WILMINGTON, DE / ACCESSWIRE / March 9, 2023 / The global smart card market is expected to grow at a CAGR of 6.0% from 2022 to 2031. A smart card, also known as an "eSmart card," is a plastic card that houses a transistor. The card's embedded memory provides secure encryption. Smart cards are generally tamper-proof and are used for activating wireless networks. These contain intellectual features that are critical for specific high-security transactions. Smart cards exchange data with listeners with the help of short-range wireless devices or direct physical contacts such as radio-frequency identification (RFID) or near-field communication (NFC). Smart cards can store crucial information such as private keys, passwords, personal information, and bank details.

According to a recent smart card demand analysis, the market is likely to be driven by a rise in adoption of digital payments that focus on enhanced safety and convenience over traditional cash-based payments. Users pay with smart cards online rather than other payment methods for convenience. Smart card-based purchases are highly secure; these ensure privacy and ease of management of payment records. These attributes are projected to propel smart card market expansion.

According to TMR report, the global smart card market stood at US$ 18.9 Bn in 2021 and is anticipated to reach US$ 33.5 Bn by the end of 2031. Rapid penetration of smart cards in both well-established and emerging economies is expected to bolster smart card market expansion during the forecast period.

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Key Findings of Study

• Increase in Demand for Contactless Payments: Contactless payments are practiced in the majority of stores and businesses. At the peak of the COVID-19 pandemic, numerous stores gave up physical payments. Smart cards are widely used because these are simple to use and convenient. The COVID-19 period was beneficial to the smart card market, with increased demand for smart cards among healthcare and telecommunications services. Contactless card systems are widely preferred on account of hygiene concerns and to prevent the virus from spreading rapidly. This is projected to increase smart card market size in the near future.

• Major Advancement in Automation Technology: The vast majority of consumers have embraced automation and digital technologies, which have altered the operational evolution of numerous businesses and industries. The advent of the Internet of Things (IoT) and automation technology progressions are expected to help propel the contactless smart card market in the next few years.

Key Drivers

• Rise in demand for contactless payments is projected to augment smart card market growth

• Surge in urbanization and industrialization is expected to accelerate smart card market expansion during the forecast period

• Increase in adoption of universal smart cards is likely to create significant business opportunities in the smart card market in the near future

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Regional Growth Dynamics

• Asia Pacific accounted for the largest market share in 2021. This is ascribed to rapid industrialization and urbanization

• Growth of the e-commerce market is expected to augment the market in the region in the near future

• The market in North America and Europe is projected to grow at a rapid pace during the forecast period owing to rise in consumer expenditure in the U.S. and Canada

Key Players

Prominent players in the global smart card market are Infineon Technologies AG, Bartronics India Limited, Perfect Plastic Printing, Valid, CardCom, Identiv Inc., Brilliant TS, ABCorp, Eastcompeace Technology Co. Ltd., Austria GmbH Styria, Thales, HID Global Corporation, Infineon Technologies AG, IDEMIA, NXP, and Kona.

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Smart Card Market Segmentation

Component

• Memory

• MPU Microprocessor

Type

• Contact Smart Cards

• Contactless Smart Cards

• Hybrid Smart Cards

• Dual-interface Smart Cards

Function

• Transaction

• Communication

• Security & Access Control

Offering

• Smart Cards

• Smart Card Readers

Verticals

• BFSI

• Telecommunication

• Government & Healthcare

• Education

• Retail

• Transportation

• Others

Regions

• North America

• Europe

• Asia Pacific

• Middle East & Africa

• Latin America

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 10 years.

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