Portland.OR, April 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global smart card market was pegged at $10.19 billion in 2019, and is estimated to reach $15.57 billion by 2027, growing at a CAGR of 6.2% from 2020 to 2027.
Increase in demand for contactless smart card, ongoing technological advancements, and surge in adoption in the banking and financial sector have boosted the growth of the global smart card market. However, high cost of incorporating chip cards hinders the market growth. On the contrary, high demand from the Asia-Pacific region is estimated to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak has greatly affected the electronics and semiconductor sector. Several business and manufacturing units across various countries were closed due to rise in Covid-19 cases.
- Partial and complete lockdown has disrupted the global supply chain and posed challenges for manufacturers to reach customers.
- However, the growth of the telecommunication sector is estimated to boost the market growth.
The global smart card market is segmented on the basis of type, end use, and region.
Based on type, the contactless segment held the largest share in 2019, accounting for around two-fifths of the market. However, the dual interface segment is estimated to register the highest CAGR of 7.4% during the forecast period.
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On the basis of end use, the telecommunication segment held the lion’s share in 2019, accounting for half of the global market. However, the transportation segment is projected to register the highest CAGR of 9.0% during the forecast period.
The global smart card market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2019, contributing to nearly one-third of the market. Moreover, the region is estimated to register the highest CAGR of 7.4% during the forecast period.
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The global smart card market report includes an in-depth analysis of the major market players such as Alioth Llc., Cardlogix Corporation, Cpi Card Group Inc., Giesecke+Devrient Gmbh, Idemia, Identiv, Inc., Infineon Technologies Ag, Nxp Semiconductors Nv, Thales, and Watchdata Technologies.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.