What is the global market size of Smart Card Market?

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).

Global Smart Card Market Size, Share, Growth Analysis, By Type(Contact, Component), By Access Type(Physical and Logical) - Industry Forecast 2024-2031

Report ID: SQMIG45J2121 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 62 | Figures: 77

Global Smart Card Market Insights

Global Smart Card Market size was valued at USD 1.37 Billion in 2022 and is poised to grow from USD 1.55 Billion in 2023 to USD 4.23 Billion by 2031, at a CAGR of 13.34% during the forecast period (2024-2031).

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.

Moreover, it is propelled by increasing digitalization and the demand for secure payment solutions. Smart cards, equipped with embedded chips, find extensive applications in payment systems, identification, and access control. The ongoing transition towards contactless payment methods further drives market expansion.

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 Smart Card Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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. 'Gemalto N.V. (Netherlands)', 'Giesecke+Devrient GmbH (Germany)', 'IDEMIA (France)', 'Watchdata Technologies Ltd. (China)', 'HID Global Corporation (United States)', 'Infineon Technologies AG (Germany)', 'NXP Semiconductors N.V. (Netherlands)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Sony Corporation (Japan)', 'Oberthur Technologies (France)', 'Eastcompeace Technology Co., Ltd. (China)', 'Morpho (France)', 'Wuhan Tianyu Information Industry (China)', 'CPI Card Group Inc. (United States)', 'Valid (Brazil)', 'Kona I Co., Ltd. (South Korea)', 'CardLogix Corporation (United States)', 'Datacard Group (United States)', 'Mandate International (Hong Kong)', 'Goldpac Group Ltd. (China)', 'Versatile Card Technology (Canada)', 'Ingenico Group (France)'

Smart cards offer enhanced security features compared to traditional magnetic stripe cards. They incorporate embedded microprocessors and cryptographic algorithms, making them more resistant to fraud and counterfeiting. The growing need for secure identification, authentication, and transaction processing in sectors such as finance, government, healthcare, and transportation has driven the demand for smart cards.

The industry is witnessing a shift from traditional hardware-based smart cards to software-based solutions. This trend involves virtualizing smart cards into software applications that can run on mobile devices or in the cloud. Software-based solutions offer flexibility, scalability, and cost-effectiveness, enabling seamless integration with digital platforms.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Global Smart Card Market Size, Share, Growth Analysis, By Type(Contact, Component), By Access Type(Physical and Logical) - Industry Forecast 2024-2031

Global Smart Card Market Insights

Global Smart Card Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Smart Card Market?

Who are the key vendors in the Global Smart Card Market?

What is the key driver of Global Smart Card Market?

What is the key market trend for Global Smart Card Market?

Which region accounted for the largest share in Global Smart Card Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300