Smart Cards Market

Smart Cards Market Overview

A smart card is a device that includes an embedded integrated circuit with internal memory that stores and transacts data associated with either value, information, or both. Smart cards are generally used in applications that are used to deliver fast and secure transactions and to protect personal information such as credit cards, electronic passports, visas, corporate and government identification cards, and other types of payment cards. These are utilized in various institutions ranging from banks, companies, business enterprises, and many other institutions.

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Major Smart Cards Market Drivers

The growing adoption of Internet-of-Things (IoT), advancements in micro-embedded electronics, and the use of devices integrated with embedded circuit chips that enable organizations to facilitate secure payment facilities, authentication, and information storage to their consumers are the major factors expected to contribute to the growth of the smart card market over the forecast period. In addition, the digitization in government processes, growing demand for identification cards to avail government facilities, and the provision of licenses, healthcare and social benefit documentations to people in the form of smart cards by the government authorities are stimulating the growth of the smart cards market.

Moreover, the increasing trend of organizations toward the efficient storage of personal data, digitalization of payment processes together with the rising consumer inclination toward cashless payments are further promoting the demand for smart cards in various verticals including healthcare, retail, BFSI, transportation, and hospitality sectors. Furthermore, the outbreak of COVID 19 pandemic is anticipated to stimulate the growth of smart card market owing to rise in demand for contactless payments among consumers. However, high costs in the deployment of EPOS (electronic point of sale system) terminals and increasing adoption of mobile wallets and payment applications are expected to hamper the demand of smart cards during the forecast period.

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Based on the communication, the market is segmented into contact, contactless. The contactless segment is expected to grow at a substantial rate during the forecast period owing to the fact that contactless smart cards offer more storage and secure reading and writing of data as compared to magnetic cards. Additionally, the contactless smart cards are more reliable, sturdy, waterproof, and require fewer replacements than magnetic stripe cards, which can be easily damaged by magnetic fields, moisture or normal wear and tear. This is further expected to contribute to the growth of the market.

Based on the component, the market is segmented into hardware, software, and services. The software segment is expected to grow prominently during the forecast period. This is primarily due to basic functionality of smart card software of providing secure access to on-card storage, authentication and encryption. Additionally, increasing adoption of smart cards in diverse applications including banking, telephone services, authentication services, and medical records systems are escalating the growth of the market.

Based on the application, the market is segmented into BFSI, government and healthcare, transportation, retail, and others. The BFSI (Banking, financial services and insurance) segment is expected to account for a notable share in the smart card market owing to the increasing utilization of smart cards as credit, direct debit, and stored value cards that offer a counterfeit and tamper-proof device. Additionally, the intelligent microchip on the smart card and the card readers use mutual authentication procedures that help in protecting users, merchants and banks from fraudulent use. Moreover, smart cards can be used for fast, 24-hour electronic funds transfers over the internet. These factors are further contributing to the growth of the market over the forecast period.

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Regional – Segment Analysis

Based on the region, Asia-Pacific region is anticipated to witness a significant growth in the smart cards market during the forecast period. This is primarily due to the growing rapid digitization of processes across various industries including retail, healthcare, government, and BFSI sectors in the region. Additionally, the rise in per capita disposable incomes in developing countries including China, Japan, India, and South Korea and increasing incorporation of IoT along with the growing demand for contactless secure payment processes among consumers are further stimulating the growth of the smart cards market in the region. North America is projected to account for prominent share in the smart cards market owing to the rapid economic development and the increasing incidences of banking frauds. Additionally, growing uses of smart cards as electronic id (e-id) cards, health and health insurance cards, electronic and biometric passports are further supporting the market growth in the region.

Top Market Players

Various notable players operating in the global Smart Cards market, include, NXP Semiconductors, Giesecke+Devrient GmbH, Idemia, Infineon Technologies AG, Sony Corporation, Samsung Electronics Co., Ltd., Ingenico Group SA, VeriFone, Inc., Zwipe AS, WATCHDATA Co., Ltd. among other companies. 

Key Developments:

• • In 2020, Biometric technology company, Zwipe AS and Watchdata Technologies, one of the leading smartcard manufacturer partnered for the development and launch of next generation contactless payment cards and wearables for banking sector in multiple regions across the world. This partnership is expected to enhance the product portfolio as well as the geographical coverage of both the companies.
  • In 2020, Alankit Limited, one of the leading E-Governance Services and Solutions Provider in India partnered with IDP , Ltd., a developer and manufacturer of Identification card printing technology for the launching of innovative smart card printing solutions range for secure, smart and seamless access through ID – cards such as PAN, Aadhaar, Corporate ID cards, student ID cards in India. This partnership is expected to enhance the product portfolio of both companies.
  • In 2019, CardLogix Corporation, smart card manufacturer and software developer introduced IDBX Instant Biometric Smart Card Issuance System to issue smart cards that store biometric digital identities fast and cost-effectively. This launch id anticipated to enhance the product portfolio of the company in the smart cards segment.

Segments covered in the Report:

The global smart cards market has been segmented on the basis of communication, component, application, and region. On the basis of communication, the market is segmented into contact, contactless. On the basis of component, the market is segmented into hardware, software, and services. On the basis of application, the market is segmented into BFSI, government and healthcare, transportation, retail, and others.

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Key questions answered in this research report:

• • At what pace is global Smart Cards market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Cards market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Cards market?
  • Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
  • What are the various applications of global Smart Cards market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Communication, By Component, By Application, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	NXP Semiconductors, Giesecke+Devrient GmbH, Idemia, Infineon Technologies AG, Sony Corporation, Samsung Electronics Co., Ltd., Ingenico Group SA, VeriFone, Inc., Zwipe AS, WATCHDATA Co., Ltd. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Cards Market by Communication

• • Contact Smart Cards
  • Contactless Smart Cards

Global Smart Cards Market by Component

• • Hardware
    • Smart Cards
    • Smart Card Readers
  • Software
  • Services

Global Smart Cards Market by Services

• • Banking, Financial Services, and Insurance (BFSI)
  • Government and Healthcare
  • Transportation
  • Retail
  • Others

Global Smart Cards Market by Region

• • North America Smart Cards Market (Option 1: As a part of the free 25% customization)

    • North America Market by Communication
    • North America Market by Component
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Smart Cards Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Communication
    • Europe Market by Component
    • Europe Market by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Smart Cards Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Communication
    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Smart Cards Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Communication
    • RoW Market by Component
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Smart Cards Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • NXP Semiconductors
  • Giesecke+Devrient GmbH
  • Idemia
  • Infineon Technologies AG
  • Sony Corporation
  • Samsung Electronics Co., Ltd
  • Ingenico Group SA
  • VeriFone, Inc.
  • Zwipe AS
  • WATCHDATA Co., Ltd.