According to IMARC Group latest report titled “Smart Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on smart card market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart card market reached a value of US$ 8.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 11.1 Billion by 2027 exhibiting a CAGR of 4.60% during 2022-2027.
A smart card refers to an electronic authorization device with a built-in microprocessor that is typically used to perform financial transactions. It is made from plastic and helps control the data accessing and manipulation process while conducting financial transactions. The microprocessor or integrated circuit (IC) chip in a smart card serves as a service token for holding or transacting data between users. Hybrid smart cards with in-built memory and microprocessors are also extensively utilized to provide physical access to prohibited areas. As a result, smart cards are used in numerous personal identification, authentication, and data storage applications across the globe.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The escalating adoption of cashless or digital payments is one of the key factors driving the smart card market. In line with this, the sudden outbreak of the COVID-19 pandemic is encouraging government bodies to launch initiatives to popularize contactless payments via UPI or digital wallets, which is further catalyzing the market growth. Moreover, the rising utilization of telemedicine, electronic medical records, and other information technology (IT) services in the healthcare industry for providing efficient patient care is acting as another significant growth-inducing factor. Apart from this, the inflating requirement for smart employee identification (ID) cards to secure access to physical facilities and computer systems and networks is also augmenting the global market. Additionally, the growing product usage in electronic passports to enhance security systems is expected to fuel the smart card market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Bartronics India Ltd
- CardLogix Corporation
- CPI Card Group
- Fingerprint Cards AB
- Giesecke+Devrient (MC Familiengesellschaft mbH)
- Identiv Inc.
- NXP Semiconductors N.V.
- Samsung Electronics Co. Ltd
- Secura Key
- Thales Group
- Watchdata Technologies Pte. Ltd
Smart Card Market Segmentation:
Our report has categorized the market based on region, type, component, application and end use industry.
Breakup by Type:
- Dual Interface
Breakup by Component:
- Memory Based
- Microcontroller Based
- Magnetic Stripes
Breakup by Application:
- Payment Transactions
- ID Verification
- Access Control
Breakup by End User:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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