Global Smart Card Market (2021-2026)
Dublin, April 30, 2021 (GLOBE NEWSWIRE) – The “Smart card market – Forecasts from 2021 to 2026” the report was added to ResearchAndMarkets.com from offer.
The global smart card market is expected to grow at a compound annual growth rate of 6.82% over the forecast period to reach a market size of $ 14.114 billion in 2026, from $ 8.894 billion in 2019.
The market is expected to grow in the coming years, due to the increased need for security applications and services, which utilize critical and imperative information and data, documents, and several other credentials. The adoption of contactless smart card technology is also expected to be a major factor in the overall growth of the market. The market is also expected to rise due to the rise and advancement of the financial and banking industry around the world. According to the World Bank, a strong banking structure and system makes it possible to efficiently transfer and send funds to their productive tasks and uses, maintain financial safety nets, help governments raise investment capital and accelerate payments globally.
The rise of smart cards has made it safer and faster to pay around the world. The World Bank Group, along with the International Monetary Fund, had conducted around 117 financial programs over the past decade, with the intention of strengthening clients’ vulnerabilities in their respective financial systems and introducing new policy responses. The World Bank Group, together with key public and private sectors, had set an ambitious goal and target to achieve universal financial access by 2020. The main goal of the program was to empower adults around the world. to access electronic instruments or transaction account to store money, send and receive their payments. These major developments are expected to have a positive impact on the global smart card market.
Contactless Smart Cards Expected to Drive Market Growth
The market is expected to explode in the coming years, due to the increased demand for contactless smart cards around the world. The main reason for the demand for contactless cards is that the chips are not visible in the cards. In addition, account information is transmitted by radio frequency. Payments made through contactless cards are cryptographically secure and provide a unique code for each transaction. Large companies have invested a significant amount of capital in the development of digital and contactless technologies around the world. In February 2021, Hudson Bay, a major player in department stores in Canada, announced the launch of a new digitally integrated Mastercard, powered by a leading digital financial services provider, Neo Financial. The store giant said the new card will offer no over-limit or annual fees, cash back on every purchase and improve after-sales service through a personalized app. In January 2021, Mastercard, one of the biggest players in the financial services market, announced the launch of new specifications for contactless transactions and payments that would turn any device into a payment device.
New guidelines and improved contactless specifications provide significant and substantial security and resilience through the strengths of next-generation cryptographic keys and algorithms. Major countries have teamed up and collaborated with major financial and industrial giants to strengthen their countries’ financial capacities. For example, in February 2021, Saudi Telecom’s mobile wallet app, STC Pay, announced a partnership with a major French technology provider, called Thales Group, to bring contactless cards to the country. This new initiative would allow payments at point-of-sale ATMs, cash withdrawals at local and international ATMs, and e-commerce transactions. The new customizable and digitized cards would be compatible with Mada Pay and Apple Pay, providing secure and more secure payments for both Apple and Android users. The market is also expected to increase due to the economic growth of developing countries, such as India, China and others. In January 2021, StashFin, a Singapore-based non-bank start-up, and SBM Bank India announced the launch of a co-branded contactless prepaid card. The new cards were designed collaboratively and would improve access to finance and credit for the country’s underbanked customers. StashFin and SMB Bank Aimed to Close and Close India’s Growing Credit Gap
There is a plethora of developments in the market in recent years. In February 2021, it was reported that the new smart card featured a T-shaped sensor. Cardlab, a leading smart card maker and technology provider, software house ad Octobersec, announced the launch of A dual interface FIDO2 biometric card, which contains the T-Shape fingerprint sensor module for encrypted and secure authentication. The new card was a solid option for digital access and, by combining it into a biometric card, it would allow password-less authentication and protect businesses and individual identities from unknown and unauthorized access. In February 2021, Panthronics AG announced a global partnership with AdvanIDe, a major player and supplier of RFID, smart cards and NFC components.
The groundbreaking agreement would and enable users of Panthronic’s NFC wireless charge controller and high-performance NFC readers to leverage AdvanIde’s in-depth knowledge of applications such as contactless payments, point-of-sale terminals and design in technical support. Recently it was announced that the UK government is to invest £ 20million in a new contactless travel card, to allow people to cross the Midlands, by tram, bus or train. The technology was expected to work in 2022 and by country in 2024. The initiative aimed to improve the country’s public transport sector and network in the years to come. But, in recent times, with the introduction and advancement of digital technologies, smart cards have started to disappear in public sector transportation.
For example, Sweden, from 2019, had started phasing out smart cards and replaced them with smartphone apps, across the country. Smart cards are used to improve the healthcare industry by improving the privacy and security of patient personal information, providing secure and more secure access to medical records and other related items. Major hospitals around the world have adopted smart card solutions for their customers
Main topics covered:
1.1. Market definition
1.2. Market segmentation
2. Research methodology
2.1. Research data
3. Executive summary
3.1. Research Highlights
4. Market dynamics
4.1. Market factors
4.2. Market restrictions
4.3. Analysis of the five forces of carriers
4.3.1. Bargaining power of suppliers
4.3.2. The bargaining power of buyers
4.3.3. The threat of new entrants
4.3.4. The threat of substitutes
4.3.5. Competitive Rivalry in Industry
4.4. Industry value chain analysis
5. Global Smart Card Market Analysis, By Type
5.2. Contact based
5.3. Contact less
6. Global Smart Card Market Analysis, By End User
6.4. Health care
7. Global Smart Card Market Analysis, By Geography
7.2. North America
7.2.1. North America Smart Card Market Analysis, By Type
7.2.2. North America Smart Card Market Analysis, By End User
7.2.3. By country
18.104.22.168. United States
7.3. South America
7.3.1. South America Smart Card Market Analysis, By Type
7.3.2. South America Smart Card Market Analysis, By End User
7.3.3. By country
7.4.1. Europe Smart Card Market Analysis, By Type
7.4.2. Europe Smart Card Market Analysis, By End User
7.4.3. By country
7.5. The Middle East and Africa
7.5.1. Middle East & Africa Smart Card Market Analysis, By Type
7.5.2. Middle East & Africa Smart Card Market Analysis, By End User
7.5.3. By country
22.214.171.124. Saudi Arabia
7.6. Asia Pacific
7.6.1. Asia-Pacific Smart Cards Market Analysis, By Type
7.6.2. Asia-Pacific Smart Card Market Analysis, By End User
7.6.3. By country
126.96.36.199. South Korea
8. Competitive environment and analysis
8.1. Main actors and strategy analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier competitiveness matrix
9. Company profiles
9.1. Watchdata Technologies
9.2. CardLogix Corporation
9.3. HID Global
9.4. Thales Group
9.5. CPI Card Group Inc.
9.6. Bartronics India Ltd.
9.8. Alioth LLC
9.9. Bundesdruckerei GmbH
9.10. Idemia France SAS
For more information on this report, visit https://www.researchandmarkets.com/r/g241w1
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