Smart Card Global Market Report 2022

·4-min read

Major players in the smart card market are CardLogix Corporation, CPI Card Group, Giesecke & Devrient, IDEMIA, Infineon Technologies AG, NXP Semiconductors NV, Watchdata Technologies, Gemalto NV, Inside Secure SA, Cardcom Technology, Eastcompeace, Thales Group, Identiv Inc, HID Global Corporation, Atos SE, Texas Instruments, Alioth Llc, Fingerprint Cards AB and Secura Key.

New York, Sept. 16, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Smart Card Global Market Report 2022" -

The global smart card market is expected to grow from $17.20 billion in 2021 to $18.54 billion in 2022 at a compound annual growth rate (CAGR) of 7.78%. The smart card market is expected to grow to $25.21 billion in 2026 at a compound annual growth rate (CAGR) of 7.99%.

The smart card market consists of the sales of smart card products by entities (organizations, partnerships, and sole proprietors) that refers to a physical plastic card with a built-in integrated chip that acts as a security token.These cards provide ways to identify and authenticate the cardholder and third parties who use the card.

It connects to the host computer or controller through a card reader, which receives data from the card and sends it to the host computer for authentication.

The main types of smart cards are contact, contactless, hybrid and dual-interface.Contact smart cards refer to cards that make physical contact with the card reader.

Contact smart cards can be recognized by a gold or silver chip on the card body.Smart cards are accessed physically and logically.

The components of smart cards include memory-based and microcontroller-based. Government, healthcare, transportation, communications, financial services, retail and loyalty, entertainment, and energy and utility the industries that use these cards.

Asia-Pacific was the largest region in the smart card market in 2021. The regions covered in the smart card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The smart card market research report is one of a series of new reports that provides smart card market statistics, including smart card industry global market size, regional shares, competitors with a smart card market share, detailed smart card market segments, market trends and opportunities, and any further data you may need to thrive in the smart card industry. This smart card market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The surged demand for contactless payments is expected to significantly drive the growth of the smart card market.With the increase in social distancing during COVID-19, a rapid shift towards digitalization was seen in all aspects.

Due to this sheer development in digitalization and e-commerce services, the movement to contact-less payment from numerous platforms has accelerated.For instance, in June 2021, UK Finance, a UK-based trade association, highlighted that contactless payments accounted for 57% of all credit card transactions and 71% of all debit card transactions.

Furthermore, in February 2022, nearly 1.2 billion contactless card were recorded, an increase of 76.3 % from 668 million in February 2021 and 32.4 % from 889 million in February 2020. Hence the increasing demand for contactless payments will drive the growth of the smart card market.

Technological advancement is the key trend gaining popularity in the smart card market.Major companies operating in the smart card market are focused on providing technologically advanced products to strengthen their market position.

These companies are implementing next-generation smart card technologies into their products, such as memory technology, RFID, NFC, integrated circuit, Bluetooth tag, WiFi RTLS, and others.The above-mentioned feature and improvements build security, confidentiality, and convenience for its user.

For instance, in July 2021, Thales, a France-based technology company, launched an EMV card with a fingerprint, a biometrics Sensor Payment card (BSPC).This BSPC fingerprint sensor card offers improved security and usability with endless contactless payment limits.

This card (BSPC) involves replacing the PIN with an on-card fingerprint sensor and does not require changes to existing POS payment terminals.

In January 2022, Nayax Ltd., an Israel-based fintech company announced the acquisition On Track Innovations Ltd. for $4.5 million in cash. Through this deal, Nayax aims to expand and gain share in targeted markets such as Japan and accelerate its growth opportunities. On Track Innovations Ltd. is an Israel-based company offering smart card technology.

The countries covered in the smart card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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