Rising Demand for Contactless Smart Cards which are Highly Secure and Ensure Faster Transaction Processing is Propelling the Growth of Global Smart Cards Market. In terms of revenue, the global smart cards market was valued at US$ 11150 Mn in 2020 growing at a CAGR of 8.9% over the forecast period (2021 – 2029).
COVID-19 Pandemic is Expected to Have a Positive Impact
The COVID-19 pandemic has drastically changed the lives of individuals across the globe. Businesses were forced to implement new methods of transactions, especially contactless cards, to cope up with the pandemic. Contact-based card swiping was largely discouraged due to the higher chances of the virus being spread through contact via cards. Disinfection of these cards was a difficult process, and contactless cards saw a rise in adoption during the pandemic. Studies show that the pandemic has accelerated the implementation of smart cards, as they are considered more hygienic compared to their counterparts. The growth of Wi-Fi technology is allowing companies to implement contactless transactions up to a certain amount. Therefore, the pandemic is expected to have a positive impact on the global smart cards market in the coming years.
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Large Organizations Accounted for the Highest Share in 2020
As far as the organization size is concerned, large enterprises accounted for the maximum revenue share in the global smart cards market in 2020. The higher volume of transactions which are handled by large organizations, coupled with the higher budgets for the implementation of smart cards, contributed towards the higher share of these organizations in the global smart cards market. The revenue is expected to see a growth in the coming years, predominantly due to the emergence of contactless cards that helps in faster processing of transactions.
Asia Pacific Region to Show the Highest Growth During the Forecast Years (2021-2029)
Based on Absolute Markets Insight's findings, the Asia Pacific region is expected to show the highest growth rate during the forecast years in the global smart cards market. The rapid growth of businesses of all sizes in countries like China, India, Indonesia and Singapore, amongst others, coupled with the greater drive towards digitization in the region is a major reason for the higher growth that is expected in the near future. Furthermore, the region is also seeing a push towards contactless transactions, along with the implementation of advanced technology for faster and safer transactions. In India, for instance, the central government ensured that the banks complied to the Europay, MasterCard and Visa (EMV) payment standard by the end of 31 December 2018. The region is also seeing the rise of numerous smart card manufacturers, especially in China. The growth of B2B sales channels such as Alibaba and IndiaMART is allowing these companies to reach global markets with ease. On Alibaba, for instance, local manufacturers are selling RFID-based contactless smart cards for around US$ 1.67 per piece. Smart cards are also being used in the transportation sector, especially for local transportation such as metros and local bus services.
Competitor Analysis:
Some of key players operating in the global smart cards market are ABCorp, ALIOTH, CardLogix Corporation, CPI Card Group Inc., Eastcompeace, Giesecke + Devrient GmBH, HID Global Corporation, IDEMIA , Infineon Technologies AG, Intelcav Tecnologia, Inteligensa, Secura Key, a Division of Soundcraft, Inc., Thales and Watchdata, amongst others.
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Global Smart Cards Market
By Offering
- Hardware
- Software
- Services
- Consulting and Training
- Implementation and Maintenance
- Design and Development
- Others
By Interface Type
- Contactless
- Contact Based
- Dual Interface
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By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Industry Vertical
- Banking, Financial Services and Insurance
- IT and Telecommunication
- Travel and Hospitality
- Transportation and Logistics
- Retail and Consumer Goods
- Others
By Type
- Magnetic Strip Cards
- Optical Cards
- Memory Cards
- Microprocessor Cards
By Application
- Banking/Payment
- Loyalty and Promotions
- Access Control and Identification
- Ticketing
- Parking and Toll Collection
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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