Smart Card Market Dynamics – Opportunities and Challenges

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MarketsandMarkets Presents

Smart Card Market Dynamics Opportunities and
Challenges Smart Card Market with Covid-19
Impact by Interface (Contact, Contactless, Dual),
Type (Memory, MPU Microprocessor), Functionality
(Transaction, Communication, Security and Access
Control), Offering, Vertical, and Region - Global
Forecast to 2026 https//www.marketsandmarkets.co
m/Market-Reports/smart-card-285.html
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The smart card market is projected to reach USD
16.9 billion by 2026 from USD 13.9 billion in
2021 it is expected to grow at a CAGR of 4.0
from 2021 to 2026. Major drivers for the growth
of the market are surged demand for contactless
card (tap-and-pay) payments amid COVID-19,
proliferation of smart cards in healthcare,
transportation, and BFSI verticals increased
penetration of smart cards in access control and
personal identification applications and easy
access to e-government services and risen demand
for online shopping and banking. Browse 131
market data Tables and 57 Figures spread
through 184 Pages and in-depth TOC on "Smart Card
Market - Global Forecast to 2026"
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Driver Surged demand for contactless
(tap-and-play) payments amid COVID-19 The
consumer awareness about the benefits of
tap-and-pay cards and the use of these cards was
already trending upward before the pandemic.
However, with the outbreak and the spread of the
COVID-19, the use of contactless payments grew
quickly. Amid the pandemic, which obligates
limited contact and social distancing, people buy
groceries, household items, etc., using
contactless payment options. Consumers aim to
limit their exposure during transactions.
According to research carried out by Fiserv (US)
in May 2020, people consider contactless
(tap-and-pay) cards as the fastest and the safest
way to pay. Ask PDF Brochure https//www.markets
andmarkets.com/pdfdownloadNew.asp?id285
Restraint High infrastructure costs, along
with security and data theft concerns Smart cards
have generated a great deal of interest among
consumers in recent years owing to the advantages
offered by them. However, their cost is one of
the factors that restrain the growth of the smart
card market. The initial capital investments
required for setting up smart cards for access
control and other applications are high. Smart
cards require readers to read encryptions and
obtain the information to provide physical or
logical access. The deployment of these readers
involves additional purchase costs. The average
price of smart card readers varies from USD 50 to
USD 300. The costs of smart cards range from USD
2 to USD 10. Costs of these cards increase with
the use of chips that have high capacity and
offer highly sophisticated capabilities.
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Opportunity New mode of information security of
users enabled by blockchain Blockchain is a
revolutionary technology that helps businesses
develop fast and secure applications that fulfill
stringent security requirements. Smart cards can
effectively manage cryptographic keys, thereby
enabling efficient and secure transactions in
blockchain applications. They act as vaults for
storing cryptographic keys. When smart cards are
connected to the Internet through POS readers,
the keys stored in them can be matched with keys
stored in online libraries. If the match is
successful, users are authenticated. This is
expected to help banks and other ecosystem
players secure and authenticate the identity of
users in an improved manner, thereby reducing
instances of cyber thefts. Request Free Sample
Pages https//www.marketsandmarkets.com/requestsa
mpleNew.asp?id285 Challenge Risen
proliferation of digital identity cards Digital
identity cards are the electronic equivalent of
identity cards. Unlike paper-based identity cards
such as driving licenses and passports, digital
identity cards can be authenticated remotely over
digital channels. This results in unlocking their
access to banking services, government schemes,
educational facilities, etc. It is expected that
in the next three to four years, mobile devices
will serve as digital identity cards to access
enterprise services and data.
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Impact of COVID-19 on Smart Card Market The
world is facing an economic crisis caused by
COVID-19 pandemic. The pandemic has severely
affected various vertical such as education,
government, transportation etc. Manufacturing
units are hampered due to shutdowns and the
availability of labor or raw materials. This has
resulted in a huge gap between supply and demand.
Further, there is a restriction on foreign trades
due to the lockdown of international borders,
non-operational distribution channels, and
various government laws to take precautionary
measures for public health and safety. However,
it is expected that there will be an increasing
focus on hygiene and sanitation due to the rise
in peoples concern for a better and safer
lifestyle. An increase in demand from medical and
BFSI is also likely to drive the smart card
market gradually from 2021 to 2026.
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