According to the latest report of the IMARC group titled “Smart Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which includes information on smart card industry report. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market. The global smart card market reached a value of US$8.4 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$11.1 billion by 2027 exhibiting a CAGR of 4.60% during the period 2022-2027.
A smart card refers to an electronic authorization device with an embedded microprocessor that is typically used to perform financial transactions. It is made from plastic and helps to control the process of accessing and manipulating data when performing financial transactions. A smart card’s microprocessor or integrated circuit (IC) chip serves as a service token to store or exchange data between users. Hybrid smart cards with built-in memory and microprocessors are also widely used to provide physical access to restricted areas. Therefore, smart cards are used in many personal identification, authentication, and data storage applications around the world.
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Like the novel coronavirus (COVID-19[feminine]) the crisis is taking over the world, we are constantly monitoring the changes in the markets, as well as the purchasing behavior of consumers around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.
The growing adoption of cashless or digital payments is one of the major factors driving the smart card market. In this light, the sudden onset of the COVID-19 pandemic is encouraging government bodies to launch initiatives to popularize contactless payments through UPI or digital wallets, which further catalyzes the growth of the market. Additionally, the increasing use of telemedicine, electronic medical records and other information technology (IT) services in the healthcare industry to provide efficient patient care acts as another significant growth driver. . Apart from this, the growing requirement for smart employee identification (ID) cards to secure access to physical facilities and computer systems and networks is also increasing the global market. Additionally, the increasing use of products in e-passports to enhance security systems is expected to fuel the smart card market over the forecast period.
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Competitive landscape with key players:
The report has also analyzed the competitive landscape of the market with some of the key players.
- Bartronics India Ltd
- CardLogix Corporation
- CPI Card Group
- AB fingerprint cards
- Giesecke+Devrient (MC Familiengesellschaft mbH)
- Identiv inc.
- NXP Semiconductors AG
- Samsung Electronics Co.Ltd
- Security key
- Thales Group
- Watchdata Technologies Pte. ltd
Smartcard Market segmentation :
Our report has categorized the market based on region, type, component, application, and end-use industry.
Breakdown by type:
- Without touching
- Dual interface
Breakdown by component:
- Memory based
- Based on a microcontroller
- Magnetic tapes
Breakdown by application:
- Payment transactions
- Identity Verification
- Access control
Breakdown by end user:
- Health care
Breakdown by region:
- North America (USA, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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