Press release
Smart Card Market Report 2023 : Industry Trends, Share, Size, Growth, Opportunities and Forecast To 2032
Smart Card Market
The Business Research Company's Smart Card Global Market Report 2023 identifies surged demand for contactless payments as the major driver for the Smart Card market's growth in the forecast period. 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.
The global smart card market size grew from $18.57 billion in 2022 to $20.06 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart card market size is expected to grow to $27.56 billion in 2027 at a CAGR of 8.3%.
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Major competitors in the Smart Card market are CardLogix Corporation, CPI Card Group, Giesecke & Devrient, IDEMIA, Infineon Technologies AG, NXP Semiconductors NV, Watchdata Technologies.
A key trend in the Smart Card market includes technological advancement. 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).
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The Smart Card market is segmented -
• By Type: Contact, Contactless, Hybrid, Dual-Interface
• By Access: Physical, Logical
• By Componenet: Memory-Based, Microcontroller-Based
• By End Use: Government, Healthcare, Transportation, Telecommunication, Financial Services, Retail And Loyalty, Entertainment, Energy And Utility
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Smart Card market.
The Business Research Company's "Global Smart Card Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Smart Card Market Include:
1. Executive Summary
2. Smart Card Market Characteristics
3. Smart Card Market Trends And Strategies
4. Smart Card Market - Macro Economic Scenario
5. Smart Card Market Size And Growth
……………………………………………………………………….
26. Africa Smart Card Market
27. Smart Card Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Card Market
29. Smart Card Market Future Outlook and Potential Analysis
30. Appendix
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