According to IMARC Group latest report titled “Smart Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on smart card industry report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart card market reached a value of US$ 8.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 11.1 Billion by 2027 exhibiting a CAGR of 4.60% during 2022-2027.
A smart card contains either an embedded memory or a microcontroller included in a contact pad. It is a physical card that connects to a reader either by short-range wireless connectivity or through direct physical contact standards such as near-field communication (NFC) or radio-frequency identification (RFID). It uses encryption to provide safety for in-memory information and is generally designed to be tamper-resistant. It reduces the amount of paperwork while improving the storage capacity and record keeping process.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global market is majorly driven by the increasing use of contactless interfaces among users. With continuous globalization, the demand for smart cards and e-passports is growing at a high pace, which is responsible for driving the smart card market. Furthermore, the rapid expansion of the retail and e-commerce industry is facilitating the demand for smart cards. Apart from this, various companies are introducing technology-based smart cards to provide secure financial solutions to users. Moreover, rising information security needs related to user credentials are expected to drive consumer demand for highly secured smart cards. Additionally, the growing availability of small-sized IC chips with better embedded functionality is likely to help companies to provide technology-enabled smart cards to their customers, thus providing a boost to the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Bartronics India Ltd
- CardLogix Corporation
- CPI Card Group
- Fingerprint Cards AB
- Giesecke+Devrient (MC Familiengesellschaft mbH)
- Identiv Inc.
- NXP Semiconductors N.V.
- Samsung Electronics Co. Ltd
- Secura Key
- Thales Group
- Watchdata Technologies Pte. Ltd
Smart Card Market Segmentation:
Our report has categorized the market based on region, type, component, application and end use industry.
Breakup by Type:
- Dual Interface
Breakup by Component:
- Memory Based
- Microcontroller Based
- Magnetic Stripes
Breakup by Application:
- Payment Transactions
- ID Verification
- Access Control
Breakup by End User:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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