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Global Smart Card Market - by Product, Component, Application, Region – Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Smart Card Market - Segmented by Product, Component, Application, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts | MarkGenes
The adoption of smart cards aids in introducing multiple cost effective techniques for vendors and the companies that handle the transactions, such as Euro pay, MasterCard, and Visa.
The global smart card market was USD 12.81 billion in 2018 and is estimated to reach USD 21.83 billion by 2025 at a CAGR of 7.91% during the forecast period
Growth by Region
The market is dominated by Asia pacific with a market share of 70% driven mainly by e-commerce and telecom sector. South Korea, Japan, Hong Kong and Australia are the leading countries that drive the global market. Developing countries like India and China have major contributions towards boosting up the market due to the increasing population and economic growth rate. North America is expected to witness the highest growth in the forecast period owing to the increasing adoption of digital payment options.
Drivers and Restraints
Factors like increased use of electronic purses, increasing number of cashless transactions, reduction in identity duplication, and demand for tamper-resistant systems are driving the market. In accordance with this, the use of contactless smart cards is rapidly increasing as electronic payment methods are replacing cash and carry operations. However, lack of awareness, costly implementation, increasing adoption of mobile wallets, complexity of technology, and rise in price-based competition are the major factors hindering the growth of the global market.
Industry Trends and Updates
Retail and BFSI industry segments are the fastest growing segments of smart card market. As many credit/debit card issuers are switching to the EMV standard, the demand for smart cards is high in the BFSI sector. The smart card market for software is likely to register the fastest growth during the forecast period. From application side, telecom sector mainly 3G dominates the smart card use, while from growth perspective transportation sector remains the most dynamic sector. Payment chip-card market shows a probable swing towards contactless and converging applications. Contactless payment can be performed with smart cards and with mobile devices. In particular, the demand for Dual Interface (DIF) payment cards is growing. Further, the removal of signature verification in the US is expected to enhance the demand for smart cards in the coming years.
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