DUBLIN, January 28, 2022 /PRNewswire/ — The “Smart Cards – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
Global smart card market to reach US$16.8 billion by 2026
Global smart card market estimated at US$12.6 billion in 2020, is expected to reach a revised size of US$16.8 billion by 2026, growing at a CAGR of 4.8% over the analysis period.
The demand for smart cards and digital payments is expected to increase significantly over the next few years due to several factors, the most important of which is the convenience and speed offered by technology. Companies are increasingly issuing smart payment cards to their employees. The transportation industry is also expected to witness increased adoption of smart payment cards to enhance the travel experience.
Governments in countries around the world plan to invest in technologies that improve passenger comfort and streamline operations. Government investment in ticketing and access control automation is therefore believed to be one of the key drivers for the growth of the smart card market in the future.
Telecommunications, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.2% to reach US$8.6 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the BFSI segment is readjusted to a revised CAGR of 4.3% for the next 7-year period.
This segment currently accounts for a 28% share of the global smart card market. One of the main sectors where smart cards are used is mobile telecommunications. Subscriber Identity Modules (SIMs), commonly referred to as SIM cards, are designed using smart card technology. Wireless service providers are increasingly dependent on smart cards that act as an important security mechanism protecting services such as web browsing and mobile commerce.
Government & Health segment to be achieved $2.3 billion by 2026
Governments around the world are adopting smart card projects for civilian applications that offer efficient and cost-effective solutions. Smart cards, capable of providing foolproof authentication, are used in various applications such as social security, identification, phone cards and electronic wallet programs.
With an increasing number of benefits offered, this technology should contribute to the growth of e-government projects. Using the smart card in healthcare minimizes operational costs by eliminating paper or electronic maintenance of medical information. In the global Government & Healthcare segment, United States, Canada, Japan, China and Europe will drive the CAGR of 5.3% estimated for this segment.
These regional markets representing a combined market size of US$1.2 billion in the year 2020 will reach a projected size of US$1.7 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$279.1 million by 2026, while Latin America will grow at a CAGR of 6.2% over the analysis period.
The US market is estimated at $1.8 billion in 2021, when China is expected to reach $4.4 billion by 2026
The smart card market in the United States is estimated at US$1.8 billion in 2021. The country currently accounts for a 14.1% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$4.4 billion in 2026 with a CAGR of 5.7% over the analysis period.
Other notable geographic markets include Japan and Canada, each predicting growth of 3.9% and 4.6% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.2% CAGR while the rest of the European market (as defined in the study) will reach US$704.5 million at the end of the analysis period.
Developing economies through Asia Pacific is poised to present probable opportunities for the development of the smart card market, attributable to the evolution of the sound financial structure which is gradually digitizing as well as the pressure from government agencies to incorporate a chip-based framework intelligent to better supervise the processes.
Main topics covered:
1. MARKET OVERVIEW
- The COVID-19 pandemic is driving the use of contactless payment options
- Smart card: introduction and presentation
- Chip Cards vs Magnetic Stripe Cards
- Smart card development
- Categorization of smart cards based on mechanism
- Based on configuration
- Applications and use of smart cards
- Market Outlook
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 121 featured)
- Gemalto AG
- Giesecke & Devrient GmbH
- Infineon Technologies SA
- KONA I Corporation
- NXP Semiconductors AG
- Sony Company
- STMicroelectronics SA
- Watchdata Technologies
3. MARKET TRENDS AND DRIVERS
- The COVID-19 pandemic is driving demand for smart cards for public transport
- Chip shortage hits payment card makers
- Smart cards are used for the management of cryptocurrencies
- Increased adoption of multiple application maps
- Smart card technology in network security
- Smart cards outperform older traditional and proximity cards
- Advances in Smart Card Readers Drive Adoption
- Smart Card EACS Witness Growing application as an attendance management tool
- Biometric smart cards in the spotlight
- Smart cards in the healthcare market
- The need to restrict unauthorized access to sensitive areas is driving demand in healthcare facilities
- Growing need for smart card interoperability
- Smart technology for COVID-19 vaccination status in the United States
- Contactless payments in the financial services sector offer strong growth opportunities
- Mobile POS drives demand for contactless cards amid pandemic
- EMV compliance boosts the financial industry
- Growing share of contactless in the public sector
- Telecom: solid gains for e-SIMs
- Persistent demand for dual and hybrid cards
- Potential growth of the microprocessor market
- Optimal use of smart cards in the telecommunications sector
- Increase in online transactions and future opportunities
- Investments in smart cities drive global demand for smart cards
- TABLE 4: Global Smart Cities Market in US$ Billion: 2018-2026
- The future of secure smart cards
- Innovation in payment cards
- The higher education sector: a key contributor to growth
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/n8w5zx
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