Smart Cards Market

Introduction

With technological advancements in payment services, smart cards are manufactured to make payment options easier and more convenient. A smart card is usually made up of plastic with an integrated circuit chip embedded on it. Smart cards are used to exchange, store, and manipulate data. They offer several advantages to consumers, for instance, they are reusable, perform secure transactions, provide more security, and are more tough & dependable. Smart cards can be used in several sectors such as, government, telecommunication, retail, financials, transportation, and entertainment for conducting financial activities.

The primary factor driving the smart cards market in several regions and countries, especially in Europe, Japan, China, & Australia, is the adoption of smart ticketing. Nowadays, people are adopting the smart card technology while traveling to save time as well as increase their convenience. The smart card technology eliminates the queue system while collecting tickets.

Smart cards provide several benefits to commuters, which include reduction in travelling time and improvements in service efficiency. They also help governments and transport services collect the travel data of commuters. Due to the convenience of smart card payments, their usage can be extended to other areas of the transport market such as car parking, washing, servicing, and fueling.

Revenue generated by the global smart cards market is estimated to exhibit a single-digit CAGR, owing to which it is expected to reach US$ 20,041.7 Mn by 2026. On the basis of access of smart cards, the physical subsegment in the smart cards market is estimated to hold the largest share in 2026 and the logical segment is also expected to exhibit a single digit CAGR. On the basis of components, the microcontroller subsegment in the smart cards market is estimated to hold approximately 84.9% of market share in 2026.

The smart cards market in North America is expected to witness the highest growth in the global market owing to the increasing adoption of digital payment options in several regions, especially Europe, North America, and APAC.

Some popular vendors contributing to the smart cards market are NXP Semiconductors N.V., Infineon Technologies AG, Gemalto N.V., Inside Secure SA, CPI Card Group Inc., Giesecke & Devrient GmbH, WatchData Technologies Ltd., BC Card, IDEMIA, and CardLogix C

On April 16, 2016, NXP Semiconductors N.V. and HID Global announced a strategic collaboration for developing secure access products for commercial buildings, hotels, and workplaces.

In 2015, Gemalto NV acquired the secure document business of Trub AG, a Switzerland-based company that provides identification solutions, such as high security polycarbonate documents, to governments and banks

Key Segments Covered