According to a new market research report published by Report Ocean, the Smart Card Market is anticipated to grow at a CAGR of 6.1%, during the forecast period. The market is estimated to reach US$ 15.8 billion by 2030.
This detailed market research report by Report Ocean include in-depth analysis of technological innovations, market trends, supply chain trends, future trends, leading players, and key developments. The report also includes additional information about other factors such as drivers, restraints and challenges faced by this market, along with an overview for each mentioned segment in the study.
The global smart card market size was US$ 9.1 billion in 2021.The global smart card market is forecast to grow to US$ 15.8 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
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The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
The logistics price increased by 34.9% in July 2022, disrupting the supply chain, while electricity prices increased by 15.5%, the highest level since February 2006. Besides that, The number of existing U.S. homes sold in July 2022 decreased by 5.95% to 4.85 million (seasonally adjusted annual rate), which was the lowest number since May 2020 and under the market’s forecast of 4.89 million. The home sector sales fell for the sixth month in a row as the mortgage rate reached its highest point at 6.3%. The U.S. economy continues to be heavily impacted by the global energy crisis, causing people to spend less and conserve more.
A smart card is integrated with embedded memory or a microcontroller incorporated in a contact pad. It links to a reader through short-range wireless connectivity.
The global smart card market is forecast to gain traction, owing to the growing digitalization and surge in cashless transactions. In addition, the growing demand for smart cards from the healthcare sector will benefit the market during the study period.
The high set-up costs may restrict the growth of the global smart card market during the study period. On the contrary, the introduction of a new model of information security will offer ample growth opportunities for the market.
Smart cards can manage cryptographic keys, which allow secure & efficient transactions. Such benefits are forecast to propel the smart card market forward.
The new forms of smart cards, such as soft-tokens, UPI, or QR cards, will contribute to the market growth. Furthermore, the growing deployment of e-passports will serve as a major advantage for the market growth.
The growing number of collaborations between industry players will benefit the market. For instance, CPI Card Group partnered with Oxygen, a digital banking platform, in 2020. Furthermore, IDEMIA inked a pact with Cembra and IKEA Switzerland in 2021. with this partnership, the companies aim to supply entirely eco-friendly credit cards entirely made from recycled plastic (rPVC).
Various banks have started offering chip-enabled smart cards in order to maintain the safety and convenience of the consumer. Thus, it will escalate the growth of the global smart card market during the study period.
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The Asia-Pacific smart card market is forecast to grow at the fastest growth rate, owing to the contribution of emerging economies like India and China. China is among the prominent pioneers in introducing contactless payments, which will further surge the deployment of digital cards. In November 2019, Alipay, one of China’s leading payment platforms, offered its services to around 1.2 billion customers. In addition, the development of a robust financial system and growing digitization driven by government bodies will contribute to the market growth.
The global smart card industry witnessed huge growth potential due to the wake of the pandemic. During the pandemic, the demand for digital transactions surged significantly. In addition, people preferred cashless deliveries in order to save themselves from the spread of the virus. Thus, all of these factors have significantly contributed to the smart card market growth.
The global smart card market growth segmentation focuses on Type, End-User, and Region.
By Type Outlook Contact Contactless Dual Interface
Competitors in the Market Thales NXP Semiconductors NV Giesecke + Devrient Gmb HInfine on Technologies AGIDEMIACPI Card Group Inc. Identiv Inc. Watch data Technologies Card Logix Corporation Alioth LLC Other Prominent Players
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