The "Smart Card Market with Covid-19 Impact by Interface (Contact, Contactless, Dual), Type (Memory, MPU Microprocessor), Functionality (Transaction, Communication, Security and Access Control), Offering, Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The smart card market is projected to reach USD 16.9 billion by 2026 from USD 13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026.
Asia Pacific (APAC) is the largest market for smart cards. The robust financial system that is being increasingly digitized and government agencies incorporating smart chip-based systems for better monitoring of processes are propelling several APAC countries to adopt smart card solutions owing to increasing demand, specifically in the transportation, BFSI, retail, government, and healthcare sectors. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC.
China is projected to witness the highest demand for smart cards in the region owing to a large consumer base and the presence of a number of smart card manufacturers. The major restraints for the growth of the market are high infrastructure costs, along with security and data theft concerns. Lack of standardization in smart cards and increased security concerns and risen proliferation of digital identity cards act as major challenges for the growth of the market.
The security & access control segment projected to grow at the highest CAGR of smart card market during the forecast period.
Smart cards are used by organizations to provide authorized access to employees (members of the organization) or other persons to secured areas. In addition, businesses and universities are also using smart identity cards for all employees and students. Employees are granted access to certain data, equipment, and departments according to their status. Therefore, multifunction, microprocessor-based smart cards are provided with access privileges for use in various locations. Moreover, a smart card contains identity details of individuals, which is scanned and checked. In addition to information security, smart cards ensure greater security of services and equipment by restricting access to only authorized users.
Among vertical, the telecommunications segment to hold the largest share of the smart card market from 2021 to 2026.
A subscriber identity module (SIM) card is a type of microcontroller-based smart card used in mobile phones and other devices. A SIM identifies and authenticates a subscriber to a wireless cell phone network. The telecommunications segment accounted for the maximum share of 42% of the smart card market in 2020. Expanding global mobile network and improvements in its infrastructure are boosting the growth of the market. In addition, COVID-19 led to an increased demand for connectivity. The current crisis provided a push to the trend of digitalization of business and private communication with cellular technology, along with the generalization of digital conferences. Moreover, the penetration of high-end SIM card technologies, such as LTE, 5G, M2M, eSIM, and SWP, is expected to augment the market growth in the coming years.
APAC projected to hold the largest share of the smart card market in 2020.
The robust financial system that is being increasingly digitized and government agencies incorporating smart chip-based systems for better monitoring of processes are propelling several APAC countries to adopt smart card solutions owing to increasing demand, specifically in the transportation, BFSI, retail, government, and healthcare sectors. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC. China is projected to witness the highest demand for smart cards in the region owing to a large consumer base and the presence of a number of smart card manufacturers. Properly implemented smart cards in all sectors have proven highly effective in combating thefts and fraud.
Market Dynamics
Drivers
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Surged Demand for Contactless (Tap-And-Play) Payments Amid COVID-19
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Proliferation of Smart Cards in Healthcare, Transportation, and Bfsi Verticals
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Increased Penetration of Smart Cards in Access Control and Personal Identification Applications
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Surged Benefits Offered by Smart Cards in Form of Multifunctionality and Flexibility
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Easy Access to E-Government Services and Heightened Demand for Online Shopping and Banking
Restraints
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High Infrastructure Costs, Along with Security and Data Theft Concerns
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Emergence of Mobile Wallets Impacting Demand for Smart Cards
Opportunities
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New Mode of Information Security of Users Enabled by Blockchain
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Adoption of Smart Cards in Populated Countries of APAC
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Advent of Smart Cities and IoT to Open Up New Latent Growth Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/fs4z35
View source version on businesswire.com: https://www.businesswire.com/news/home/20210406005455/en/
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