Increasing technological advancements and digitalization in various sectors are expected to provide lucrative opportunities for market growth during the forecast period
Wilmington, Delaware, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) — The global smart card market is projected to flourish at a CAGR of 6.0% from 2022 to 2031. As per the report published by TMR, a valuation of US$33.5 billion is anticipated for the market in 2031. As of 2023, the market for smart cards is expected to close at US$ 32.4 billion.
The global market value of the smart card is anticipated to grow rapidly during the forecast period owing to the surge in demand for contactless smart card (tap to pay) payments. Rise in penetration of smart cards for access control and personal identification is significantly impacting the market.
Expansion in retail and e-commerce industries is expected to boost the demand for smart cards, thereby providing numerous opportunities for players in the global smart card market.
Smart cards are being used in IoT applications for device authentication and secure data exchange. The growth of IoT is driving the demand for smart card solutions. Smart cards are also used for public transportation ticketing, toll collection, and access control in smart city projects, contributing to market expansion.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 18.9 Bn | |
| Estimated Revenue | US$ 33.5 Bn | |
| Growth Rate – CAGR | 6.0% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 142 Pages | |
| Market Segmentation | By Component, Type, Function, Offering, Verticals | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Thales, CPI Card Group Inc., Giesecke+Devrient GmbH, IDEMIA, NXP Semiconductors Austria GmbH Styria, CardLogix Corporation, Watchdata Co., Ltd., Eastcompeace Technology Co., Ltd., HID Global Corporation, ABCorp, CardCom, Ingenico, Kona, Identiv, Inc., Valid, VeriFone, Inc., BrilliantTS, Perfect Plastic Printing, Bartronics India Limited, Infineon Technologies AG | |
Key Takeaways from the Market Study
- As of 2022, the smart card market was valued at US$ 30.6 billion
- By function, transaction segment to accumulate high market share during the forecast period.
- Based on type, the contactless smart cards segment is expected to hold a major share of the market during the forecast period as the majority of consumers have shifted to digitalization and automation technologies.
- Based on vertical, the BFSI segment is expected to hold a major share of the market during the forecast period as the adoption of smart cards in the BFSI sector has increased significantly.
Smart Card Market: Key Trends and Opportunistic Frontiers
- Rapid urbanization and rise in industrialization in developing countries such as India, China, Mexico, South Africa, and Brazil are providing lucrative opportunities for players in the global smart card market.
- Expansion in the prepaid credit card market and contactless smart card market; and rise in adoption of universal smart cards to process banking transactions are also driving the smart card market.
- Market players are launching high-performance biometric smart card platforms to increase card performance and reduce manufacturing complexities.
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Smart Card Market- Regional Analysis
- Asia Pacific market size is anticipated to account for a significant share of the smart card market during the forecast period. Increasing technological advances and the use of smart cards for various applications, including public transportation and mobile payment systems, drive the market demand.
- North America is projected to be the fastest-growing market for smart cards during the forecast period, due to the rise in consumer spending through digital media in the region. Rise in the adoption of advanced technologies is projected to drive the demand for smart cards in the region.
Competitive Landscape
Players operating in the global smart card market are focusing on investments in research & development activities. Investment in R&D is likely to boost the launch of innovative products, which can better penetrate the existing and untapped markets. Transparency Market Research has profiled the following players in its global smart card market report:
- Thales
- CPI Card Group Inc.
- Giesecke+Devrient GmbH
- IDEMIA
- NXP Semiconductors Austria GmbH Styria
- CardLogix Corporation
- Watchdata Co., Ltd.
- Eastcompeace Technology Co., Ltd.
- HID Global Corporation
- ABCorp
- CardCom
- Ingenico
- Kona
- Identiv, Inc.
- Valid
- VeriFone, Inc.
- BrilliantTS
- Perfect Plastic Printing
- Bartronics India Limited
- Infineon Technologies AG
Key Developments in The Smart Card Market
- IDEMIA has been investing in the development of dual-interface smart cards with advanced encryption for secure payments. They are also working on biometric authentication solutions integrated into smart cards.
- NXP Semiconductors has been working on the development of contactless smart card solutions for access control and payment applications. Their MIFARE technology is widely used in contactless cards and devices.
- G+D is focusing on the development of blockchain-enabled smart cards, enabling secure and transparent transactions for various applications, including finance and supply chain management.
- Gemalto, now part of Thales Group, has been working on the development of biometric smart cards. These cards combine fingerprint authentication with contactless technology, enhancing security for payment and identification applications.
Partial Table of Content (ToC):
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Market Dynamics
5.1.1. Drivers
5.1.2. Restraints
5.1.3. Opportunities
5.2. Key Trends Analysis
5.2.1. Demand Side Analysis
5.2.2. Supply Side Analysis
5.3. Key Market Indicators
5.3.1. Parent Market Overview
5.4. Porter’s Five Forces Analysis
5.5. Value Chain Analysis
5.6. Industry SWOT Analysis
5.7. COVID-19 Impact Analysis
5.8. Technological Roadmap
5.9. Global Smart Card Market Analysis and Forecast, 2017 – 2031
5.9.1. Market Value Projections (US$ Mn)
5.9.2. Market Volume Projections (Million Units)
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Smart Card Market – Key Segments
Component
- Memory
- MPU Microprocessor
Type
- Contact Smart Cards
- Contactless Smart Cards
- Hybrid Smart Cards
- Dual-interface Smart Cards
Function
- Transaction
- Communication
- Security & Access Control
Offering
- Smart Cards
- Smart Card Readers
Verticals
- BFSI
- Telecommunication
- Government & Healthcare
- Education
- Retail
- Transportation
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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