Get In Touch

Smart Card Market to Reach Valuation of ~US$ 79.8 Bn by 2027: Transparency Market Research

The global smart card market stood at US$ 32.5 bn in 2018. Due to increasing technological changes, the market is expected to reach US$ 79.8 bn by the end of 2027. Due to consistent growth and increasing use of smart cards, this market is estimated to rise at a CAGR of 10.5% during the forecast tenure between 2019 and 2027.

Key players driving the global smart card market are NXP Semiconductors NV, Gemalto NV, Infineon Technologies AG, and Giesecke & Devrient (G&D) GmbH. These companies hold hold dominant share in the global smart card market. Some of the new entrants such as Watchdata and Eastcompeace Technology Co. Ltd. are making significant efforts to give a tough competition to the existing players in the market. New players are providing solutions based on consumer preference.

Global transaction value via digital payment method was above US$ 3 trillion in 2019. Moreover, age group between 15–34 also has a robust keenness for new technologies that has changed digital solutions from being a accessibility to an important part of how people transact. This is one of the key trend of the growth in smart card sales.

pr global smart card market

Growing Demand Of Contactless Smart Cards Will Drive The Market Growth

In terms of type, the global market for smart card can be segmented into contactless cards, contact cards, hybrid smart cards, and dual interface. The demand for contact smart cards is expected to keep rising as customers become more inclined towards an improved digital landscape. Based on component type, the global market for smart card can be segmented into microcontroller-based smart cards and card-based smart cards. The demand for microcontroller-based smart cards is increasing on account of the need to track transactions. 

Increasing Demand for Cashless Payment

Rising demand for cashless transaction in the developing economies in order to control and manage average spending is driving the product demand. It is a convenient option for companies to make their daily payment through smart card. According to a study. Canada, Sweden, U.K., France and U.S. are the top five cashless economies in the world.

The information presented in this review is based on a TMR report, titled Smart Card Market (Type - Contact Smart Cards, Contactless Smart Cards, Hybrid Smart Cards, Dual-interface Smart Cards; Component –Microcontroller) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019– 2027”

The Global Smoke Detector Market has been segmented as presented below:

Global Smart Cards Market, By Type:

  • Contact Smart Cards
  • Contactless Smart Cards
  • Hybrid Smart Cards
  • Dual-interface Smart Cards

Global Smart Cards Market Analysis, By Component:

  • Microcontroller Based Smart Cards
  • Memory Card-based Smart Cards

 Global Smart Cards Market, By Geography:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Italy
    • Spain
    • France
    • Germany
    • Rest Of Europe
  • Asia Pacific
    • China
    • India
    • ASEAN
    • Rest Of Asia Pacific
    • Japan
  • Latin America
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of MEA

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

Contact

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com

7 of 10 large enterprizes view our ToC to take the right decision.

View Report ToC