The Global Smart Card Market size is expected to reach $17. 1 billion by 2026, rising at a market growth of 4. 9% CAGR during the forecast period. Smart cards are developed owing to the various technological advancements in order to make payment platforms easier and convenient.
New York, April 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Card Market By Type, By Interface, By Functionality, By Vertical, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06064818/?utm_source=GNW
These smart cards have an integrated circuit chip embedded on it. Smart cards are generally made up of plastic and help in storing, exchanging, and manipulating the data. These cards provide various benefits to the users like safer transactions, better security, tough & reliability, and reusability. Many industries like telecommunication, transportation, retail, government, financials, and entertainment are using smart cards to perform their financial activities.
A unique device similar to a card with an embedded integrated circuit is termed a smart card. The integrated chip can either be a simple memory circuit or a microprocessor with memory. A person using a smart card can store, manipulate and exchange data. The increasing popularity and adoption of these smart cards in various sectors are pushing the growth of the smart card market. The smart card uses a card reader to form a link with the host system. All the required data is transferred from the smart card to the host system through the card reader.
The high adoption of smart ticketing is the major factor that is fueling the growth of the market in countries like Japan, Europe, Australia, and China. These days, people are using smart card technology during their travel for the purpose of saving time and convenience. By using a smart card, a person can skip the long queues for collecting tickets. There are many benefits that smart cards offer especially to travelers as they can reduce their travelling time and enhance the efficiency of services. It also assists government officials and transport companies to maintain & collect data of the travelers. The application of these cards is extending to the services of the transport market like washing vehicles, parking, refilling the vehicle tanks and servicing as these cards offer high convenience.
Based on Type, the market is segmented into MPU Microprocessor and Memory Card. Based on Type, the market is segmented into MPU Microprocessor and Memory Card. The MPU Microprocessor market dominated the Global Smart Card Market by Type 2019, growing at a CAGR of 4.7 % during the forecast period. The Memory Card market is experiencing a CAGR of 5.4% during (2020 - 2026).
Based on Interface, the market is segmented into Contactless, Contact and Dual Interface. The contactless market segment will acquire the highest market size during the forecast period. These contactless smart cards have embedded smart card safe microcontroller or similar intelligence, internal memory & a small antenna; it interacts with readers by the contactless radio frequency (RF) interface. The Radio Frequency Identification RFID or Near Field Communication NFC technology for communication is majorly utilized in contactless smart card applications.
Based on Functionality, the market is segmented into Communication, Transaction and Security. A SIM (subscriber identity module) card that is majorly used in mobile phones is a kind of microcontroller-based smart card. The ongoing crisis is offering a thrust to the increasing trend of digitalization in business and private communication with cellular technology combined with the standardization of digital conferences. Additionally, the increasing penetration of high-end SIM card technologies like 5G, eSIM, LTE, M2M, and SWP, is anticipated to spur the growth of the market in the next few years.
Based on Vertical, the market is segmented into Telecommunications, BFSI, Government & Healthcare, Transportation, Retail, Education and Others. This SIM card recognizes and verifies a subscriber to a wireless cell phone network. The telecommunications market segment garnered the highest market share in 2019. Determinants like expansion in the global mobile network and enhancements in its infrastructure are supporting the growth of the market. The COVID-19 pandemic has also surged the demand for connectivity.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe region procured a significant revenue share in smart cards market in 2019. This region is likely to maintain this trend during the forecast period. The development in the self-service features is becoming more popular in the UK to decrease the wait time and offer more convenient while travelling. Furthermore, these contactless cards are widely implemented as alternative in the UK market to paper ticketing on the National Rail System in London.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Thales Group S.A. and Assa Abloy AB are the forerunners in the Smart Cards Market. Companies such as IDEMIA SAS, ABCorp, CPI Card Group, Warchdata Co., Ltd. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., CPI Card Group (Parallel49 Equity), Assa Abloy AB, Giesecke & Devrient GmbH, IDEMIA SAS (Advent International, Inc.), Inteligensa, CardLogix Corporation, Watchdata Co., Ltd., Eastcompeace Technology Co., Ltd (Potevio Group), and ABCorp (American Banknote Corporation).
Recent strategies deployed in Smart Cards Market
Partnerships, Collaborations, and Agreements:
Mar-2021: Thales collaborated with Axis Bank, an Indian private sector bank. Under this collaboration, Thales brings Contactless Payment Functionalities to Axis Bank’s Wear ‘N’ Pay Wearables Program and offers security and connectivity technologies integrated into the wearables by Tappy Technologies. The innovation provides Axis users a simplified and safe transaction, providing an improved payment experience.
Mar-2021: IDEMIA joined hands with G+D and NXP Semiconductors. Together, the companies introduced the White Label Alliance (WLA) which responds to the increasing global demand for next-generation, discrete payment solutions for domestic and private-label payment brands. WLA embeds and updates an open and complete payment standard that allows ready-to-deploy dual interface payment solutions including contact and contactless payment cards, mobile devices, and payment terminal acceptance.
Jan-2021: G+D came into an agreement with Parley for the Oceans, an environmental organization. This agreement includes the production of payment cards by G+D using raw materials offered by Parley. G+D would deliver the cards under the name Convego Parley Ocean card. These cards are made from materials supplied by Parley like plastic granules, bales, and flakes extracted from recycled plastic waste from the world’s oceans.
Dec-2020: IDEMIA partnered with ZWIPE, a biometric technology company. Together the companies promote biometric cards as the reference for contactless payments.
Dec-2020: IDEMIA signed an agreement with Rocker, a blue-chip Swedish FinTech and bank challenger. The agreement aimed to improve contactless payment security. The F.CODE biometric payment cards would undergo proof of concept with Rocker customers in the first quarter of 2021.
Oct-2020: HID Global partnered with Nymi, a Toronto-based technology company. In this partnership, the companies bring the next-generation Seos credential technology to customers of Nymi’s Version 3.0 workplace wearable wristband. This partnership allows connected workers from various sectors to effortlessly open doors and authenticates systems, devices, and machines.
Sep-2020: Watchdata signed an agreement with the Singapore government. Under this agreement, Watchdata assisted Singapore to issue the first dual-currency cross-border transportation card. The EZ-Link x Touch n Go Motoring Card is dual-currency cross-border contactless smart card developed mainly for Singapore motorists traveling to Malaysia. These Singaporean motorists could utilize the card for contactless payment of selected carpark fees, Electronic Road Pricing (ERP), and checkpoint toll charges in Singapore. This card is utilized to pay for highway tolls, parking fees, checkpoint toll charges, MRT fees, bus fares, and retail and dining acceptance points.
Jun-2020: Thales came into agreement with Samsung. Under which, Samsung Galaxy S20 is the first one to feature Thales’ technological breakthrough. It is the world’s first smartphone that features a safe single-chip solution to complement both mobile connectivity and trusted contactless services. The usage of the innovative connected eSE provides the latest possibilities for the next generation of consumer devices with a broad range of NFC2 services that includes safer payments or transport ticketing.
Jun-2020: CPI Card Group teamed up with Visa, an American multinational financial services corporation. Under this collaboration, the companies introduced the Earthwise High Content Card. CPI developed the Earthwise High Content Card, which is the first of its kind powered by Visa, to assist in minimizing the first-use plastic in payment cards and decrease plastic waste entering landfills.
Jun-2020: Watchdata came into partnership with Zwipe, a biometric technology company. Both the companies aimed to develop and introduce next-generation contactless payment cards & wearables and bring these enhancements to banks in various regions.
Apr-2020: HID Global teamed up with Fidesmo, a provisioning company that makes it possible to connect contactless services to wearables. Through the collaboration, Fidesmo integrated HID’s next-generation Seos credential technology into safeguard element chips, which are utilized in a broad range of wearables.
Jan-2020: Thales formed a partnership with Confidex, a leading designer and supplier of short-range wireless identification solutions. The partnership aimed to develop a flexible smart media for Calypso-based system. Under this partnership, Thales delivers Confidex with Gemalto’s Operating System that fulfills the Calypso Light Application (CLAP). CLAP is a shrunk version of Calypso, complements the low-cost and high-volume contactless paper-based card utilized in public transport.
Acquisition and Mergers:
Dec-2020: IDEMIA took over PCARD, a form of company charge card. This acquisition enabled IDEMIA to provide a wide range of card payment services and solutions to the Kingdom’s banking and payment ecosystem.
Oct-2019: IDEMIA completed the acquisition of X-Core Technologies’ metal payment card business and associated patents. In this acquisition, X-Core complements the prevailing product line of IDEMIA with the cards that are appropriate for contactless payments.
Sep-2019: HID Global took over Placard, the largest manufacturer of secure cards in Australasia. This acquisition enhanced HID’s position in this region. Further, the integration of Placard to the HID portfolio has expanded the company’s value-added services and improves its capabilities for trusted identities. The acquisition also strike balance between offering a wide range of card solutions and offering users the choice of digital IDs as the next wave of the future.
Apr-2019: Thales acquired Gemalto, an international digital security company. In this acquisition, Thales took over a suite of highly complementary technologies and competencies with applications in all of their five vertical markets. Both the companies made a giant in digital identity and security with the offerings to compete in the big leagues globally.
Product Launches and Product Expansions:
Dec-2020: Thales introduced the world’s only double-sided ID card reader, which examines ID cards or driving licenses in the cloud in less than four seconds. The design of the intelligent reader enables to accelerate the process and also ensures a high-security level, and providing cost benefits to the operators. It streamlines the process of ID verification and delivers a touchless check that is important in the Covid-19 pandemic.
Dec-2020: IDEMIA introduced its new biometric cards the F.CODE Gen2 for IDEMIA in India. This launch follows the Aadhar card-enabled payment’s success, the F.CODE cards will allow cardholders to initiate the contactless payments safely through fingerprint authentication.
May-2020: HID Global added a new feature to its product line. The new feature helps employee ID card issuers to utilize its Seos digital credential technology to allow staff to utilize smartwatches, rings, watchbands, and other devices to get access to buildings, log in to PCs and cloud applications, do payments at vending machines, and many more.
Feb-2020: Thales launched its first Fast IDentity Online 2.0 (FIDO2) and Microsoft Azure AD tested authentication devices. This launch offers passwordless access for cloud apps, network domains, and all Azure AD-connected apps and services. This combination helps companies to shift to the cloud safely and apply for safer access all over the hybrid environments through combined access management and authentication offering.
Oct-2019: CPI Card Group introduced Second Wave cards for markets that include hospitality, transit, entertainment, and more. Second Wave payment cards have a core made with recycled ocean-bound plastic to decrease the first-use plastic and also diverting plastic waste from entering the ocean.
Oct-2019: IDEMIA released Smart Metal Art, a new metal payment card range fully suitable for contactless payments. This launch is possible because of the acquisition of X Core’s metal payment card business and associated patents. The Smart Metal Art is developed for the dual interface mass affluent market and certified by Mastercard, Visa, and Amex.
Oct-2019: American Banknote Corporation introduced its battery-free dynamic security code payment card. This card uses Ellipse Verification Code (EVC) technology. The EMV is proved very efficient at minimizing Card-Present (CP) transaction fraud by protecting card counterfeiting however EVC combats fraud in Card-not-Present (CnP) transactions by substituting the static 3 or 4-digit security code embedded on a payment card with a changing security code displayed on a small screen.
May-2019: CardLogix Corporation introduced BIOSID, a robust mobile identity solution. This solution features multiple biometric modalities and high-security smart card technology. The software connects with safer contact and contactless smart cards that store AES-encrypted biometric data for quick 1:1 biometric matching against the latest captured prints. These Biographical data, signature, photo ID, and other digital information faster display onscreen for visual inspection.
Scope of the Study
Market Segments covered in the Report:
• MPU Microprocessor
• Memory Card
• Dual Interface
• Government & Healthcare
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Thales Group S.A.
• CPI Card Group (Parallel49 Equity)
• Assa Abloy AB
• Giesecke & Devrient GmbH
• IDEMIA SAS (Advent International, Inc.)
• CardLogix Corporation
• Watchdata Co., Ltd.
• Eastcompeace Technology Co., Ltd (Potevio Group)
• ABCorp (American Banknote Corporation)
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