According to IMARC Group latest report titled “Smart Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on smart card market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart card market size reached US$ 8.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Smart cards are advanced, pocket-sized devices that incorporate a microprocessor or integrated circuit chip to store and manage data securely. These versatile cards have revolutionized authentication, identification, and transaction processes across various industries and applications. In the realm of financial services, smart cards, often known as chip cards or EMV cards, have replaced traditional magnetic stripe cards. They offer enhanced security by generating unique transaction codes for each purchase, reducing the risk of fraud. Users can securely store personal information, credit or debit card data, and even electronic cash on these cards, simplifying payment processes and ensuring data privacy. Smart cards are also extensively used in identification and access control systems. Government-issued ID cards, employee access badges, and electronic passports often incorporate smart card technology.
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Market Trends:
The global market is driven by the increasing demand for secure and efficient methods of authentication and identification. Smart cards, equipped with embedded microchips and cryptographic features, offer robust security solutions for various applications, including payment cards, government ID cards, access control systems, and healthcare cards. The digital transformation across industries has fueled the adoption of smart cards as they serve as a cornerstone for secure digital interactions. The growing reliance on online services, e-commerce, and mobile payments has increased the need for secure and versatile payment solutions, contributing significantly to the smart card market’s expansion. Government initiatives aimed at enhancing national security and streamlining public services have further supported smart card adoption. National ID cards, e-passports, and driver’s licenses with embedded smart chips have become commonplace in many countries. Moreover, the Internet of Things (IoT) and the evolution of smart cities are driving the demand for smart cards as they play a crucial role in enabling secure connectivity and data exchange within IoT ecosystems.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Bartronics India Ltd
- CardLogix Corporation
- CPI Card Group
- Fingerprint Cards AB
- Giesecke+Devrient (MC Familiengesellschaft mbH)
- IDEMIA
- Identiv Inc.
- NXP Semiconductors N.V.
- Samsung Electronics Co. Ltd
- Secura Key
- Thales Group
- Watchdata Technologies Pte. Ltd
Smart Card Market Segmentation:
Our report has categorized the market based on region, type, component, application and end use industry.
Breakup by Type:
- Contact
- Contactless
- Dual Interface
Breakup by Component:
- Memory Based
- Microcontroller Based
- Magnetic Stripes
Breakup by Application:
- Payment Transactions
- ID Verification
- Access Control
Breakup by End User:
- BFSI
- Telecommunication
- Healthcare
- Government
- Transportation
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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