The market for smart cards is anticipated to reach US$ 20,041.7 Mn, growing at a CAGR of 8.6%. In this study, the market for smart cards is valued tracked and calibrated to derive market revenue estimates. With the aid of smartphones and computers, access to the Internet has become simple, and its usage has significantly expanded as a result of the rising demand for online banking, shopping, and access to e-Government services.
The smart cards market is expected to increase US$ 20,041.7 Mn by 2026, expanding at a CAGR of 8.6% by 2026. In this report, the smart cards market is tracked in terms of value and is calibrated to obtain the market revenue estimates. Access to the Internet has become easy with the help of smartphones & computers, and its usage has increased substantially due to the increasing demand for online banking & shopping and access to e-Government services.
Due to the increasing adoption of e-commerce services and cashless payments, online payments have witnessed significant growth globally. Along with increasing online payments, security risks linked with them also have increased significantly. Smart cards help enhance security, reduce fraud, and enable the utilization of value-added services for end-user industries, which include banking, telecommunication, healthcare, transportation, and governments.
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However, multicurrency payment methods and increasing threat of data thefts/hackers/viruses are some of the major challenges that hamper the growth of the smart cards market.
The main issue occurs with embedded chips because all data and passwords are stored in them. Another method of hindering the data on embedded chips is by heating these chips at a high temperature or exposing them to UV light. This helps remove their security lock. In this manner, any person can steal the data of a cardholder, which is a significant concern.
Nowadays, consumers are more focused on using different types of cards, i.e. contact and contactless smart cards. Contact smart cards offer one-touch payment options to consumers, whereas contactless smart cards communicate through NFC or radio-like cell phones. Contactless smart cards are more secure and advanced than contact smart cards. Contactless smart cards consists of small sophisticated computer-type chips located inside the card, which delivers high-level security to protect identity, privacy, and the financial information of consumers.
To understand and assess the demand and opportunities in the smart cards market, the report is categorically split into five major sections: market analysis by type, end use, access, components, and by region. The section market analysis by type comprehensively analyzes the smart cards market on the basis of contact, contactless, hybrid, and dual-interface analysis of the market.
The section market analysis by end use analyses the smart cards market on the basis of government, healthcare, transportation, financial services, retail & loyalty, entertainment, and energy & utility (smart meters for electricity, water, and gas) segments. The section market analysis by access analyses the smart cards market on the basis of physical and logical analysis of the market in terms of value for 2026. The section market analysis by component comprehensively analyses the smart cards market on the basis of microcontroller and memory cards.
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The contact subsegment dominated the smart cards market followed by the contactless segment. Moreover, the contactless segment is projected to expand at the fastest CAGR of 9.6% over the forecast period in the smart cards market in terms of revenue, followed by the hybrid and dual-interface segments.
The section market analysis by end use analyses the smart cards market by different segments and data is provided in terms of value for 2026. The telecommunication subsegment is expected to expand at a significant CAGR of 9.1% in terms of value during the forecast period. In terms of market share, the telecommunication segment also accounted for a major percentage of the revenue share of the overall smart cards market in 2017 and is also expected to dominate the smart cards market throughout the forecast years.
Key players reported in this study on the global smart cards market are NXP Semiconductors N.V., Infineon Technologies AG, Gemalto N.V., Inside Secure SA, CPI Card Group Inc., Giesecke & Devrient GmbH, WatchData Technologies Ltd., BC Card, IDEMIA, and CardLogix Corporation.
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