Global Industry Analysts Predicts the World Smart Cards Market to Reach $16.8 Billion by 2026

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Feb 23, 2022, 10:00 ET

SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Cards - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 20; Released: February 2022
Executive Pool: 3197
Companies: 121 - Players covered include Gemalto NV; Giesecke & Devrient GmbH; IDEMIA; Infineon Technologies AG; KONA I Corporation; NXP Semiconductors NV; Sony Corporation; STMicroelectronics NV; Watchdata Technologies and Others.
Coverage: All major geographies and key segments
Segments: Application (Telecommunication, BFSI, Government & Healthcare, and Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Smart Cards Market to Reach US$16.8 Billion by the Year 2026

The modern smart world is characterized by technological advancements and trends that seek to make life easier and convenient for people. Shopping and payments using various online platforms has become more swift and secure with improvements in technology. Smart card technology basically seeks to minimize the burden of and insecurity associated with carrying cash, and provide a safer and secure means of carrying out financial transactions while emphasizing a cashless world. Demand for smart cards and digital payments is anticipated to rise significantly over the coming years due to several factors, foremost among which is convenience and speed which the technology offers. Corporates are increasingly issuing their employees with smart payment cards. The transportation sector is also anticipated to witness increased adoption of smart payment cards for enhancing travel experience. Governments in countries across the world are planning for investing in technologies that enhance passenger convenience and streamline operations. Public investments in automation of ticketing and access control would therefore be one of the major growth promoting factors for the market for smart cards going forward.

Amid the COVID-19 crisis, the global market for Smart Cards estimated at US$13.7 Billion in the year 2022, is projected to reach a revised size of US$16.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Telecommunication, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$8.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the BFSI segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 28% share of the global Smart Cards market. A major end-user sector for smart cards is mobile telecommunications. Subscriber Identity Module (SIM) commonly known as SIM cards are designed using smart card technology. Wireless providers are increasingly depending on smart cards which act as the important security mechanism protecting services like internet browsing and mobile commerce.

The U.S. Market is Estimated at $1.9 Billion in 2022, While China is Forecast to Reach $4.4 Billion by 2026

The Smart Cards market in the U.S. is estimated at US$1.9 Billion in the year 2022. The country currently accounts for a 14.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$4.4 Billion in the year 2026 trailing a CAGR of 5.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$704.5 Million by the end of the analysis period. Developing economies across Asia-Pacific is poised to present probable opportunities for the development of the market for smart card, attributable to the evolving strong financial structure which is progressively becoming digitized as well as finding push from the government agencies for incorporating smart chip-based framework for better overseeing the processes.

In education sector, cards are widely used for controlling access to resident rooms/dormitory, library, locker rooms, athletic facilities, recreation centers and dining hall among others and also in class room attendance. For education establishments, card-based electronic access helps in addressing the issues related to student safety through improved security across the campus while enhancing the ease of access, especially in high-traffic, time-specific areas such as class room attendance, dining areas etc. In resident rooms and student dormitories, EACS ensure a secure and safer living environment as doors lock automatically when closed and remain locked until the actual occupant uses his/her card for entering into the room. Formats such as proximity cards, proximity tokens/fobs, and recent smart cards are gaining wider traction.

Smart cards, emulating their success in other card-based applications, are poised to emerge as the credential of choice in education environments in the upcoming years. Typically, a smart card, which is priced more or less at the same level as a regular proximity card, offers much improved functionality, superior levels of security and additional convenience to students and the administrative departments. Smart credentials offer convenient access and payments and also several other functions with utmost security levels in campus areas. Smart cards are especially ideal for large schools, colleges and universities, housing several thousands of students, in securing interior and exterior doors, with special coverage capability in point-of-sale locations such as vending machines, laundry and dining halls through bi-directional communication. Multi-function access control-system in certain university campuses go way beyond offering the conventional security functionality. With just one campus-ID card, students at the University are able to obtain access to various facilities within the campus, buy at the canteens, boarding shuttles that are free for students, log in attendance and time, clock time when utilizing the special computers and other heavy duty equipment of the University and pay for food at restaurants in the vicinity of the campus among many others.

Government & Healthcare Segment to Reach $2.3 Billion by 2026

Governments across the world are adopting smart card projects for civilian applications that offer effective and economical solutions. Smart cards, capable of providing foolproof authentication, are used in various applications such as social security, identification, phone cards, and electronic-purse programs. With increasing number of benefits offered, this technology is expected to aid the growth of e-government projects. Smart card usage in healthcare minimizes operational costs through the elimination of paper or electronic maintenance of medical information. In the global Government & Healthcare segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$279.1 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period. More

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