Global Smart Card Market Analysis
The global smart card industry is predicted to develop at a healthy CAGR during the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Rise in the Need for Security Services and Applications to Boost Smart Card Market Growth
The need for security of applications which employ critical information, credentials, and documents is leading to the growing adoption of smart card technology (contactless) as these help to enhance security through communication and encryption between the card reader and the smart card device.
Growing Need for Hybrid Cards to Bolster Smart Card Market Growth
Hybrid cards are being deployed increasingly for access and control needs across campuses, offices, schools, and colleges. Such cards have contactless RFIX proximity chip which has no interface and a microprocessor smart card chip. Besides, these cards are also used as identification cards for ticketing purposes in public transports which is adding to the smart card market share.
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Current Market Trends
In February 2021, Cardlab announced the launch of a dual Biometric FIDO2 card which has Fingerprint’s T-Shape sensor module for a secure and tokenized authentication.
Smart Cards with Blockchain Functionalities to offer Positive Market Opportunities
The future of blockchain technology in securing the data of the owner and enhancing the security features are offering lucrative market opportunities. Smart cards support basic blockchain functionalities like signing methods, pin protection, and secure key generation.
High Infrastructure Costs to act as Market Restraint
The initial capital investment needed to set up smart cards for access control and other applications is generally high. This may act as a market restraint over the forecast period.
Growing Proliferation of Digital Identity Cards to Challenge Market Growth
The growing proliferation of digital identity cards may act as a market challenge over the forecast period. These are electronic equivalent of identity cards that can be remotely authenticated over digital channels.
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Contactless payment is highly preferred during the COVID-19 pandemic as they need minimal physical interaction and are more reliable. With governments encouraging contact-free options for reducing the spread of the virus, the use of contactless payments has boomed. With the rising priority for the healthcare sector, smart cards are helping healthcare providers to maintain privacy safeguards and efficiency of patient care amid the pandemic.
Contactless Smart Cards Type to Lead Smart Cards Market
Contactless smart cards offer convenience, speed, and ease to users that is adding to the highest growth of the segment.
Smart Cards Component to Dominate Smart Cards Market
The smart cards component will dominate the market over the forecast period as it is possible in organizing an entire smart card system with smart cards and readers using application software.
BFSI Application to Spearhead Smart Cards Market
The BFSI application segment will spearhead the market over the forecast period as the adoption of smart cards in banking and financial institutions offers plentiful benefits like secure data transaction and personal data protection.
North America to have Lions Share in Smart Cards Market
North America is predicted to have the lions share in the market over the forecast period. The rapid adoption of new technology, and high concentration of major players, is adding to the smart cards market growth in the region. The US Department of Defense use smart cards in their CAC (Common Access Cards) along with other cards for two-three factor authentication. The spread of this virus has increased the use of contactless payments in the USA due to the proliferation of contact-less capable, point-of-sale devices like contactless cards and mobile wallets.
The key players profiled in the global smart cards market report include PAX Global Technology Ltd. (Hong Kong), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Fujian Newland Computer Co., Ltd. (China), Bitel Co. Ltd. (South Korea), BrilliantTS Co. Ltd. (South Korea), Fingerprint Cards AB (Sweden), VALID (Brazil), KONA I Co., Ltd. (South Korea), Beijing Watchdata Co. Ltd. (China), Ingenico Group SA (France), ZWIPE (Norway), Versasec AB (Sweden), STMicroelectronics NV (Switzerland), HID Global Corporation (Sweden), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), IDEMIA France SAS (France), Giesecke & Devrient GmbH (Germany), Gemalto N.V. (Netherlands), VeriFone Systems, Inc. (the U.S.), Identiv, Inc. (the U.S.), CPI Card Group Inc. (the U.S.), CardLogix Corporation (the U.S.), and Rambus Inc. (the U.S.).
The key players have incorporated several strategies such as collaborations. For instance, Mastercard collaborated with IDEMIA and MatchMove to launch a fingerprint biometric card.
June 2021- Drayson Technologies has developed next generation biometric smart cards powered by Freevolt Energy Harvesting.
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