BFSI Sector is Expected to Dominate the Global Smart Cards Market
The demand for smart cards has been growing each
year with applications in various end-use industry markets due to the recent
introduction of other security and privacy issues for advanced smart card
security applications.
According
to TechSci Research report, “Global Smart Cards Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Smart Cards is anticipated to project robust
growth in the forecast period with a CAGR of 12.44% through 2028. Smart cards
offer a high level of security for contactless payments, making them a popular
choice for consumers and merchants alike. Smart cards are increasingly being
used for government applications such as e-passports and national ID cards.
They are also being used in enterprise applications such as access control and
employee identification. Developing countries are experiencing rapid economic
growth, which is leading to an increase in demand for smart cards in a variety
of applications.
However,
the global smart card market also faces some challenges, including: Smart cards
are more expensive to manufacture than traditional cards, which can be a
barrier to adoption. Smart card systems can be complex to deploy and manage,
which can also be a barrier to adoption. Inaddition Smart cards are vulnerable
to security attacks, such as data breaches and counterfeiting. Despite these
challenges, the global smart card market is expected to continue to grow in the
coming years. The key drivers of the market, such as the growing demand for
secure payment solutions and the increasing adoption of smart cards in
government and enterprise applications, are expected to outweigh the
challenges.
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One
example of the challenges facing the global smart card market is the high cost
of smart cards. This can be a barrier to adoption, especially in developing
countries. However, there are a number of initiatives underway to reduce the
cost of smart cards. For example, the Smart Card Alliance is working with its
members to develop new manufacturing techniques that can reduce the cost of
smart cards.
Another
example of a challenge facing the global smart card market is the complexity of
smart card systems. Smart card systems can be complex to deploy and manage,
which can also be a barrier to adoption. However, there are a number of vendors
that offer managed services for smart card systems. These services can help
organizations to deploy and manage their smart card systems more easily.
Despite
these challenges, the global smart card market is expected to continue to grow
in the coming years. The key drivers of the market, such as the growing demand
for secure payment solutions and the increasing adoption of smart cards in
government and enterprise applications, are expected to outweigh the
challenges. Here are some additional thoughts on the global smart card market: The
COVID-19 pandemic has accelerated the adoption of smart cards in some areas,
such as contactless payments. The emergence of new technologies, such as 5G and
the Internet of Things (IoT), is expected to create new opportunities for the
smart card market. The growing awareness of cybersecurity threats is leading to
increased demand for secure smart card solutions. Overall, the global smart
card market is expected to experience significant growth in the coming years.
The key drivers of the market are expected to outweigh the challenges, and new
technologies are expected to create new opportunities for the market.
Key
market players in the Global Smart Cards
Market are following:-
- Samsung
Electronics Co. Ltd.
- Sony
Corporation
- CPI
Card Company
- Square
Inc.
- Francisco
Partners
- Inteligensa
Group
- Infineon
Technologies AG
- NXP
Semiconductors N.V.
- CARD
Corporation
- Giesecke
& Devrient (G&D) GmbH
- Ingenico
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“The
requirement from end-users leads to high Smart Cards Market Demand. Due to
covid 19, exposure to smart cards is higher. The penetration of these cards is
massive in both developed and developing nations. During this period, physical
payment is limited in many stores. Most shops and businesses accepted
contactless payments. Due to the ease and convenience of smart cards, the
adoption rate is higher for the smart card market. More awareness about these
cards has led to high revenue for the market. The demand from the healthcare,
government and retail sectors is leading to wider benefits.Smart cards offer
several benefits over traditional magnetic stripe cards, including enhanced
security, increased storage capacity, and greater reliability. These benefits
make smart cards ideal for a wide range of applications, such as payment cards,
identity cards, and transportation cards. As a result, the demand for smart
cards is growing rapidly in both developed and emerging markets, driven by the
increasing need for secure and convenient payment and identification systems.
Therefore, such factors related to Smart Cards have enhanced the Smart Cards
market CAGR across the globe in recent years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting firm.
Smart Cards Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast Segmented By Type (Contact-based and
Contact-Less), By End-User Industries (BFSI, IT & Telecommunication,
Government, Transportation, and Other End-User Industries), By Region,
Competition 2018-2028. has
evaluated the future growth potential of Global Smart Cards Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Smart
Cards Market.
Contact
Mr. Ken Mathews
Techsci Research
LLC
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Avenue, Suite 300,
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Tel:
+1-332-258-6602
Email: [email protected]
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