Global Smart Card Market Size & Share to 2027

Global Smart Card Market Size & Share to 2027

Global Smart Card Market Size, Trends & Growth Opportunity, By Type (Contact, and Contac less) By Component (Hardware, Smart Card Readers, Software, and Services), By Application (BFSI, Government, Telecommunication, Healthcare, Hospitality, Transportation, Retail, and Others), By Region and Forecast till 2027

Global Smart Card Market

Smart Card is similar to debit or credit card embedded with computer chips. Card Chip facilitates functionality to be added into the card which makes and ordinary, plastic card into SMART. Smart Cards can reduce the amount of paperwork while improving storage capacity and record keeping process. It can also enable multiple transactions through one card by ensuring highly encrypted security.

Market Drivers

Increase in demand for identification cards to avail government facilities is considered as key driving factor which is expected to boost the global smart card market growth. Furthermore, rise in demand for the product, across various applications like cell phones, payment transactions, ID Verification and access controls, will positively contribute the market growth. Moreover, increase in adoption of smart cards in healthcare industry is expected to propel the market growth. Increase in digitalization in the healthcare industry in recent years, the buzz regarding the future of healthcare has centered on HER. Rise in technology penetration in the healthcare sector has dramatically improved the access, storage, and processing of medical records which is expected to increase the demand for smart cards during this forecast period. Also, rise in use of smart cards in the BFSI, and telecommunications industries is expected to propel the market growth. Their implementation in retail applications enables secure transaction and provides opportunities to the smart card market over the forecast period.

Market Restraints

However, high cost involved in deploying Epos Terminals is the major challenging factor which is expected to hinder the global smart card market growth. Also, rise in adoption of mobile wallets reducing the demand for smart cards as well as security related to contactless technology will affect the market growth during this analysis period.

Market segmentation

Global Smart Card Market is segmented into type such as Contact, and Contac less, by component such as Hardware, Smart Card Readers, Software, and Services. Further, market is segmented into application such as BFSI, Government, Telecommunication, Healthcare, Hospitality, Transportation, Retail, and Others.

Also, Global Smart Card Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Infineon Technologies AG, NXP Semiconductors N.V., Sony Corporation, Samsung Electronics, Stmicroelectronics N.V., Ingenico Group, Verifone Systems Inc., Beijeng Watchdata Co. Ltd.,and Gemalto N.V.

Market Taxonomy

By Type

• Contact
• Contact Less

By Component

• Hardware
• Smart Card Readers
• Software
• Services

By Application

• BFSI
• Government
• Telecommunication
• Healthcare
• Hospitality
• Transportation
• Retail
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Smart Card Market?
• What will be the growth rate from 2019 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?

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