Global Smart Card Market worth over $75 Bn by 2027

Smart Card Market size is set to surpass USD 75 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

The advent of biometric cards that ensure accurate user authentication and reduce frauds will support the smart card industry growth. There is an increasing demand for fingerprint authentication systems that restrict unauthorized use of smart cards. Enhanced safety and payment security due to precise authentication of authorized users in biometric cards is likely to propel the market demand.

 

Request Sample Buy NowInquiry Before Buying

 

The coronavirus (COVID-19) pandemic has boosted the contactless smart card market on account of the growing concerns over the spread of the virus through bank notes. The State of Retail Payments study revealed in August 2020 that 67% of the retailers surveyed accept some form of non-contact payment method, including 58% that accepted contactless cards that can be tapped or waved past a reader.
 

Although the smart card industry witnessed a slight dip in the first half of 2020 owing to the stringent restrictions imposed by government organizations, the market regained traction in the second half following the relaxations in the lockdowns. The industry will observe rapid growth in 2021 led by increasing awareness about digital payment techniques in the wake of the pandemic.
 

India Smart Card Market By Application

Get more details on this report - Request Free Sample PDF
 

Increasing demand for smart card readers that accept a wide range of payment cards

With the rise in the number of consumers using smart cards, there is a rise in the implementation of readers used for applications such as personal identification, access control, authentication, and financial transactions. Transportation terminals are deploying advanced card readers to streamline the ticketing process and ensure passenger convenience. There is an increasing focus on payment techniques such as QR codes and EMV contactless payments using credit and debit cards. This factor has encouraged transportation authorities to upgrade their infrastructures.
 

Browse key industry insights spread across 593 pages with 991 market data tables and 34 figures & charts from the report, “Smart Card Market Size By Solution (Smart Card [Product {Contact, Contactless, Hybrid, Dual Interface}, Type {Memory Card, Microprocessor Card}], Smart Card Reader [Component {Hardware, Software, Service}, Product {Contact, Contactless}]), By Application (SIM & Telecom, Financial, Government & Health, Retail & Gas, Access Control, Transportation, Loyalty), COVID-19 Impact Analysis, Regional Outlook, Price Trend, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-card-market
 

The growing access control systems market to fuel the demand for robust smart cards that ensure precise user authentication

The smart card market revenue will gain traction with the increasing implementation of automated access control systems in corporate organizations. With increasing number of organizations focusing on strengthening employee and infrastructure security, there is an increasing demand for smart cards that confirm the authorized user. Several corporate organizations are linking smart card readers with attendance systems to automate the entire process. They are also connecting readers with digital locks to grant access only to authorized personnel.
 

The market will grow rapidly with the rise in the number of offices deploying digital access control systems instead of security guards. The advent of biometric cards that ensure highly accurate user validation will further provide an impetus to the market growth.
 

Rising awareness about digital payment techniques in Asia Pacific

The APAC smart card market size will expand at significant growth rate through 2027 propelled by the increasing use of cards and mobile wallets for financial transactions. According to Mastercard Impact Studies, 31% of the respondents surveyed in Singapore in June 2020 reported increased use of contactless credit cards to pay. In April 2020, The Monetary Authority of Singapore (MAS) urged individuals to use electronic payment techniques. MAS is working with The Association of Banks in Singapore to promote the adoption of e-payments.
 

Smart card market players are expanding their presence in the region, in response to the high demand for digital payment technologies. For instance, in August 2020, Google LLC rolled out NFC-based contactless card payment option in India. Google Pay users can now make contactless payments using the NFC technology system. The improving internet infrastructure will further support the market growth.
 

Focus on R&D to launch differentiated smart card solutions will fuel the market revenue

The companies are innovating their offerings to strengthen their product portfolio and solidify the industry position. For instance, in January 2020, Mastercard launched a new AR app that enables cardholders to see, explore, and access the advantages of their Mastercard. Using AR, cardholders have a fully immersive experience enlisting the benefits of their credit card. Increasing competition in the industry, encouraging players to launch innovative solutions will augment the market growth.
 

Prominent players operating in the smart card market include CardLogix Corporation, Cardcom Technology, CPI Card Group, Verifone Inc., NXP Semiconductors NV, Infineon Technologies AG, Giesecke & Devrient (G&D) GmbH, Bartronics India Limited, Ingenico, and Square, Inc.
 

Explore More on Related Topics:

Infographics

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X