
Global Smart Card Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
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6675
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Feb 2022
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158
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Smart Card Market Overview:
The Smart Card Market was valued at $42.4 billion in 2021 & is projected to reach $84.9 billion by 2028. It is expected to grow at an 8.3% CAGR between 2021 and 2028.
The Smart Card Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.
In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in the future.
A smart card is a type of device that contains an integrated circuit (IC) chip. An integrated circuit chip is embedded and commonly contains a microprocessor with memory. It is used for the exchange and storage of data.
Cards readers are used to reading the information on the card and it is displayed on a connected computer screen. Smart cards can be divided into two types namely contact smart cards and contactless smart cards. Contactless smart cards are connected to the reader using RF communication.
Contact smart cards have gold plating on the surface and are inserted inside the card reader in order to transfer data.
Growing adoption of identification cards in form of smart cards in government facilities, as well as commercial offices and industries, is a major factor driving the growth of the global smart card market.
A smart card is more tamper-proof and more reliable than other cards and includes a magnetic strip or barcode.
In addition, it also provides security and convenience in the case of financial transactions. The increasing use of smart cards in the banking sector is another factor fueling the growth of the global market.
Smart cards are also used in the mobile form of Subscriber Identity Modules (SIM), Universal Subscriber Identification Modules (USIM), etc.
Growing demand for smartphones and other smart devices and the use of smart cards in licenses, passports, UIDs, etc. are factors expected to boost the growth of the global smart card market in the near future.
However, low adoption of technology and rising use of mobile wallets may hamper the growth of the global smart card market. Nevertheless, increasing the security features of smart cards can create high revenue opportunities for players in the target market.
The market in the Asia Pacific is expected to account for a major share in terms of revenue and is expected to witness significant growth over the forecast period.
Increasing adoption of smart cards for identification in many countries, coupled with the growing banking sector in emerging economies are factors driving the growth of the global market in this region.
The market in North America is expected to witness a lucrative growth in terms of revenue, followed by Europe, Latin America, the Middle East, and Africa.
Smart Card Market Segmentation:
Segmentation by component:
- Hardware
- Smart Cards
- Readers
- Software
- Services
Segmentation by communication:
- Contactless
- Contact
Segmentation by region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn - Hardware
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- Gemalto N.V.
- Giesecke & Devrient GmbH
- IDEMIA France SAS
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Sony Corporation
- Samsung Electronics Co., Ltd.
- HID Global Corporation
- STMicroelectronics N.V.
- Ingenico Group SA
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