Contactless Smart Card Market is Booming Worldwide

1. MarketsandMarkets Presents Contactless Smart Card Market is Booming Worldwide Smart Card Market by Interface (Contact, Contactless, Dual), Type (Memory, MPU Microprocessor), Functionality (Transaction, Communication, Security and Access Control), Offering, Vertical, and Region (2021-2026) https://www.marketsandmarkets.com/Market-Reports/smart-card-285.html

2. The smart card market is projected to reach USD 16.9 billion by 2026 from USD 13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026. Increased demand for contactless card (tap-and-pay) payments as a result of COVID-19, proliferation of smart cards in the healthcare, transportation, and BFSI verticals; increased penetration of smart cards in access control and personal identification applications; and easy access to e-government services and rising demand for online shopping and banking are all major drivers of market growth. Browse 131 market data Tables and 57 Figures spread through 184 Pages and in-depth TOC on "Smart Card Market - Global Forecast to 2026"

3. Based on vertical, the telecommunications segment held the largest share of the smart card market in 2020. A subscriber identity module (SIM) card is a microcontroller-based smart card that is commonly seen in mobile phones and other devices. A subscriber to a wireless cell phone network is identified and authenticated by a SIM. In 2020, the telecoms segment held the largest share of the smart card market, accounting for 42 percent. The market is growing due to the expansion of the global mobile network and improvements in its infrastructure. In addition, COVID-19 led to an increased demand for connectivity. The current crisis provided a push to the trend of digitalization of business and private communication with cellular technology, along with the generalization of digital conferences. Moreover, the penetration of high-end SIM card technologies, such as LTE, 5G, M2M, eSIM, and SWP, is expected to augment the market growth . Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=285 The contactless segment projected to account for largest size of the smart card market during the forecast period. A contactless smart card includes an embedded smart card secure microcontroller or equivalent intelligence, internal memory, and a small antenna; it communicates with readers through a contactless radio frequency (RF) interface. Radio-frequency identification (RFID) or near-field communication (NFC) communication technologies are primarily used for contactless smart card applications. COVID-19 is positively impacting the contactless smart card market as the World Health Organization (WHO) and governments across the world are advocating the use of contactless smart cards for various purposes to ensure social distancing to contain the spread of the virus. Contactless smart cards provide ease, speed, and convenience to users. The contactless interface has become highly relevant in the current COVID-19 situation, especially for payment applications, as it facilitates safe and secure transactions without physical contact.

4. APAC estimated to account for the largest size of the smart card market in 2020. Asia Pacific (APAC) is the largest market for smart cards. The robust financial system that is being increasingly digitized and government agencies incorporating smart chip-based systems for better monitoring of processes are propelling several APAC countries to adopt smart card solutions owing to increasing demand, specifically in the transportation, BFSI, retail, government, and healthcare sectors. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC. China is projected to witness the highest demand for smart cards in the region owing to a large consumer base and the presence of a number of smart card manufacturers. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=285 Properly implemented smart cards in all sectors have proven highly effective in combating thefts and fraud. Government projects, such as the Aadhar card in India, drive the demand for smart cards for use in a number of sectors. Moreover, security concerns, particularly within the public sphere, are also expected to fuel the growth of the smart card market in APAC.

5. Key Market Players Thales Group (France), IDEMIA (France), Giesecke + DevrientGmBH (Germany), CPI Card Group (US), HID Global Corporation (US), Watchdata (China), Eastcompeace (China), Inteligensa (US), ABCorp (US), and CardLogix (US) are a few major players in the smart card market. Risen proliferation of digital identity cards Digital identity cards are the electronic equivalent of identity cards. Unlike paper-based identity cards such as driving licenses and passports, digital identity cards can be authenticated remotely over digital channels. This results in unlocking their access to banking services, government schemes, educational facilities, etc. It is expected that in the next three to four years, mobile devices will serve as digital identity cards to access enterprise services and data. New mode of information security of users enabled by blockchain Blockchain is a revolutionary technology that helps businesses develop fast and secure applications that fulfill stringent security requirements. Smart cards can effectively manage cryptographic keys, thereby enabling efficient and secure transactions in blockchain applications. They act as vaults for storing cryptographic keys. When smart cards are connected to the Internet through POS readers, the keys stored in them can be matched with keys stored in online libraries. If the match is successful, users are authenticated. This is expected to help banks and other ecosystem players secure and authenticate the identity of users in an improved manner, thereby reducing instances of cyber thefts.

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