The latest report by IMARC Group, titled “Smart Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global smart card market reached a value of US$ 8.8 Billion in 2022. A smart card is an electronic device used to access and manipulate the data stored in it. It is a physical card containing an embedded memory or a microcontroller in a contact pad, which can be either a simple memory circuit or a microprocessor with memory. The smart card is generally connected to a host controller based on RF communication technology through a card reader. It offers enhanced reusability, secure transaction, and storage of a large amount of data. As a result, smart cards encourage smart payment mode and supplement secure payment transactions in various banking, financial, healthcare, and government sectors.
Global Smart Card Market Trends:
The market is primarily driven by the significant growth of the healthcare sector that employs smart cards in electronic medical records, telemedicine, and other IT services to deliver and manage healthcare systems. Nowadays, the rising use of e-commerce websites to buy goods and services is also fueling the market growth. These platforms are adopting cashless or digital payment methods facilitating effortless transactions in everyday use like paying utility bills and prepaid mobile recharge. Besides this, rapid digitalization, and the surging cashless transactions, are also escalating the demand for smart cards across various end-use industries. Furthermore, technological advancements, such as the introduction of hybrid smart cards with memory and microprocessors, which provide physical access to prohibited areas, personal identification, authentication, data storage, and application processing, are creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$
11.5 Billion by 2028, exhibiting a CAGR of
4.3% during the forecast period (2023-2028).
- Based on the type, the market has been segmented into contact-based, contactless, and dual interface.
- On the basis of the component, the market has been classified into memory based, microcontroller based, and magnetic stripes.
- The market has been categorized based on the application into payment transactions, ID verification, and access control.
- On the basis of the end user, the market has been segregated into BFSI, telecommunication, healthcare, government, transportation, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Bartronics India Ltd, CardLogix Corporation, CPI Card Group, Fingerprint Cards AB, Giesecke+Devrient (MC Familiengesellschaft mbH), IDEMIA, Identiv Inc., NXP Semiconductors N.V., Samsung Electronics Co. Ltd, Secura Key, Thales Group, and Watchdata Technologies Co. Ltd.
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