Smart Card Market – Snapshot
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.
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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.
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 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
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In the end,
Smart Card industry report specifics the major regions, market scenarios with
the product price, volume, supply, revenue, production, and market growth rate,
demand, forecast and so on. This report also presents SWOT analysis, investment
feasibility analysis, and investment return analysis.
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