The global smart card market size reached US$ 8.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.

A smart card is an electronic authorization device that helps control the data accessing and manipulation process and perform financial transactions. It is a plastic credit card embedded with a built-in microprocessor or an integrated circuit (IC) chip that serves as a service token for storing and transacting data between users. Nowadays, hybrid smart cards with memory and microprocessors are widely used for physical access to prohibited areas. They also provide personal identification, authentication, data storage, and application processing.

Smart Card Market Trends:
The increasing use of e-commerce websites for purchasing goods and services represents one of the key factors impelling the market growth. Moreover, the growing adoption of cashless or digital payments is positively influencing the use of smart cards in everyday use, such as paying utility bills and prepaid mobile recharge. This can also be attributed to governing agencies of numerous countries that are encouraging the utilization of contactless payments due to the global outbreak of coronavirus disease (COVID-19). Apart from this, the growing emphasis on automated fare collection systems is augmenting the need for smart cards in public transit. Furthermore, due to the increasing use of electronic medical records, telemedicine, and other information technology (IT) services for the delivery and management of healthcare systems, healthcare firms are facing new challenges in managing data and providing efficient patient care. This is expanding the application of smart cards in the healthcare industry as they provide secure storage and easy distribution of data. Besides this, public corporations are relying on smart employee identification (ID) cards to secure access to physical facilities and computer systems and networks. Additionally, the rising focus on enhancing international security is escalating the demand for smart cards in electronic passports worldwide.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart card market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, component, application and end user.

Breakup by Type:

Contact-Based
Contactless
Dual Interface

Breakup by Component:

Memory Based
Microcontroller Based
Magnetic Stripes

Breakup by Application:

Payment Transactions
ID Verification
Access Control

Breakup by End User:

BFSI
Telecommunication
Healthcare
Government
Transportation
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bartronics India Ltd, CardLogix Corporation, CPI Card Group, Fingerprint Cards AB, Giesecke+Devrient (MC Familiengesellschaft mbH), IDEMIA, Identiv Inc., NXP Semiconductors N.V., Samsung Electronics Co. Ltd, Secura Key, Thales Group and Watchdata Technologies Pte. Ltd.

Key Questions Answered in This Report
1. What was the size of the global smart card market in 2022?
2. What is the expected growth rate of the global smart card market during 2023-2028?
3. What are the key factors driving the global smart card market?
4. What has been the impact of COVID-19 on the global smart card market?
5. What is the breakup of the global smart card market based on the type?
6. What is the breakup of the global smart card market based on the end user?
7. What are the key regions in the global smart card market?
8. Who are the key players/companies in the global smart card market?