USD 1.37 Billion
Smart Card Market Size, Share, Growth Analysis, By Type(Contact, Component, Dual, Hybrid), By Access Type(Physical and Logical), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2121 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
62
|Figures:
77
Smart Card Market Insights
Global Smart Card Market size was valued at USD 1.37 Billion in 2022 and is poised to grow from USD 1.55 Billion in 2023 to USD 4.23 Billion by 2031, at a CAGR of 13.34% during the forecast period (2024-2031).
Due to the increased use of mobile phones and IoT (Internet of Things) technologies in SIM cards, the smart card industry is expanding. Demand for smart cards is also significantly influenced by the urgent requirement to assure transaction security and ease.
For instance, the Centres for Medicare & Medicaid Services predict that by 2027, US health spending will amount to around USD 6 trillion. A biometric "hard wallet" smart card that uses fingerprint authentication to verify payments made using the central bank's digital currency has been piloted by China Construction Bank, according to the bank. Customers can store digital yuan on the card.
Moreover, it is propelled by increasing digitalization and the demand for secure payment solutions. Smart cards, equipped with embedded chips, find extensive applications in payment systems, identification, and access control. The ongoing transition towards contactless payment methods further drives market expansion.
Over the projected period, the market is expected to rise as a result of the expanding use of smart cards across a number of industrial sectors, including healthcare, banking, information technology, retail, and transportation.
For instance, the Rashtriya Swasthya Bima Yojana, the Public Distribution System, and the National Rural Employment Guarantee Act are all Indian government initiatives that have increased demand for smart card technology in the country.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Contact
Fastest Growth
Contact
Growth Rate
13.34% CAGR
Global Smart Card Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Smart Card Market Segmental Analysis
Global Smart Card Market is segmented on the basis of type, component, access type and region. By type, the market is segmented into contact, contactless, dual, hybrid. By component, market is segmented into memory and MPU microprocessor. by access type, the market is segmented into the physical and logical. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Card Market Analysis by Type
The biggest market share in 2022—more than 28.0%—belonged to contactless smart cards. Due to its advantages over contact-based smart cards and the lack of a reader required, contactless smart cards are becoming more and more popular, which is predicted to accelerate the segment's growth. They function through the use of radio frequencies or NFC technology, which creates wireless communication between the smart card and the location where it will be used.
The quickest CAGR of 14.6% is anticipated for the category of hybrid smart cards. These smart cards incorporate multiple card technologies. They could, for example, include a contactless RFID proximity chip and an embedded microprocessor smart card. Dual interface smart cards, on the other hand, utilize a single chip technology to communicate via interfaces that use contact-based and contactless technology.
Smart Card Market Analysis by Component
In 2022, the segment with the biggest share—more than 55.0%—was microcontroller-based smart cards. Because of its portability and substantial memory, this segment is anticipated to grow faster than average during the projected period. Due to its growing adoption in the healthcare sector, the segment is also anticipated to grow at the quickest CAGR.
Due to the limited use of these cards, the memory-card-based smart card sector had the fastest rising market share in 2022. They have a small amount of memory, and after use, they are frequently thrown away. The stored data in these kinds of cards cannot be altered or updated.
Global Smart Card Market By Type
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Smart Card Market Regional Insights
Over the course of the forecast, Asia Pacific is anticipated to account for the greatest market share. The telecom and e-commerce industries in the area also aid in the expansion of the smart card business. The Asia Pacific area is anticipated to increase at the quickest rate because of the rising internet penetration in developing nations like China and India. Several states are thinking about introducing smart cards programmed in various government services, including the Department of Motor Vehicles and Electronic Benefit Transfers (EBT). Numerous sectors, such as TV-satellite decoders and GSM digital cellular phones, use smart cards.
Europe had the highest revenue share of over 30.12% in 2022. The region's product demand is expected to be boosted by growing attempts by various government and non-government organizations to ensure high-quality healthcare services. Residents of 32 countries are entitled to free issuance of the European Health Insurance Cards. There are national healthcare ID cards in many European nations. These elements should accelerate market expansion.
Global Smart Card Market By Region
- Largest
- Fastest
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Smart Card Market Dynamics
Smart Card Market Drivers
Increased Security demands to Bolster Smart Card growth
- Smart cards offer enhanced security features compared to traditional magnetic stripe cards. They incorporate embedded microprocessors and cryptographic algorithms, making them more resistant to fraud and counterfeiting. The growing need for secure identification, authentication, and transaction processing in sectors such as finance, government, healthcare, and transportation has driven the demand for smart cards.
- With the increasing digitization of financial transactions and a move towards a cashless economy, smart cards have gained significance as a secure payment method. Contactless smart cards, in particular, enable quick and convenient payments by simply tapping the card on a reader, promoting the adoption of smart card-based payment systems in retail, transportation, and other industries.
Smart Card Market Restraints
Security Data threat to Hinder Market growth
- Due to the benefits they provide, smart cards have recently attracted a lot of customer interest. But one of the things limiting the expansion of the smart card business is their price. Setting up smart cards for access control and other applications requires significant upfront financial commitments. Smart cards need readers to decrypt encryptions and extract data in order to grant users physical or logical access. These readers require further purchases to be made in order to be deployed. Smart card readers typically cost between $50 and $300. Smart cards cost between $2 and $10. The price of these cards rises as the usage of chips with large capacity and complex capabilities.
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Smart Card Market Competitive Landscape
Details about each competitor are included in the competitive landscape for the smart card market. Included information includes a company overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch and application dominance.
Smart Card Market Top Player’s Company Profiles
- Gemalto N.V. (Netherlands)
- HID Global Corporation (United States)
- Infineon Technologies AG (Germany)
- NXP Semiconductors N.V. (Netherlands)
- Samsung Electronics Co., Ltd. (South Korea)
- Sony Corporation (Japan)
- Oberthur Technologies (France)
- Eastcompeace Technology Co., Ltd. (China)
- Morpho (France)
- Wuhan Tianyu Information Industry (China)
- CPI Card Group Inc. (United States)
- Valid (Brazil)
- Kona I Co., Ltd. (South Korea)
- CardLogix Corporation (United States)
- Datacard Group (United States)
- Mandate International (Hong Kong)
- Goldpac Group Ltd. (China)
- Versatile Card Technology (Canada)
- Ingenico Group (France)
Smart Card Market Recent Developments
- In May 2022, with ground-breaking methods to safeguard users' communications, IDEMIA and Telefónica Espaa improved the security of 5G SIM technology.
- In May 2022, A cooperation between IDEX Biometrics and payment software provider Verisoft was announced in order to market biometric payment solutions in EMEA and beyond. More than 100 banks in 32 areas use Verisoft's comprehensive smart card issuance solutions, which also include personalization software, online payment options, card administration, and reward programs.
- In April 2022, in order to commercialize biometric payment solutions in Eastern Europe, IDEX Biometrics ASA established a partnership with E-kart, a provider of smart card technology. Through this agreement, Turkish banks and other payment card users will have access to biometric smart cards with improved performance and cost-effectiveness.
Smart Card Key Market Trends
- The industry is witnessing a shift from traditional hardware-based smart cards to software-based solutions. This trend involves virtualizing smart cards into software applications that can run on mobile devices or in the cloud. Software-based solutions offer flexibility, scalability, and cost-effectiveness, enabling seamless integration with digital platforms.
Smart Card Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the smart card market has witnessed steady growth over the years, driven by the increasing demand for secure identification, authentication, and payment solutions. The market size is substantial and is projected to expand further. Factors such as technological advancements, growing government initiatives, rising digitization, and the need for secure transactions have contributed to market growth. They are used for payment systems, identification cards, access control, loyalty programs, transportation ticketing, and more. The versatility of smart cards has expanded their market potential and fuelled their adoption across various industries. With the rising focus on security, contactless payments, and digital transformation, the smart card market is expected to witness sustained expansion and innovation in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.37 Billion |
| Market size value in 2031 | USD 4.23 Billion |
| Growth Rate | 13.34% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Card Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Card Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Card Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Card Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Card Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Card Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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