Global Smart Card Market (2021-2026) by Type, Interface, Functionality, Access control, Offering, Component, Vertical, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis

The Global Smart Card Market is estimated to be USD 14.4 Bn in 2020 and is expected to reach USD 18.6 Bn by 2025, growing at a CAGR of 5.3%.

Market Dynamics

Some of the factors driving the smart card market are surge demand for contactless payments amid covid 19 due to limited contact & social distancing and the advent of multifunction smart cards which made it convenient to access & store valuable data. The widespread application of smart cards in the retail, healthcare, hospitality, and government sector are mostly driving the global smart card. New modes of users' information security enabled by blockchain will help banks and another ecosystem, thereby reducing instance cyber thefts. Technological advancements continuously happening in the smart card market propel market growth. Conversion of conventional debit and credit cards into smart cards has made payment and financial transactions easier and more convenient for users.

However, the high infrastructure cost is one of the major factors restraining market growth and security and data theft concerns. Also, this market can face challenges such as the rising proliferation of digital identity cards that make it possible to skip-based paper-based approaches for identification but still it’s not easily available.

Market Segmentation

The Global Smart Card Market is segmented further based on Type, Interface, Functionality, Access control, Offering, Component, Vertical, and Geography.

By Type, the market is classified as Memory and MPU Microprocessor. The MPU Microprocessor market is the major contributor.

By Interface Type, the market is classified as Contact-based, Contactless, and Dual Interface, Hybrid. The Contactless Interface segment is expected to hold the largest market share.

By Functionality Type, the market is classified as Transaction, Communication, and Security & Access Control. The Security & Access Control Segment is anticipated to hold the highest market share.

By Access Control Type, the market is classified as Physical and Logical.

By Offering Type, the market is classified as Smart Card and Smart Card Readers.

By Component Type, the market is classified as Hardware, Software, and Services.

By Vertical, the market is classified as BFSI, Telecommunications, Government and Healthcare, Education, Retail, Transportation, and Others. The Telecommunications segment held the largest share of the smart card market.

By Geography, Asia Pacific is projected to lead the market with the largest market share.

Recent Developments

1. IDEMIA has signed a four-year agreement with Jyske Bank, which is the second-largest Danish-owned bank. This agreement is to introduce the primary recycled plastic payment card in the Kingdom of Denmark. - 27th January 2021

2. The Macao government had issued contactless postpaid payment cards pre-loaded with credit mainly to mitigate the economic impact of the COVID-19 pandemic also to supply backing to its voters. The cards were created by G+D Mobile Security. - 24th June 2020

Company Profiles

Some of the companies covered in this report are Thales Group, IDEMIA, Giesecke + Devrient GmBH, CPI Card Group, HID Global Corporation, Watchdata, Eastcompeace, ABCorp, CardLogix, American Express Company, Atos SE, etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Smart Card Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
• The report also contains the competitive analysis using a Competitive Quadrant, the analyst’s proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market