Market Research Future (MRFR) proclaims that the global smart cards market is anticipated to register a stellar CAGR during the forecast period (2018-2023). The widespread application of smart cards in healthcare, retail, government, and hospitality sectors are encouraging the market growth across the globe. Smart cards are referred to as pocket-sized cards which are embedded with integrated circuit chip and are extensively used for application processing, authentication, personal identification, and storage of data. Smart cards are majorly used for mobile phones, financial, computer security, identification, healthcare, public transit, and school applications.
Market Potential and Pitfalls
The Smart Card Market is expanding at breakneck speed owing to the widespread application of smart cards in healthcare, retail, government sector, and hospitality. With the conversion of conventional debit cards and credit cards into smart cards, financial transactions and payment options are a lot easier and convenient for the users. The surging adoption of smart cards in the government IDs and maintain the credentials of the users are the top factors encouraging the market growth for the past few years. The extensive use of smart cards in SIM cards in the telecommunication sector is further estimated to propel the market growth across the globe. The extensive use of smart cards in payment transactions, mobile phones, portable medical records cards, and online authentication devices is further encouraging the growth of the market. Right from driver’s license to student membership cars, smart cards are extensively being used for verifying identity, age, and related access benefits and rights.
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The government is leveraging smart cards in order to improve transparency and efficiency. Several economies have introduced electronic national ID card schemes which are further anticipated to contribute to the growth of the market. Smart cards have replaced plastic cards which were previously used for transactions. Now, smart cards have been made the global standard for debit as well as credit cards by Mastercard, Europay, and Visa as they ensure security. With the increased demand for electronic payment methods due to its reliable and secure operations, the cash transactions are gradually becoming less. Also, the demand for smart cards is inflating in financial, retail, hospitals, and hotels as they help to store on loyalty cards. Such factors have enabled the market to reach out to a wider range of audiences.
The global Smart Cards Market segmentation is based upon the following key components.
- By application, the market includes healthcare, BFSI, education, government, transportation, retail, entertainment, and enterprises
- By type, the market segments into dual-interface, contact, hybrid, and contactless.
- By component, the market comprises readers, software, hardware, smart cards, and services.
May 15th, 2019, it was announced that the Bangalore Metropolitan Transport Corporation and the Bangalore Metro Rail Corporation Limited (BMRCL) will soon make the introduction of interoperable smart cards that would work for public transport modes like bus and metro in the city.
Rambus Inc. (the U.S.), CardLogix Corporation (the U.S.), CPI Card Group Inc. (the U.S.), Identiv, Inc. (the U.S.), VeriFone Systems, Inc. (the U.S.), Gemalto N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), IDEMIA France SAS (France), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), HID Global Corporation (Sweden), STMicroelectronics NV (Switzerland), ZWIPE (Norway), Versasec AB (Sweden), Ingenico Group SA (France), Beijing Watchdata Co. Ltd. (China), , KONA I Co., Ltd. (South Korea), VALID (Brazil), Fingerprint Cards AB (Sweden), BrilliantTS Co. Ltd. (South Korea), Bitel Co. Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), and PAX Global Technology Ltd. (Hong Kong).
The smart cards market is regionally segmented across the following key regions across the world: North America, Asia Pacific, Europe, and the Rest of the World (RoW).
The global smart cards market is set to gain massive traction in the coming years of the forecast period. A majority of the market growth can be attributed to North America. North America holds the primal position in the global smart cards market with the highest share percentage under its name. The region is expected to hold onto its position in the coming years due to a number of key reasons. The rapid paced adoption of new technologies and the presence of a vast pool of key players in the region significantly supports the market growth of smart cards in this region. It is worth noting that the US Department of Defense uses smart cards in their Common Access Cards, aka CAC, as well as other cards for two or three factor authentication.
The European smart cards market is extremely strong as well and the region has a number of applications for such cards. Moreover, the UK Department of Transport have mandated the use of smart cards. The Asia Pacific region stands third in the global smart card market landscape and is expected to grow over the forecast period due to the fast-paced digitization herein.
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