Smart Card Market size worth $ 30.71 Billion, Globally, by 2030 at 7.69% CAGR: Verified Market Research®

Increasing demand for information security related to user credentials, personal identification applications and access control. Furthermore, the surge in the adoption of digital payment method is expected to fuel the demand for Smart Card Market.

JERSEY CITY, N.J., May 23, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Card Market" By Component (Microcontroller, Memory Cards), By Communication (Contact, Contactless), By Application (Government and Healthcare, Transportation, Retail), and By Geography. According to Verified Market Research, the Global Smart Card Market size was valued at USD 16.81 Billion in 2021 and is projected to reach USD 30.71 Billion by 2030, growing at a CAGR of 7.69% from 2022 to 2030.

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Browse in-depth TOC on "Smart Card Market"

202 - Pages
126 – Tables
37 – Figures

Global Smart Card Market Overview

Smart card technology has been around for a well couple of decades now. From enabling mobile communication to providing smart card control, the smart application has grown exponentially. The deployment of smart card-based products such as contactless, contact-based, hybrid, and dual interface cards across the various industry verticals is rising. This is mainly due to the outbreak of Covid-19. This has driven the demand for smart cards across the globe. Furthermore, the use of smarts cards is expanded dramatically due to travel restrictions and the widespread adoption of the work from home model amid the pandemic. Consumer awareness is rising about digital payment methods such as tap and pay cards.

The use of tap and pay cards is one of the emerging trends in the market. Therefore, the rising preference for tap and pay cards is one of the key factors, which propels the growth of the market. Increasing smartphone ownership and rising internet penetration worldwide are contributing significantly to the growth of the Global Smart Card Market. Apart from this, the rising demand for more secure banking applications in emerging countries is propelling the demand for smart cards over the past few years. Smart cards are secure and convenient consumers can easily use them at multiple facilities.

Increasing investment in smart card technology is one of the key factors which is offering the key opportunities for the vendors in the market. The government and transportation authorities across the globe are focusing on safe and sustainable public transportation infrastructure. These efforts also include investment in smart card technology for public transport users across the globe. For instance, in April 2021, The City and County of Honolulu's Department of Transportation Services (DTS) replaced their old paper passes with new HOLO smart cards for The Bus passengers. The smart card helps to eliminate the queue system while collecting tickets in the transportation sector.

Key Developments

• In January 2020, Thales has entered into a partnership with Confidex. The aim of this partnership is to develop smart media for calypso-based systems. A new type of microprocessor-based smart media will be used in Confidex and Gemalto's software solutions.
• In February 2019, Verimatrix a software company specialized in content security for digital television services has been acquired by Inside Secure for the amount of USD 145 million. The acquisition will provide end-to-end security solutions for the internet of things (IoT) and connected cars market.
• In June 2020, The Macao government in partnership with G+D Mobile Security has launched a contactless prepaid payment card. The aim of launching this card is to provide financial assistance and alleviate the covid-19 impact on its citizens.

Key Players

The major players in the market are Inside Secure SA, Atos SE, CPI Card Group, Inc., American Express Company, Gemalto NV, Giesecke & Devrient (G&D) GmbH, NXP Semiconductors N.V., Infineon Technologies AG, ABCorp, Texas Instruments, Inc.

Verified Market Research has segmented the Global Smart Card Market On the basis of Component, Communication, Application, and Geography.

• Smart Card Market, By Component
• Microcontroller
• Memory Cards
• Smart Card Market, By Communication
• Contact
• Contactless
• Smart Card Market, By Application
• Banking, Financial Services, and Insurance (BFSI)
• Government and Healthcare
• Transportation
• Retail
• Others
• Smart Card Market, by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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