Smart Cards Market Growth Rate, Business Strategy, Key Trends and Revenue Analysis 2023

Market Snapshot

The global smart card market is poised for substantial growth forecasts Market Research Future (MRFR) in a recently published research report. Smart cards are secure portable storage devices that have microprocessor or memory chip embedded in them. Smart card technology is used in diverse applications and systems requiring smart, secure devices.

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The market for smart cards is growing on account of its surging usage in various applications such as mobile phones, payment transactions, online authentication devices, and portable medical records cards. From student membership cards to driver's license, smart cards are being increasingly used for a broad spectrum of applications for verifying age, identity, and the associated access rights and benefits. The government sector is progressively leveraging smart cards to improve efficiency and transparency. Governments in emerging democracies, as well as other developed nations, use smart cards for voter IDs and driver's license. Numerous countries have introduced electronic national ID card schemes which are likely to propel the growth of the market over the forecast period. Increasing use of smart cards by the financial payments industry is a key factor contributing to the market growth. Earlier plastic cards were used for transactions, but now smart cards have been made the global standard for credit and debit cards by Europay, Mastercard, Visa since they ensure security. One of the most important use cases of smart cards is in securing entry points to critical infrastructure facilities such as ports, hospitals, and airports. Moreover, smart cards are extensively used in the corporate sector for physical access control system (PACS) and in logical access cards which also contributes to the growth of the market. On the contrary, the high costs associated with incorporation of smart cards and lack of awareness and hesitation on the part of consumers is likely to restrain the growth of the market. Availability of hybrid smart cards is expected to provide lucrative growth opportunities to the global Smart Cards Market.

Report Overview

This MRFR report delivers an unbiased analysis of key market trends in the global smart cards market. It includes a detailed discussion on current market status, historical trends, challenges and growth opportunities backed by fact-based feedbacks. The primary types of smart cards that have been assessed in the report include contact, contactless, hybrid and dual-interface smart cards. The components that are covered in the report are hardware, smart cards, readers, software, services and others. For the analysis of growth opportunities, the application areas that are covered in the report are healthcare, government, BSFI, retail, transportation and others. All the sub-markets that are included in the report are profiled under four major regions such as Europe, Asia Pacific, North America and the rest of the world with respective country-level analysis.

Segmentation

The global smart cards market has been segmented based on type, component, and application. By type, the market has been segmented into contact, contactless, hybrid, and dual-interface. By component, the market has been segmented into hardware, smart cards, readers, software, and services. By application, the market has been segmented into government, healthcare, BFSI, retail, transportation, education, entertainment, and enterprises.

Key Players:

The global smart cards market is marked by the presence of various players including BrilliantTS Co. Ltd. (South Korea), PAX Global Technology Ltd. (Hong Kong), Rambus Inc. (the U.S.), STMicroelectronics NV (Switzerland), IDEMIA France SAS (France), VALID (Brazil), KONA I Co., Ltd. (South Korea), Fingerprint Cards AB (Sweden), HID Global Corporation (Sweden), Identiv, Inc. (the U.S.), Ingenico Group SA (France), Beijing Watchdata Co. Ltd. (China), Bitel Co. Ltd. (South Korea), VeriFone Systems, Inc. (the U.S.), NXP Semiconductors N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), Sony Corporation (Japan), ZWIPE (Norway), CardLogix Corporation (the U.S.), Samsung Electronics Co., Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), Versasec AB (Sweden), CPI Card Group Inc. (the U.S.), Infineon Technologies AG (Germany), and Gemalto N.V. (Netherlands).

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Regional Analysis

The key markets of the global smart cards market include North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is a significant growth pocket for the global smart cards market. The rapid adoption of new technology, the concentration of major players in the region supports the growth of the market. The US Department of Defense uses smart cards in their Common Access Card (CAC) and other cards for two- or three-factor authentication. The Europe market for smart cards is also strong, and the region uses smart cards for various applications. Smart cards are mandated by UK's Department for Transport. Asia Pacific market is driven by the rapid digitization in the region.

Report Methodology

MRFR leverages its vast industry expertise for the deliverance of qualitative and quantitative analysis of current market trends, opportunities and challenges in the market. MRFR's proven research algorithms aids in comparative assessment of fundamental market divergences to provide highly accurate view of market. The combination of primary and secondary research methods ensures objectivity and rich quality of market insights. The collection of primary data is carried out by conducting surveys and first-hand interviews with key opinion makers across the value chain. Secondary research process verifies the authenticity and accuracy of primary data through inputs from SEC filings, white paper references, research publications, paid databases and other credible sources available in public domain. The collaborative top-down and bottom-up approaches combined with strong data triangulation method are utilized for multi-layered verification of collected data which assists business organizations in making impactful business decisions.

Know More about this Report @ https://www.marketwatch.com/press-release/smart-cards-market-size-share-research-methodology-key-players-analysis-growth-factors-business-strategy-emerging-trends-and-regional-forecast-to-2023-2018-10-10

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Ma