, Offering, Vertical, Region|
|Companies Mentioned||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)|
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.
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted the global supply chain, thereby posing challenges for manufactures to reach customers. The overall production process has been adversely affected. However, the growth of the telecommunication segment boosts the global smart card market.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments.
The Asian and European countries under lockdowns have suffered major loss of business and revenue due to the shutdown of manufacturing units in the region. Operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, leading to decline in growth of the smart card market in 2020.
The COVID-19 pandemic severely impacted the electronics sector as the production facility has stalled, which, in turn, created significant product demand in industries. This resulted in large-scale manufacturing interruption across Europe and interruption in Chinese parts exports, which are expected to hinder the smart card market growth.
This report focuses on smart card market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall smart card market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global smart card market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the smart card market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the smart card market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Smart card market.
Market Segments: This part of the report discusses about product, application and other segments of the smart card market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global smart card market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the smart card market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of smart card are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global smart card market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global smart card market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global smart card market.
The study objectives of this report are:
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