Smart Card Market worth $16.9 billion by 2026

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MarketsandMarkets Presents

Smart Card Market worth 16.9 billion by
2026 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 https//www.marketsandmarkets.co
m/Market-Reports/smart-card-285.html
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According to a research report "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", published by MarketsandMarkets, 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. 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,
transportation, and BFSI applications 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. Moreover, new
mode of information security of users enabled by
blockchain and adoption of smart cards in
populated countries of APAC act as growth
opportunities for developers of smart
card. Browse 131 market data Tables and 57
Figures spread through 184 Pages and in-depth TOC
on "Smart Card Market - Global Forecast to 2026"
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The contactless segment of the smart card market
projected to largest share during the forecast
period. A contactless smart card includes an
embedded smart card secure microcontroller or
equivalent intelligence, internal memory, and a
small antenna it communicates with readers
through a contactless radio frequency (RF)
interface. Radio-frequency identification (RFID)
or near-field communication (NFC) communication
technologies are primarily used for contactless
smart card applications. COVID-19 is positively
impacting the contactless smart card market as
the World Health Organization (WHO) and
governments across the world are advocating the
use of contactless smart cards for various
purposes to ensure social distancing to contain
the spread of the virus. Contactless smart cards
provide ease, speed, and convenience to users.
The contactless interface has become highly
relevant in the current COVID-19 situation,
especially for payment applications, as it
facilitates safe and secure transactions without
physical contact. Ask PDF Brochure https//www.m
arketsandmarkets.com/pdfdownloadNew.asp?id285
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Among vertical, the telecommunications segment
projected to hold the largest share of the smart
card market during the forecast period. 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. Request Free
Sample Pages https//www.marketsandmarkets.com/re
questsampleNew.asp?id285
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The Smart Card market in APAC projected to hold
the largest share in 2020. The APAC region is the
largest market for smart card and is expected to
lead the market for a few years. 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. 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.
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