Smart Card Market to cross US$ 90 billion by 2028, Says Global Market Insights Inc.
Wednesday, April 6, 2022
Major smart card market participants include CardLogix Corporation, Cardcom Technology, Infineon Technologies AG, Verifone Inc., CPI Card Group, NXP Semiconductors NV, Giesecke & Devrient (G&D) GmbH, IDEMIA, Identiv Inc., Thales Group, and Square, Inc., etc.
SELBYVILLE, Del., March 29, 2022 /PRNewswire/ -- The smart card market is expected to surpass USD 90 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth can be attributed to the increasing demand for robust access control solutions globally.
Dual-interface cards that can facilitate both contact and contactless transactions will witness increasing popularity over the forecast timespan. With these cards, the user can access the same chip with either of these methods, thereby ensuring multipurpose usage at any payment terminal with a high level of security. Dual-interface smart cards will observe increasing adoption owing to their fast transaction speeds and high confidentiality. These cards are used as citizen ID cards, employee ID badges, transit payment cards, and GSM subscriber identity modules. The chips used in these cards fall into two categories including microcontroller chips and memory chips.
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The expanding global IT & telecom sector will offer growth opportunities to the smart card market. Smart cards are used as stored memory cards and as Universal Integrated Circuit Card (UICC) or the Subscriber Identity Module (SIM) in smartphones. A SIM detects and validates a subscriber to a wireless cell phone network. The expanding 5G sector will offer growth opportunities to the market. A 5G connection depends on the SIM card supporting the G network and 5G frequency band. The increasing use of smartphones globally will fuel the demand for advanced smart cards that can be integrated into the phones.
The growing penetration of digitalization in Latin America will offer growth opportunities to the smart card industry. Several countries in Latin America are including multiple payment options to minimize cash and metro card usage. There is an increasing focus on EMV contactless payments using credit & debit cards. More than 87% of POS machines in Chile are contactless as of January 2022.
The developing transportation sector will also encourage authorities to install smart card readers at the entry and exit gates for traveler convenience. Market players are expanding their presence in the region in response to the increasing demand from several end-use sectors. For instance, in October 2020, Rappi launched its credit card in Colombia in collaboration with Visa and the Colombian bank, Davivienda. This card integrates Visa contactless technology and reached 20% of face-to-face Visa transactions in Colombia in August 2020.
Some major findings of the smart card market report are:
-- The growing popularity of cashless payment solutions is encouraging
players to offer innovative smart cards for simplifying payment
transactions. There is an increasing demand for contactless payment
techniques in the wake of the pandemic. Technological advancements, such
as NFC and RFID, that enable seamless digital transactions will support
the adoption of these cards.
-- Smart cards secure consumer information in an encrypted format and are
cost-effective with faster processing. These cards allow consumers to
manage expenditures with automatic limits and reporting. Enhanced data
security is a key factor driving the smart card industry growth.
-- Smart card technology providers are focusing on enhancing their
offerings by integrating biometric technology into cards. This will
enable further enhancement in transaction security and ensure authorized
use. The need to eliminate the hassle of entering pins is encouraging
market players to innovate biometric cards.
-- Government initiatives in several countries supporting digitalization
provide growth opportunities to the smart card industry. Government
initiatives in several countries, such as Digital India and Digital
Strategy 2025 in Germany, supporting the adoption of the technology
will, in turn, support the smart card market growth.
-- Online retailers focus on enhancing their logistics capabilities by
incorporating digital payment techniques to ensure customer convenience.
They incorporate smart card readers to enable consumers to pay on
delivery. With e-commerce gaining traction, market players will allocate
smart card readers to delivery executives to ensure fast transactions at
the customer's point.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart card industry 360(0) synopsis, 2018 - 2028
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Solution trends
2.1.4 Application trends
Chapter 3 Smart Card Industry Insights
3.1 Impact of coronavirus (COVID-19) pandemic
3.2 Industry ecosystem analysis
3.3 Technology and innovation landscape
3.4 Regulatory landscape
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Ongoing technological advancements
3.5.1.2 Growing adoption in the banking and financial sector
3.5.1.3 Infrastructure development initiatives stimulate smart card demand
3.5.1.4 Rising demand in the healthcare sector in Europe
3.5.1.5 Increasing investments and developments in Asia Pacific
3.5.2 Industry pitfalls and challenges
3.5.2.1 Security-related concerns
3.5.2.2 Lack of awareness in underdeveloped regions
3.6 Growth potential analysis
3.7 Porter's analysis
3.8 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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SOURCE Global Market Insights Inc.
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