PUBLISHER: The Business Research Company | PRODUCT CODE: 1392901
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392901
“Smart Card Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart card market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart card? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart card market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A smart card is a physical plastic card incorporating an integrated chip that serves as a security token. These cards offer a means to identify and authenticate both the cardholder and third parties utilizing the card. Connection to the host computer or controller occurs through a card reader, which receives data from the card and transmits it to the host computer for authentication.
The primary types of smart cards include contact, contactless, hybrid, and dual interface. Contact smart cards require physical contact with the card reader and can be identified by a gold or silver chip on the card body. Smart cards provide both physical and logical access. The components of smart cards can be memory-based or microcontroller-based. Industries utilizing these cards span government, healthcare, transportation, communications, financial services, retail and loyalty, entertainment, and energy and utilities.
The smart card market research report is one of a series of new reports from The Business Research Company that provides smart card market statistics, including smart card industry global market size, regional shares, competitors with a smart card market share, detailed smart card market segments, market trends and opportunities, and any further data you may need to thrive in the smart card industry. This smart card market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart card market size has grown strongly in recent years. It will grow from $20. 94 billion in 2023 to $22. 84 billion in 2024 at a compound annual growth rate (CAGR) of 9. 1%. The expansion observed in the historical period can be attributed to increasing concerns about cybersecurity, government initiatives, the promotion of financial inclusion, and the growing trends in contactless payments.
The smart card market size is expected to see strong growth in the next few years. It will grow to $32. 68 billion in 2028 at a compound annual growth rate (CAGR) of 9. 4%. The anticipated growth in the forecast period can be attributed to the influence of mobile and wearable technology, the implementation of biometric authentication, initiatives related to smart cities, the surge in e-commerce and online transactions, and digital initiatives led by the government. Key trends expected in the forecast period involve the swift adoption in healthcare, the integration of blockchain technology, the development of green and sustainable smart cards, and the emphasis on customization and personalization.
The smart card market is poised for significant growth, primarily driven by the surging demand for contactless payments. The COVID-19 pandemic prompted a widespread shift towards digitalization, with an increased focus on social distancing. This transition has accelerated the adoption of contactless payments across various platforms. For instance, as of June 2021, contactless payments constituted 57% of all credit card transactions and 71% of all debit card transactions, as highlighted by UK Finance. Additionally, in February 2022, the recorded number of contactless cards reached nearly 1. 2 billion, marking a substantial increase of 76. 3% from February 2021 and 32. 4% from February 2020. The heightened demand for contactless payments is poised to be a key driver for the growth of the smart card market.
The smart card market is expected to witness further expansion due to the increasing demand for enhanced security in urban and industrial sectors. Security measures in these sectors are crucial for safeguarding people, property, and critical infrastructure from various threats and criminal activities. Smart cards play a vital role in access control, identity verification, and data protection, addressing the imperative need for securing sensitive areas, data, and infrastructure. In urban areas, the violent victimization rate witnessed a significant increase from 19. 0 victimizations per 1,000 persons in 2020 to 24. 5 victimizations per 1,000 persons in 2021, according to the Office of Justice Programs. This rise in the demand for improved security in urban and industrial sectors is a driving force behind the growth of the smart card market.
A key trend gaining traction in the smart card market is technological advancement. Major companies in the market are dedicated to offering technologically advanced products to strengthen their market positions. Next-generation smart card technologies, such as memory technology, RFID, NFC, integrated circuits, Bluetooth tags, and WiFi RTLS, are being implemented to enhance security, confidentiality, and convenience for users. For instance, Thales, a France-based technology company, introduced an EMV card with a fingerprint (Biometrics Sensor Payment card or BSPC) in July 2021. This BSPC fingerprint sensor card enhances security and usability by replacing the PIN with an on-card fingerprint sensor, all without requiring changes to existing POS payment terminals.
Companies operating in the smart card market are actively pursuing partnerships to meet consumer demand. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits and success. In May 2023, IDEX Biometrics, a Norway-based biometrics company, partnered with AuthenTrend Technology Inc., a Taiwan-based computer and network security company, to introduce innovative multi-application biometric smart cards for digital authentication. This collaborative effort aims to revolutionize the authentication process, providing enhanced security and convenience for consumers and enterprises globally.
In January 2022, Nayax Ltd., an Israel-based fintech company, announced the acquisition of On Track Innovations Ltd. for $4. 5 million in cash. This strategic move by Nayax is aimed at expanding its presence and gaining market share in targeted regions, such as Japan, to accelerate growth opportunities. On Track Innovations Ltd. is an Israel-based company specializing in smart card technology.
Major companies operating in the in the smart card market report are CardLogix Corporation, CPI Card Group - Colorado Inc., Giesecke & Devrient GmbH, IDEMIA, Infineon Technologies AG, ABCorp Corporation, Bartronics India Limited, BrilliantTS. co. Ltd., Bundesdruckerei GmbH, CardCom Technology, Eastcompeace Smart Card Co. Ltd., Francisco Partners, HID Global Corporation, Identiv Inc., Ingenico SA, Intelcav Cartoes Ltda., Inteligensa Group, Kona M Co. Ltd., NXP Semiconductors Austria GmbH Co. & KG, Perfect Plastic Printing Corp., Samsung Electronics Co. Ltd., Secura Key, Sony Corporation, Square Inc., Thales Group, Valid S. A., VeriFone Inc., Watchdata Technologies Ltd., Taglio LLC, Cardzgroup Ltd.
Asia-Pacific was the largest region in the smart card market in 2023. The regions covered in the smart card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the smart card market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The smart card market consists of sales of CPU/MPU microprocessor multifunction cards, memory cards, multi-mode communication cards and multi-component cards. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.