Smart Card Market – Snapshot
A smart card refers to a special type of card-like device that comes with an integrated circuit chip integrated onto it. This chip could be a plain memory circuit or a microprocessor with memory. In a nutshell, it is a card through which one can manipulate, store, and exchange data. The global smart card market is likely to gather momentum from the growing popularity of this product across a diverse range of industries.
A card reader is utilized by a smart card to establish connection with the controller or a host computer. This card reader collects all the needed information from the smart card and passes on the information to the controller or host computer accordingly.
Increased Demand across Multiple Industries to Bolster Demand in the Market
A highly portable computational device, smart card, comes with the facility of data storage. Hence, these cards have emerged as an extremely credible and tamper-proof form of personal identification. It has secured information repository, which makes it ideal for high security application. This factor is likely to bolster the growth of the global smart card market in the years to come.
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The potential uses of smart cards comprise the following.
- Health Care
- Banking & Retail
- Mobile Communications
- Electronic Purse
- Access Control and ID Verification
Smart cards are used across several industries such as health, transportation, financial, retail and gas, telecommunication, and government. These organizations are making constant efforts to make a shift toward smart card technology owing to the high security and credibility of data that it offers. It also helps in the protection of individual’s assets and identity. These factors are likely to encourage growth of the global smart card market in the forthcoming years. Manufacturers of smart cards in several countries such as the UK, China, Malaysia, Singapore, Germany, the US, and India are making constant efforts to widen their presence across the globe. The manufacturers are diversifying their product and services portfolio to grab bigger market share.
The global market for smart card is expected to expand at a CAGR of 10.5% over 2019 to 2027. The total value of the global smart card market is expected to reach a value of US$ 79.8 bn by 2027, rising up from a value of US$ 32.5 bn in 2018.
Consumer shift towards digitization and automation technologies has overhauled the functional dynamics of multiple sectors and industries. Advancements in IoT and automation technologies has also aided the growth of the global smart card market. MasterCard, Visa, and Europay are some of the popular smart cards. There is heavy demand for smart cards amongst the allied classes who are not willing to bear the hassle of carrying cash. Henceforth, the global market for smart card is projected to accumulate voluminous revenues in the years to come. Smart cards have helped individuals and business in accelerating their activities of sale and purchase. Smart cards help in making cashless transactions across selling points, and this is the primary distinction of these cards. There is a stellar need for accentuating digital transactions across various sectors, and this factor is projected to bring in voluminous revenues into the global market.
Rapid urbanization and industrialization in the developing countries including China, India, Mexico, South Africa and Brazil are providing lucrative opportunities for the global smart card market. Over the years, growth in prepaid card and contactless card Industry has transformed that have shaped economies of several countries.
For instance, contactless and prepaid technology are comparatively new. According to Kalyani Pillay, Chief Executive of SABRIC (The South African Banking Risk Information Centre), contactless payment cards are very secure method just like a traditional cards Additionally, rising contactless card and prepaid industry with growing technological modernizations along with the convenience and benefits provided by smart cards are projected to offer an opportunities in the coming years.
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