Global Smart Cards Market is expected to reach USD 15.4 billion by 2025.
Global Smart Cards Market is expected to reach USD 15.4 billion by 2025, according to reports by Million Insights. Smart cards, also termed as integrated circuit card (ICC) or chip card, is a security token that has a fixed computer chip that can be a microprocessor or memory type which transacts and stores data. The data is mainly related to either information and value, or both. The Smart Card Market is estimated to grow at a significant CAGR of 7.9 percent over the forecast period as the scope and its applications are rising enormously across the globe.
High demand for online shopping and banking experience, easy access to e-government services, reliable and secure online payments allow consumers to use online payment methods, and rising demand for contactless smart cards are documented as major factors of Smart Cards Market that are estimated to enhance the growth in the years to come. However, aversion of payment dealers to accept capital-intensive point of sale (POS) terminal machinery and high cost of integrating chip cards are the factors that may restrain overall market in the coming years. Smart Cards industry is segmented based on type, component, application, and region.
Contact smart cards sector accounted for the largest market share of Smart Cards and is estimated to lead the overall market in the coming years. This may be because of its use in retail applications, BFSI, and government & healthcare applications. Also, the contactless smart cards sector is estimated to grow at fastest pace in the coming years, as electronic payment systems are speedily swapping carry and cash operations.
