Smart Cards Market size worth over $75bn by 2026

Smart Cards Market size is set to exceed USD 75 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Smart cards are integrated with biometrics to secure seamless authentication and reduce the waiting time is proliferating market growth. These are used in physical access control deployments employed in facilities where security is of critical significance. Market players are integrating fingerprint sensors in these products, eliminating the need to enter PIN codes on payment terminals. The biometric template is stored on the chip of the card, which ensures privacy. The data is not connected to a centralized database to maintain privacy and security.

 

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Rise in demand for enhanced access control solutions from the corporate sector is propelling the smart cards market revenue. Increase in the number of SMEs across Europe and Asia Pacific has surged the market demand for advanced solutions for identification and authorized access control. Contactless smart cards offer sophisticated, cost-efficient, and secure identity management solution in corporate offices. Enterprises are issuing contractors, visitors, and employees with cards for identity verification. These cards can also be used in combination with other validation techniques to offer multi-factor authentication and help improve access security of networked resources in organizations.
 

Smart Card Market

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Government administrations and world health bodies are encouraging the use of digital payment technologies to stop the spread of coronavirus. This is projected to boost the contactless smart cards market demand. The rapid rise in the number of COVID-19 positive case has stressed the healthcare sector globally, compelling the sector to adopt digital means for fast, secure, and seamless transactions. Demand for minimal contact payment techniques from retail, banking, and healthcare sectors in the wake of the ongoing pandemic will support the market growth.
 

High demand for microprocessor-based smart cards with dynamic data processing capabilities

Memory cards segment is anticipated to witness more than 10% growth rate till 2026. Memory cards can only store data while microprocessor cards have their own operating system capable of processing data dynamically. Microprocessor-based cards can store data, carry out local processing on the information stored, and perform calculations such as cryptographic operations for mutual authentication, key generation, and data signing. They feature enhanced memory storage and data security than a traditional magnetic stripe card.
 

Browse key industry insights spread across 585 pages with 990 market data tables and 34 figures & charts from the report, “Smart Cards Market Size By Solution (Smart Card [Product {Contact-Based, Contactless, Hybrid, Dual Interface}, Type {Memory Card, Microprocessor Card}], Smart Card Reader [Component {Hardware, Software, Service}, Product {Contact-Based, Contactless}]), By Application (SIM & Telecom, Financial, Government & Health, Retail & Gas, Access Control, Transportation, Loyalty), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-card-market

 

Increasing adoption of smart cards from the developing transportation sector will boost the market growth

The transportation sector in the smart cards market is projected to witness substantial growth during the forecast timeline. These cards can be used for both transit fare and parking fee payments. The Secure Technology Alliance Transportation Council is focusing on encouraging market adoption of interoperable payment solutions for parking, tolling, transit, and mobility services. The U.S. transit agencies, such as Chicago Transit Authority (CTA) and Utah Transit Authority (UTA), have implemented fare collection systems that accept contactless cards at the point of entry and exit.
 

The developing electronics sector in Asia Pacific will support the production of technologically advanced smart cards

The Asia Pacific smart cards market size is expected to expand at over 10% CAGR through 2026. There has been increased adoption of card facilities in tourist buses, allowing individuals to easily pay their fare during the journey. Several countries are increasingly adopting technology. For instance, the Government of Singapore has implemented EZ-Link card for tourists to have unlimited public transport travel in bus services. The card allows users to add credits for fare payments on the bus.
 

Strategic acquisition & collaboration is a key strategy amongst industry players

Key players in the smart cards market include Cardcom, Inteligensa Group, Infineon Technologies AG, Hypercom, CardLogix Corporation, Giesecke & Devrient (G&D) GmbH, NXP Semiconductors NV, CPI Card Group, Ingenico Group, and Square, Inc. The market is highly competitive with market players focusing on enhancing their offerings and expanding industry presence through strategic initiatives.
 

In April 2019, Thales group acquired Gemalto N.V. to enhance its portfolio of digital identity and security solutions. Market players are undergoing strategic collaborations to offer robust solutions for end users. In March 2019, Infineon Technologies AG partnered with Rambus Inc. to bring smart cards and mobile ticketing offerings for the transportation sector.
 

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