Smart Card Market worth USD 48.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart card Market by Type (Contact, Contactless, Dual Interface), by End User (Telecommunication, Healthcare, Government, Transportation, BFSI, Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart card market was valued at USD 9,824.0 million in 2020 to USD 15,568.6 million by 2027, at a CAGR of 6.2% from 2021 to 2027. Blockchain is a revolutionary technology that helps businesses develop fast and secure applications that fulfill stringent security requirements. Smart cards can effectively manage cryptographic keys, thereby enabling efficient and secured transactions in blockchain applications. They act as vaults for storing cryptographic keys. When smart cards are connected to the internet through POS readers, their keys can be matched with keys stored in online libraries. If the match is successful, users are authenticated. This is expected to help banks and other ecosystem players secure and establish the identity of users in an improved manner, thereby reducing instances of cyber thefts.

Global Smart Card Market Segmentation

The overall smart card market has been segmented into type, end user, and region.

• By Type (Contact, Contactless, Dual Interface)
• By End User (Telecommunication, Healthcare, Government, Transportation, BFSI, Other)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Software, by component, is estimated to hold the largest market share during the forecast period

On the basis of end-users, the smart card market is segmented into telecommunication, healthcare, government, transportation, BFSI, and others. In 2020 Telecommunication accounted for the largest market revenue share of 51.25% in the global smart card market and had a CAGR of 6.3% during the forecast period.

A smart card is widely used in the telecommunication sector as a SIM card. SIM is an abbreviation for Subscriber Identification Module. The high adoption of mobile communications globally is driving the market growth. The expanding mobile network and improvement of its infrastructure are also boosting the market development. However, the penetration of high-end SIM card technologies, such as LTE, 5G, M2M, eSIM, and SWP, is expected to create opportunities for the market over the forecast period.

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The Asia Pacific accounts for the largest market share during the forecast period in the smart card market

Based on the regions, the global smart card market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific was accounted for the highest market share of 32.94% in the global smart card market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America.

The presence of large manufacturers and original equipment manufacturers (OEMs) in Asia-Pacific and a surge in demand for smart payment for security, safety, & resource optimization are the key factors that drive the smart card market during the forecast period. China is the stage of smart technology exploration with technical breakthroughs, lower costs, and advancement of the smart IoT industry. Rapid development, cheap labor availability, and the presence of BFSI and telecom companies with increased customer interest are expected to provide lucrative opportunities for the smart card market. In addition, the increase in disposable income of the population and surge in demand for smart cards from government, healthcare, BFSI, and telecom applications boost the growth of the smart card market in China. However, Indian companies are progressively putting resources into innovation in this sector. The increase in demand for smart cards is attributed to different industries such as hospitality, retail, and transportation. For instance, Singapore is one of the leading Asian countries that provide smart cards and advanced solutions in the healthcare and transport segments to consumers, thereby boosting the growth of the smart card market in this region.

Some of the major companies that operate in the global smart card market are Thales, NXP Semiconductors NV, Giesecke+Devrient GmbH, Infineon Technologies AG, IDEMIA, CPI Card Group Inc., Identiv, Inc., Watchdata Technologies, CardLogix Corporation, and Alioth LLC.

Browse complete report: https://www.marketstatsville.com/smart-card-market

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