Smart Card Market Analysis by Industry Size, Share, Revenue Growth, Development and Demand Forecast 2022-2031

Japan, Japan, Fri, Mar 11 2022 06:42:17 / Comserve Inc. / – Smart Card Market with top country data, industry analysis, size, share, revenue, important players, developing technologies, trends and forecasts

Global Smart Card Market (hereafter referred to as the Researched Market) was valued at USD 8.14 Billion in 2019, and it is projected to reach USD 11.50 Billion by 2025, registering a CAGR of 6.19%, Over the past decade, the information age has seen a series of security and privacy issues that have necessitated advanced security applications for smart cards. In addition to this, the advent of multi-function cards made it possible to manage access to the network system and to store value and other data.

– The need for security of applications that use critical information, documents and credentials is leading to increasing adoption of contactless smart card technology as it improves security through encryption and communication between device smart card and card reader.​
– Apart from that, smart cards are increasingly being deployed as a stored value tool, especially in loyalty programs in various industries, such as transportation, parking and retail, which track data and provide customer loyalty incentives.​
– The growing need for convenience and security in transactions has made the adoption of smart cards very relevant. It is gaining more and more importance compared to other machine-readable cards because the former requires much lower maintenance cost.
– In September 2019, Standard Chartered Bank launched the “DigiSmart” credit card which focuses on the convenience needs of the millennial segment. This credit card has been designed to provide instant benefits across key commerce categories electronics for travel, entertainment, fashion, groceries and food delivery all year round.

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Main market trends

Contactless smart card is expected to drive the market

– Contactless smart cards differ from contact smart cards because the chip is not visible on the card. Instead, the chip and its antenna are integrated into the body of the card. The card is waved over an RFID reader instead of being inserted like a contact card. When the contactless card passes through the specifically tuned RFID field, the antenna powers the chip and relays its information to the application.
– In addition, account information is transmitted wirelessly via radio frequency (RF). The consumer’s contactless payment device can take a variety of form factors, including cards, near-field communication (NFC)-enabled smartphones, and handheld devices. Contactless transactions are cryptographically secure and generate a unique code for each transaction.
– In addition, contactless is finding its place in the world, especially in public transport. For example, the Metropolitan Transportation Authority (MTA) reported that the OMNY system exceeded 5 million total takes in January, since the start of the pilot project. Although public transit is a major driver of the technology, acceptance is still not uniform across other outlets.
– Additionally, in early 2020, Helsinki Regional Transport signed an agreement with LittlePay to introduce contactless smart payments across all modes of transport in the Finnish capital, as part of a three-year agreement. Work has already started for deployment on Helsinki’s ferry, train and bus systems. Furthermore, the introduction of contactless payments is seen as a key way to boost the use of public transport.

Asia-Pacific will be the fastest growing market during the forecast period

– Emerging Asia-Pacific economies are expected to offer potential opportunities for smart card market growth, owing to the growth of a robust financial system that is increasingly digitized and pushed by government agencies to integrate smart chip systems for better process monitoring.
– China was one of the pioneers in phasing out checks and introducing contactless payments, which led to the introduction of digital cards. As of November 2019, Alipay, China’s leading payment platform, served over 1.2 billion customers. Chinese ID cards feature an embedded chip and digital encryption. The card contains personal information, including the person’s full name in Chinese characters, gender, ethnicity, date of birth, address, ID number and a color photo.
– Companies in the region are also involved in partnerships to extend their services to China. For example, IDEX Biometrics and Goldpac have partnered to introduce dual-interface biometric smart cards to customers in China and beyond. In addition, the company has also partnered with Excelsecu, a Shenzhen-based security solution provider specializing in security solutions, including FIDO-based security keys, one-time password systems and smart cards.
– Developing regions, including India, are likely to propel demand. For example, in 2018 the government of Madhya Pradesh in India announced the distribution of smart cards to 17.6 million workers in the state’s unorganized sector. The new cards are supposed to have more comprehensive information printed on both sides of the cards while carrying a unique number recognized across the country. The Chhattisgarh government has also introduced an electronic card which can be used by citizens to obtain healthcare services.

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Competitive landscape

The smart card market is fragmented. Some of the major players are using tactics such as partnerships, new product launches, agreements, expansions, innovations, joint venture acquisitions, and other strategies to increase their footprint in this market. Additionally, many other players are looking to expand their production capacity, especially in Asia-Pacific, which is the fastest growing smart card market. In emerging economies, companies are focused on launching new smart card products for government and transportation applications. Some of the recent developments are as follows:-

– February 2020 – Bundesdruckerei GmbH has collaborated with Gematik GmbH to set up and operate the Key Generation Service 2 (SGD2) for the ePA as a service of the Telematics Infrastructure (TI) for the electronic health card.
– October 2019 – CardLogix began seeking customers due to the official release of NXP’s latest generation Java Card operating system, smart cards based on JCOP 4 technology with custom applet development and support existing applet. JCOP 4 smart cards deliver benchmark transaction performance for EMV payments and other high-speed applications.

1. INTRODUCTION
1.1 Study assumptions and market definition
1.2 Scope of the study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Bargaining power of suppliers
4.2.2 Bargaining power of buyers/consumers
4.2.3 Threat of new entrants
4.2.4 Intensity of competitive rivalry
4.2.5 Threat of Substitute Products
4.3 Industry Value Chain Analysis

5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Deployment in Personal Identification and Access Control Applications
5.1.2 Growing demand for contactless payments​
5.2 Market constraints​
5.2.1 Privacy and security issues and standardization issues ​

6 MARKET SEGMENTATION

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