Smart Card Market to Witness Higher Growth in BFSI, Government and Healthcare, Transportation

According to the new market research report on the "Smart Card Market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) and Geography - Global Forecast to 2023", this market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023. 

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Use of smart cards in the BFSI sector has also been rising, supported by the transition of magnetic cards to EuroPay, MasterCard, and Visa (EMV) standard (chip and PIN) cards. EMV standards mandate the use of smart cards such as credit/debit/ATM and prepaid cards in financial transactions. The major factors driving the growth of the smart card market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations.

Contact smart cards to hold the largest market share by 2023

Contact smart cards are expected to hold the largest share of the smart card market throughout the forecast period. Currently, contact smart cards account for more than three-fourth of the smart card market and are widely used in BFSI, government and healthcare, and retail applications.

The major applications of contactless smart cards are in BFSI, government and healthcare and transportation applications.

Hardware expected to hold the largest market share by 2023

Hardware is expected to hold the largest share of the smart card market, by component, during the forecast period. Currently, hardware accounts for more than three-fourth of the smart card market, which comprises smart cards and readers. The smart card market for software comprises management system software and databases. Management system software is used to match information of a person with the saved data in a particular database. Consulting, support, and maintenance services play a vital role in implementing smart card systems.

Market for transportation applications to grow at the highest rate during the forecast period

The smart card market for transportation applications is expected to grow at the highest CAGR during the forecast period. Smartcards are used for parking fee payment as well as for transit fare payment in the transportation sector. Transit ticketing systems are transforming into open-payment systems owing to the introduction and widespread adoption of debit and credit cards. The transportation sector is operating in compliance with EMV, which is an open-standard specification for smart card payments. EMV-based solutions are deployed in parking infrastructure to avoid fraud and complications.

Asia Pacific to hold the largest share of the smart card market during the forecast period

Asia Pacific is expected to hold the largest share of the smart card market during the forecast period owing to the increasing demand specifically in the transportation, BFSI, retail, government, and healthcare sectors. Companies in developing countries such as India, China, Malaysia, and Thailand are implementing smart cards to make the process of payments and other documentations easy for consumers. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC.

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The report also profiles the most promising players in the smart card market. The competitive landscape of the market presents an interesting picture of the strategies adopted by a large number of market players. Key players in this market are Gemalto N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), IDEMIA France SAS (France), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), HID Global Corporation (Sweden), STMicroelectronics NV (Switzerland), Ingenico Group SA (France), VeriFone Systems, Inc. (US), Beijeng Watchdata Co. Ltd. (China), Rambus Inc. (US), CPI Card Group Inc. (US), Identiv, Inc. (US), KONA I Co., Ltd. (South Korea), VALID (Brazil), Fingerprint Cards AB (Sweden), BrilliantTS Co. Ltd. (South Korea), Bitel Co. Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), PAX Global Technology Ltd. (Hong Kong), CardLogix Corporation (US), ZWIPE (Norway), and Versasec AB (Sweden).

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