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Global Smart Card Market 2020 Research Report by Size, Growth, Trends and Forecast to 2026

Author : Ronak Bora | Published Date : 2020-09-02 

The increasing number of cashless transactions in emerging economies will positively impact the smart card market growth. According to Credit Suisse Group AG, a Swiss-based investment bank, the digital transactions in India are estimated to reach USD 1 trillion by 2023. The increased adoption of smartphones coupled with government initiatives is encouraging several economies to adopt digital & smart card payments. Smart cards offer convenience to users in monetary transactions by eliminating the need to carry cash or a checkbook. With such a rise in digital & cashless economies, the market is expected to witness a considerable growth in the coming years.

Smart Card Market size will exceed USD 75 billion by 2026. The growing demand for secure payments in retail and transit markets for applications, such as citizen identity, employee identity, and healthcare is propelling market growth. 

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Some major findings of the smart card market report are:

  • The payment industry is continuously evolving with the integration of technological advancements, which will propel contactless payments globally
  • Pilot projects for nurturing new industries between ASEAN and Japan are being tested. It aims at promoting the standardization of smart card usage across industries including restaurants, supermarkets, gas stations, etc.
  • Retail and transport industries are rapidly adopting smart cards to enhance customer satisfaction. Increase in card payments across Latin America due to digitization initiatives by government is driving the regional growth.
  • Governments of several countries including the U.S., India, China, the UK, Germany, France, Singapore, etc., are increasingly adopting smart cards for applications in ID cards, e-passport, driving license, and health cards
  • The major market players include CardLogix Corporation, Giesecke & Devrient (G&D) GmbH, NXP Semiconductors NV, CPI Card Group, and Ingenico Group

Contactless smart cards are expected to witness high growth in the market. These cards employ radio frequency between cards and a reader, eliminating the need for physical insertion. Increased convenience and tamper-resistance features of cards (through PIN codes) have augmented their adoption by government organizations for addressing security issues, thereby propelling the contactless smart card market growth. In addition, the technology helps enhance convenience and security in financial transactions.

The Asia Pacific smart card market will witness high growth over the forecast timeline owing to the increasing demand in developing countries such as India, China, and Thailand, promoting the adoption of smart cards in transportation, retail, government, and BFSI healthcare sectors. Furthermore, the favorable regulatory environment regarding cashless economies is promoting the usage of digital and smart card payments. For instance, Reserve Bank of India (RBI) has mandated central banking institution to issue smart debit cards replacing magnetic strip cards from 2013. Several countries are implementing smart cards to make the process of payments and documentation easy for consumers. Moreover, with the rise in the number of subway trains in China, the market for smart cards is expected to grow significantly.

Rise in the number of foreign banks in Latin America is driving the adoption of EMV cards. Government agencies operating in the region are focusing on the deployment of contactless technology in public transportation. Government initiatives and investments are contributing to the smart card market growth. In October 2018, the Brazil government launched a pilot program enabling mobile NFC-based ticketing for public transport in Rio de Janeiro. Smartphones embedded with NFC technology were used as digital wallets for secure payments in public transport tickets. Other prominent cities in Brazil, such as Buenos Aires, Santiago, Sao Paulo, Bogota, and Lima, have implemented Automatic Fare Collection (AFC) systems for public transport.

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Key players operating in the smart card market include Verifone, Square, Inc., SCM Microsystems, NXP Semiconductors NV, Ingenico, Infineon Technologies AG, Hypercom, Giesecke & Devrient (G&D) GmbH, Gemalto NV, CardLogix, Cardcom, and Bartronics, among others. These players are introducing differentiated and innovative technologies to sustain in a highly competitive market. The growing demand for industry-specific solutions will encourage organizations to expand across countries with high economic developments and digital advancements.

Table of Contents (ToC) of the report:

Chapter 6    Smart Card Market, By Application

6.1    Key trends by application

6.2    SIM & telecom

6.2.1    Market estimates and forecast, 2016 – 2026

6.3    Financial

6.3.1    Market estimates and forecast, 2016 – 2026

6.4    Government & health

6.4.1    Market estimates and forecast, 2016 – 2026

6.5    Retail & gas

6.5.1    Market estimates and forecast, 2016 – 2026

6.6    Access control

6.6.1    Market estimates and forecast, 2016 – 2026

6.7    Transportation

6.7.1    Market estimates and forecast, 2016 – 2026

6.8    Loyalty

6.8.1    Market estimates and forecast, 2016 – 2026

6.9    Others

6.9.1    Market estimates and forecast, 2016 – 2026

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/smart-card-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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