Press Release

Australia Smart Card Market is Expected to Register a 7.63% CAGR Through 2029

Integration of Biometric Authentication, Growing adoption of digital payments and enhanced security features are the likely to propel the market during the forecast period. 


According to TechSci Research report, “Australia Smart Card Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, Australia Smart Card Market was valued at USD 387 Million in 2023 and is expected to grow at a CAGR of 7.63% during the forecast period. Government initiatives and regulations are key drivers of the Australia Smart Card market. The Australian government has implemented various policies and standards that promote the adoption and use of smart cards in different sectors. These initiatives aim to enhance security, streamline processes, and support the development of digital infrastructure. One of the notable government initiatives is the Digital Identity Program, which leverages smart card technology to provide secure and efficient access to government services. The program aims to create a unified digital identity system that allows citizens to authenticate their identity seamlessly across various services, including healthcare, taxation, and social services. By promoting the use of smart cards for digital identity verification, the government supports the growth of the smart card market and improves service delivery. Additionally, regulatory requirements and standards play a crucial role in shaping the smart card market. For instance, the Australian Payment Network (AusPayNet) has established standards for payment card security, including the use of EMV chip technology. These standards help ensure that smart cards meet security and interoperability requirements, driving their adoption across financial institutions and payment service providers.

The government also supports the development of smart card infrastructure through funding and incentives. Investments in technology and infrastructure projects, such as public transportation systems and access control solutions, contribute to the increased use of smart cards in various applications.

Government initiatives and regulations create a supportive environment for the growth of the smart card market in Australia. By promoting security standards, digital identity solutions, and infrastructure development, the government drives the adoption of smart cards and fosters innovation in the market.


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Based on Application, The Payment Transactions held the largest market share in 2023.   The rise of digital and contactless payments has significantly driven the adoption of smart cards for payment transactions. Smart cards, particularly those with contactless capabilities, offer a convenient and efficient method for making purchases. This convenience is increasingly valued by consumers, who prefer the speed and ease of tapping their card rather than entering a PIN or handling cash. Contactless payments also minimize physical contact, aligning with hygiene and safety concerns, especially in the wake of the COVID-19 pandemic.

Advancements in smart card technology have enhanced security features, making them a preferred choice for financial transactions. EMV chip technology, for example, provides robust encryption and authentication measures that reduce the risk of fraud compared to traditional magnetic stripe cards. As security concerns grow, both consumers and financial institutions are inclined towards smart cards that offer enhanced protection against unauthorized access and data breaches.

The widespread support from financial institutions and payment service providers has bolstered the dominance of payment transactions. Major banks and payment networks have integrated smart card technology into their offerings, promoting their use for various types of transactions. This widespread acceptance and infrastructure support further drive the adoption of smart cards for payment purposes.

The integration of smart cards with mobile wallets and digital payment platforms also contributes to their dominance in payment transactions. As more consumers use smartphones for payments, the compatibility of smart cards with these digital solutions enhances their utility and appeal.

 

Major companies operating in the Australia Smart Card Market are:

  • Giesecke+Devrient GmbH
  • Thales Group
  • NXP Semiconductors N.V.
  • Infineon Technologies AG
  • STMicroelectronics International N.V.
  • Microchip Technology Inc
  • CardLogix Corporation
  • Zebra Technologies Corporation
  • Veridos GmbH
  • HID Global Corporation (ASSA ABLOY Group Company)

 

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“The Australia Smart Card market presents substantial opportunities driven by increasing demand for secure digital payments, the adoption of contactless transactions, and the integration of biometric authentication. The government's push towards digital identity solutions and the expansion of smart card applications in public transportation further enhance market potential. With advancements in technology and growing consumer preference for secure and convenient solutions, there is significant potential for growth. Companies that innovate in smart card technology and align with emerging trends can capitalize on these opportunities, leveraging advancements in security, convenience, and integration to capture a share of this expanding market.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

Australia Smart Card Market, By Type (Contact-Based, Contactless, Dual Interface), By Component (Memory Based, Microcontroller Based, Magnetic Stripes), By Application (Payment Transactions, ID Verification, Access Control), By End User (BFSI, Telecommunication, Healthcare, Government, Transportation, Others) By Region, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Australia Smart Card Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Australia Smart Card Market.

 

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