Contactless Smart Card Market is Booming Worldwide

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MarketsandMarkets Presents

Contactless Smart Card Market is Booming
Worldwide Smart Card Market by Interface
(Contact, Contactless, Dual), Type (Memory, MPU
Microprocessor), Functionality (Transaction,
Communication, Security and Access Control),
Offering, Vertical, and Region (2021-2026) https
//www.marketsandmarkets.com/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. Increased demand for
contactless card (tap-and-pay) payments as a
result of COVID-19, proliferation of smart cards
in the 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 rising demand for online shopping
and banking are all major drivers of market
growth. 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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Based on vertical, the telecommunications
segment held the largest share of the smart card
market in 2020. A subscriber identity module
(SIM) card is a microcontroller-based smart card
that is commonly seen in mobile phones and other
devices. A subscriber to a wireless cell phone
network is identified and authenticated by a SIM.
In 2020, the telecoms segment held the largest
share of the smart card market, accounting for 42
percent. The market is growing due to the
expansion of the global mobile network and
improvements in its infrastructure. In addition,
COVID-19 led to an increased demand for
connectivity. The current crisis provided a push
to the trend of digitalization of business and
private communication with cellular technology,
along with the generalization of digital
conferences. Moreover, the penetration of
high-end SIM card technologies, such as LTE, 5G,
M2M, eSIM, and SWP, is expected to augment the
market growth . Ask PDF Brochure https//www.mar
ketsandmarkets.com/pdfdownloadNew.asp?id285 The
contactless segment projected to account for
largest size of the smart card market during the
forecast period. A contactless smart card
includes an embedded smart card secure
microcontroller or equivalent intelligence,
internal memory, and a small antenna it
communicates with readers through a contactless
radio frequency (RF) interface. Radio-frequency
identification (RFID) or near-field communication
(NFC) communication technologies are primarily
used for contactless smart card applications.
COVID-19 is positively impacting the contactless
smart card market as the World Health
Organization (WHO) and governments across the
world are advocating the use of contactless smart
cards for various purposes to ensure social
distancing to contain the spread of the virus.
Contactless smart cards provide ease, speed, and
convenience to users. The contactless interface
has become highly relevant in the current
COVID-19 situation, especially for payment
applications, as it facilitates safe and secure
transactions without physical contact.
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APAC estimated to account for the largest size of
the smart card market in 2020. Asia Pacific
(APAC) is the largest market for smart cards. The
robust financial system that is being
increasingly digitized and government agencies
incorporating smart chip-based systems for better
monitoring of processes are propelling several
APAC countries to adopt smart card solutions
owing to increasing demand, specifically in the
transportation, BFSI, retail, government, and
healthcare sectors. Smart cards are used to
purchase tickets in metros, buses, and ferries,
among others, in several countries in APAC. China
is projected to witness the highest demand for
smart cards in the region owing to a large
consumer base and the presence of a number of
smart card manufacturers. Request Free Sample
Pages https//www.marketsandmarkets.com/requestsa
mpleNew.asp?id285 Properly implemented smart
cards in all sectors have proven highly effective
in combating thefts and fraud. Government
projects, such as the Aadhar card in India, drive
the demand for smart cards for use in a number of
sectors. Moreover, security concerns,
particularly within the public sphere, are also
expected to fuel the growth of the smart card
market in APAC.
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Key Market Players Thales Group (France),
IDEMIA (France), Giesecke Devrient GmBH
(Germany), CPI Card Group (US), HID Global
Corporation (US), Watchdata (China), Eastcompeace
(China), Inteligensa (US), ABCorp (US), and
CardLogix (US) are a few major players in the
smart card market. 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. 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.
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