Global Smart Card Market Size study & Forecast, by Product Type (Contact Cards, Contactless Cards, Hybrid Cards, Others), by Application (Banking & Financial Services, Government & Security Systems, Transportation, Schools, Healthcare, Others) and Regiona

Global Smart Card Market Size study & Forecast, by Product Type (Contact Cards, Contactless Cards, Hybrid Cards, Others), by Application (Banking & Financial Services, Government & Security Systems, Transportation, Schools, Healthcare, Others) and Regional Analysis, 2023-2030

Global Smart Card Market is valued approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. The smart card market refers to the industry involved in the design, manufacturing, and distribution of smart cards. A smart card is a plastic card with an embedded chip that can store and process data. These cards are used in various applications, such as banking, healthcare, transportation, government, and telecommunications. The major driving factors for the Global Smart Card Market are increasing demand for secure payment solutions and growing adoption of e-commerce and mobile payments. Moreover, increasing demand for IoT-based applications and rising initiatives by the key market players is creating lucrative growth opportunity for the market over the forecast period 2023-2030.

The global adoption of e-commerce and the increasing number of online shoppers have led to a significant rise in the consumption of smart cards for secure transaction activities during product purchases. Furthermore, the growth of transportation facilities such as airplanes, railways, and buses has created a growing demand for smart cards for user identification purposes. For instance, the Government of Delhi, India distributed smart cards to daily metro commuters in August 2020 for authentication purposes, which could be linked to the mobile application 'Autope' to allow users to easily pay for metro ticket fares. The use of IoT-based smart cards in the financial sector is on the rise, with banks and financial institutions adopting smart card technology to provide secure and convenient payment solutions. For instance, in 2020, Mastercard launched an IoT-based payment card called the Mastercard Pay on Demand platform, which allows users to make payments using a virtual card through connected devices such as smartphones and smartwatches. However, the high cost of Smart Card stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Smart Card Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is a dominating market for smart cards, with high adoption rates in various sectors such as banking, healthcare, and government. The market is driven by technological advancements, the increasing demand for secure payment solutions, and the need for identity verification. The United States and Canada are the leading markets in this region. The Asia-Pacific region is a rapidly growing market for smart cards, with high adoption rates in the government, banking, and healthcare sectors. The market is driven by the increasing need for secure payment solutions, the growing adoption of e-commerce and mobile payments, and the increasing government initiatives to promote digitalization. China, India, Japan, and South Korea are the leading markets in this region.

Major market player included in this report are:
Samsung Electronics Co. Ltd.
Sony Corporation
CPI Card Company
Square Inc.
Francisco Partners
Inteligensa Group
Infineon Technologies AG
NXP Semiconductors N.V.
CARD Corporation
Giesecke & Devrient (G&D) GmbH

Recent Developments in the Market:
 Onyx CenterSource, a prominent U.S. player, unveiled a virtual smart credit card for its travel and hospitality clients in September 2020. This move aimed to enhance security, reduce inquiries, and improve first contact resolution by enabling the company to closely manage and restrict usage.
 IDEMIA, a France-based company specializing in augmented identity, acquired XCore Technologies, a metal payment card manufacturer, in October 2019. This acquisition enabled IDEMIA to expand its product portfolio to include metal-based contactless payment cards.

Global Smart Card Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product Type, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Product Type offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product Type:
Contact Cards
Contactless Cards
Hybrid Cards
Others
By Application:
Banking & Financial Services
Government & Security Systems
Transportation
Schools
Healthcare
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned

Samsung Electronics Co. Ltd.
Sony Corporation
CPI Card Company
Square Inc.
Francisco Partners
Inteligensa Group
Infineon Technologies AG
NXP Semiconductors N.V.
CARD Corporation
Giesecke & Devrient (G&D) GmbH

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