A smart card is a small plastic card with an embedded integrated circuit (IC) chip. This integrated circuit (IC) chip is a microprocessor that makes the smart card suitable for different electronic applications. The chip on the card is used to store, manage, calculate, and safely access some personal valuable data or information when needed by a card reading machine or other system. Smart cards use encrypted algorithms for data management and are considered safer than magnetic strip cards. Smart cards are widely used to handle sensitive information such as identity, finances, and personal health information due to their added security features. Smart cards are also used in several key applications such as health care services, banking and financial corporations, entertainment, telecommunications, government authorities, and transportation.
Smart cards in the health care sector have gained massive popularity in the last decade. This can be attributed to several value added features that smart card usage can offer to patients as well as providers. With the health care boom in the last few decades, maintenance of health data has become a necessity, yet tiring process in large facilities. Health care organizations globally are extensively using smart health cards that offer an extensive range of applications. Smart cards in health care can help enhance the security and confidentiality of patient data, maintain accurate patient identification across different facilities and geographies, provide secure access to emergency medical information, easy bill payment using the card for a financial transaction, reduce health care fraud, offer a secure medium for convenient medical records, and permit better compliance with government initiatives and instructions.
The global smart cards in health care market is anticipated to be driven by a number of factors such as growing demand for better patient data management systems and increasing inclination for electronic data management approaches. In addition, growing stress on patient data safety is expected to drive the market. Furthermore, increasing research and development activities by key players to develop new products is projected to boost market growth.
Based on products, the smart cards in health care market can be divide into contact-based smart cards, contactless smart cards, dual-interface smart cards, and hybrid smart cards. Contact-based smart cards comprise a gold chip that needs a smart card reader to access and interpret data, while contactless smart cards contain a microprocessor chip and an antenna coil that enables them to work faster than contact cards. Another key driver of the market is tamper-proof data storage. Advancements in product technology and rising awareness among the common people about the benefits of smart cards is also expected to increase demand in the near future.
In terms of region, the smart cards in health care market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe have been dominating the market due to high acceptance of digital mediums in the regions. According to a research study conducted by the Workgroup for Electronic Data Interchange (WEDI), smart cards usage in health care could decrease the error rate of mismatched patient data from 10% to 15% to as low as 2%. Additionally, new and advanced technology such as hybrid cards launched by various market players coupled with growing online campaign and acceptance of these products by customers is expected to drive the market. Developing nations in Asia Pacific are expected to witness the fastest growth during the forecast period. Growing patient pool, increased public awareness, and increasing affordability are the major drivers of the market in these geographies.
Some of the players in the smart cards in health care market are Atos SE, American Express Company, CardLogix Corporation, Giesecke & Devrient (G&D) GmbH, Gemalto NV, Infineon Technologies AG, INSIDE Secure SA, Oberthur Technologies SA, SCM Microsystems, and VeriFone Holdings, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.