New York, US, April 26, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Cards Market Research Report: By Type, Component, Application, and Region- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 20 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.00% during the assessment timeframe.
Key Players
The key players in the global smart cards market are.
- Gemalto NV
- Giesecke & Devrient GmbH
- Oberthur Technologies SA
- Safran Identity & Security
- Watchdata Technologies
- Identiv Inc.
- HID Global Corporation
- Eastcompeace Smart Card Co. Ltd.
- KONA I Co. Ltd.
- NXP Semiconductors NV.
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/6499
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 20 Billion |
| Growth Rate | CAGR of 7.00% from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | Availability of hybrid smart cards |
| Key Market Drivers | The widespread application of smart cards in retail, healthcare, hospitality, and government sector. Increasing adoption of smart cards in government IDs |
Browse In-depth Market Research Report (100 Pages) on Smart Cards Market:
https://www.marketresearchfuture.com/reports/smart-cards-market-6499
Drivers and Challenges
The increasing demand for secure and reliable payment transactions is one of the major drivers of the smart cards market. The use of smart cards in payment transactions provides enhanced security and reduces the risk of fraud. The growing adoption of smart cards in the government sector for identification, authentication, and access control is also driving the market growth.
However, the high cost of smart card technology and the lack of standardization in the industry are some of the major challenges faced by the market. Additionally, the increasing adoption of mobile payment solutions is also expected to hamper the growth of the smart cards market.
Market Segmentation
The global smart cards market has been segmented on the basis of type, component, application, and geography. Based on type, the market has been segmented into contact-based smart cards and contactless smart cards. Contact-based smart cards held the largest market share in 2020, due to their widespread adoption in various sectors such as banking, healthcare, and transportation.
Based on component, the market has been segmented into hardware, software, and services. The hardware segment held the largest market share in 2020, due to the increasing adoption of smart card readers and other hardware devices.
Based on application, the market has been segmented into BFSI, government, healthcare, transportation, and others. The BFSI segment held the largest market share in 2020, due to the increasing adoption of smart cards in payment transactions and ATM machines.
Buy Full Research Report:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=6499
Regional Analysis
The global smart cards market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific held the largest market share in 2020, due to the increasing adoption of smart cards in countries such as China, India, and Japan. The market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
Industry Trends
The smart cards market is witnessing several trends, such as the increasing adoption of smart cards in the healthcare sector for patient identification and electronic health records (EHR). The use of smart cards in the transportation sector for access control and ticketing is also gaining traction. Additionally, the integration of smart card technology with mobile devices is expected to drive the growth of the market.
Check for Discount:
https://www.marketresearchfuture.com/check-discount/6499
Recent Developments and Opportunities in the Smart Cards Market
The smart cards market is constantly evolving with new developments and opportunities emerging in the sector. Here are some of the latest trends and opportunities to watch out for:
- Increased adoption in the healthcare sector: Smart cards are finding increasing use in the healthcare sector, particularly for patient identification and electronic health records (EHR). The healthcare sector is adopting smart card technology to improve patient care and reduce healthcare costs. As such, there is a huge opportunity for smart card manufacturers to develop innovative solutions that meet the specific needs of the healthcare industry.
- Integration with mobile devices: Smart card technology is being integrated with mobile devices to provide enhanced security for mobile payments and transactions. This trend is expected to continue as the use of mobile devices for financial transactions becomes more widespread. There is an opportunity for smart card manufacturers to develop solutions that integrate seamlessly with mobile devices, providing users with a convenient and secure way to make payments.
- Increased demand for contactless smart cards: The COVID-19 pandemic has accelerated the adoption of contactless smart cards as consumers and businesses look for ways to reduce contact with shared surfaces. The demand for contactless smart cards is expected to continue to grow, creating an opportunity for manufacturers to develop innovative solutions that meet the changing needs of consumers and businesses.
- Growing adoption in emerging markets: The smart cards market is growing rapidly in emerging markets, particularly in Asia-Pacific and Latin America. This growth is being driven by the increasing adoption of smart cards in the banking and finance sector, as well as in government and transportation. There is a huge opportunity for smart card manufacturers to tap into these emerging markets and develop solutions that meet the specific needs of these regions.
- Development of new and innovative smart card technologies: The smart cards market is constantly evolving with new and innovative technologies being developed to improve security, functionality, and convenience. There is a huge opportunity for smart card manufacturers to develop new solutions that meet the evolving needs of consumers and businesses. For example, the use of biometric authentication in smart cards is expected to become more widespread, providing an additional layer of security for transactions.
Overall, the smart cards market is poised for continued growth and innovation in the coming years. With the increasing adoption of smart cards in various sectors and the emergence of new technologies and trends, there is a huge opportunity for manufacturers to develop innovative solutions that meet the evolving needs of consumers and businesses.
Related Reports:
Mobile Accessories Market Research Report: By Module, Application, Component, Material, and Region- Forecast Till 2030
Precision Farming Market Research Report: By Control system, component, application, and Region- Forecast Till 2030
Smart Speaker Market Research Report: By Product Type, Operating Platforms, and Region- Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
