The global smart cards market size is predicted to reach USD 15.4 billion by 2025, expanding at a CAGR of 7.9%. Smart cards are used in a variety of applications, including shopping, banking, government, and hospitality, and are expected to drive consumer demand by allowing more efficient data collection, payment processes, and processing time. Over the forecast period, the demand will be driven by the growing use of smart cards in the telecommunications and BFSI sectors. Their use in retail applications allows for safer purchases and opens new business possibilities.
Smart cards are commonly used to facilitate safe payment transfers and encourage cashless payments, allowing payment retailers to save money while offering convenience to customers. The use of cell phones and IoT devices has increased the market for SIM and data chips, resulting in increased demand for the commodity. These systems are becoming more popular in retail applications to allow for quicker sales and shorter checkout times. These benefits would enable the industry to expand at a substantial pace over the forecast period.
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Smart Cards Market Report Highlights
• On the basis of type, the contact type segment dominated the overall market and was valued at USD 4,675.6 million in 2015 and is anticipated to grow phenomenally over the forecast period.
• The microcontroller-based segment accounted for over 70% of the overall smart cards market in 2015.
• The telecommunication application segment dominated the overall market in 2015 and accounted for over 46% of the market in the same year.
• In June 2020, the Macao government provided contactless prepaid payment cards pre-loaded with credit to alleviate the economic effects of the COVID-19 pandemic and to provide financial assistance to its residents.
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Smart Cards Market Segmentation
Grand View Research has segmented the global smart cards market based on type, component, application and region:
Smart Cards Type Outlook (Revenue, USD Million; 2014 – 2025)
• Contact cards
• Contactless cards
• Multi-component cards
Smart Cards Component Outlook (Revenue, USD Million; 2014 – 2025)
Smart Cards Application Outlook (Revenue, USD Million; 2014 – 2025)
Smart Cards Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Rest Of the World
List of Key Players of Smart Cards Market
• American Express Company
• Atos SE
• CPI Card Group
• Gemalto N.V.
• Giesecke & Devrient (G&D) GmbH
• Infineon Technologies AG
• INSIDE Secure SA
• NXP Semiconductor Inc.
• Texas Instruments Inc.
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