PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350241
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350241
The global powered smart card market was valued at US$ 12.21 Billion in 2022, exhibiting a Compound Annual Growth Rate (CAGR) of 4.25% from 2023 to 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 13.67 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 4.20% | 2030 Value Projection: | US$ 18.29 Bn |
Smart cards are IC-based cards that accumulate and retrieve information using various computer systems. Smart cards primarily act as cost-effective devices to store, manage, and maintain credentials for end users. Microcontroller-based powered smart cards facilitate intelligent communication and have on-card dynamic data processing abilities.
The smart card includes a circuit that is majorly an embedded Integrated Circuit (IC) chip with internal memory. Smart cards connect to the user with direct physical contact or with a remote contactless radio frequency interface. Smart cards are cost-effective devices that store, manage, and maintain credentials of the end-users and the information about the associated accounts. In addition, smart cards are majorly used for credit cards, computer security systems, government systems, and banking.
One of the key factors contributing to the market growth is the rising adoption of contactless payment systems. With the convenience and speed they offer, contactless smart cards are gaining popularity among consumers and businesses alike. Moreover, the ongoing transition from magnetic stripe cards to Europay, Mastercard, and Visa (EMV) chip-enabled cards, to reduce card fraud and enhance security, was further boosting the demand for powered smart cards. Additionally, the increasing focus on secure identification and authentication solutions in various industries is driving the use of powered smart cards for access control and identity verification. Governments worldwide are deploying these cards in national ID programs and electronic passports to safeguard citizens' data and prevent identity theft.
The market is also witnessing a surge in the demand for Internet of Things (IoT) applications, where powered smart cards play a vital role in ensuring secure communication between devices and systems. This trend is expected to fuel the adoption of smart cards in the growing IoT ecosystem.
In addition, improved security for office, commercial, or residential buildings is also propelling the demand for the global powered smart card market. Smart cards are being increasingly adopted by organizations, government offices, and educational schools or colleges, to restrict physical access to their offices or specific departments within campus. Moreover, many organizations are implementing organization-level security policies using smart cards.