USD 1.21 billion
Report ID: SQMIG45J2085 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 62 | Figures: 77
Global Smart Card Market size was valued at USD 1.21 billion in 2021 and is poised to grow from USD 1.37 billion in 2022 to USD 3.29 billion by 2030, at a CAGR of 13.34% during the forecast period (2023-2030).
Due to the increased use of mobile phones and IoT (Internet of Things) technologies in SIM cards, the smart card industry is expanding. Demand for smart cards is also significantly influenced by the urgent requirement to assure transaction security and ease. For instance, the Centres for Medicare & Medicaid Services predict that by 2027, US health spending will amount to around USD 6 trillion. A biometric "hard wallet" smart card that uses fingerprint authentication to verify payments made using the central bank's digital currency has been piloted by China Construction Bank, according to the bank. Customers can store digital yuan on the card. Over the projected period, the market is expected to rise as a result of the expanding use of smart cards across a number of industrial sectors, including healthcare, banking, information technology, retail, and transportation. For instance, the Rashtriya Swasthya Bima Yojana, the Public Distribution System, and the National Rural Employment Guarantee Act are all Indian government initiatives that have increased demand for smart card technology in the country.
Global Market Size
USD 1.21 billion
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Global Smart Card Market is segmented on the basis of type, component, access type and region. By type, the market is segmented into contact, contactless, dual, hybrid. By component, market is segmented into memory and MPU microprocessor. by access type, the market is segmented into the physical and logical. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The biggest market share in 2022—more than 28.0%—belonged to contactless smart cards. Due to its advantages over contact-based smart cards and the lack of a reader required, contactless smart cards are becoming more and more popular, which is predicted to accelerate the segment's growth. They function through the use of radio frequencies or NFC technology, which creates wireless communication between the smart card and the location where it will be used.
The quickest CAGR of 14.6% is anticipated for the category of hybrid smart cards. These smart cards incorporate multiple card technologies. They could, for example, include a contactless RFID proximity chip and an embedded microprocessor smart card. Dual interface smart cards, on the other hand, utilize a single chip technology to communicate via interfaces that use contact-based and contactless technology.
Analysis by Component
In 2022, the segment with the biggest share—more than 55.0%—was microcontroller-based smart cards. Because of its portability and substantial memory, this segment is anticipated to grow faster than average during the projected period. Due to its growing adoption in the healthcare sector, the segment is also anticipated to grow at the quickest CAGR.
Due to the limited use of these cards, the memory-card-based smart card sector had the fastest rising market share in 2022. They have a small amount of memory, and after use, they are frequently thrown away. The stored data in these kinds of cards cannot be altered or updated.
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Over the course of the forecast, Asia Pacific is anticipated to account for the greatest market share. The telecom and e-commerce industries in the area also aid in the expansion of the smart card business. The Asia Pacific area is anticipated to increase at the quickest rate because of the rising internet penetration in developing nations like China and India. Several states are thinking about introducing smart cards programmed in various government services, including the Department of Motor Vehicles and Electronic Benefit Transfers (EBT). Numerous sectors, such as TV-satellite decoders and GSM digital cellular phones, use smart cards.
Europe had the highest revenue share of over 30.12% in 2022. The region's product demand is expected to be boosted by growing attempts by various government and non-government organizations to ensure high-quality healthcare services. Residents of 32 countries are entitled to free issuance of the European Health Insurance Cards. There are national healthcare ID cards in many European nations. These elements should accelerate market expansion.
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Increased Security demands to Bolster Smart Card growth
Security Data threat to Hinder Market growth
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Details about each competitor are included in the competitive landscape for the smart card market. Included information includes a company overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch and application dominance.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the smart card market has witnessed steady growth over the years, driven by the increasing demand for secure identification, authentication, and payment solutions. The market size is substantial and is projected to expand further. Factors such as technological advancements, growing government initiatives, rising digitization, and the need for secure transactions have contributed to market growth. They are used for payment systems, identification cards, access control, loyalty programs, transportation ticketing, and more. The versatility of smart cards has expanded their market potential and fuelled their adoption across various industries. With the rising focus on security, contactless payments, and digital transformation, the smart card market is expected to witness sustained expansion and innovation in the coming years.
|Market size value in 2021||USD 1.21 billion|
|Market size value in 2030||USD 1.37 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Smart Card Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Card Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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