Smart Card Market To Reach USD 26.2 Billion By 2032, Says DataHorizzon Research
The smart card market was valued at USD 15.9 Billion in 2023 and is expected to reach USD 26.2 Billion by 2032 at a CAGR of 5.7%.
Fort Collins, Colorado, April 15, 2024 (GLOBE NEWSWIRE) --The surge in popularity of contactless payments has emerged as a significant *driver in the smart card market.* According to a report by the European Central Bank, the number of contactless card payments initiated at physical electronic points of sale rose by 24.3% compared to the first half of 2022, reaching 20.9 billion transactions, with a corresponding total value increase of 25.9% to €0.5 trillion. Moreover, governments and financial institutions worldwide actively promote contactless payments, further boosting the demand for smart cards in the coming years. For instance, the U.S. Department of the Treasury has endorsed the use of contactless payments as a means to curb the spread of viruses.
The Internet of Things (IoT) rapid expansion has brought new avenues for the smart card market. Smart cards play a vital role in enhancing the security of IoT devices and networks through robust authentication and encryption features. With the global IoT market projected to reach USD 1.1 trillion by 2024, encompassing over 55 billion connected devices, the demand for secure smart card solutions is anticipated to rise. As IoT applications proliferate across diverse sectors such as healthcare, manufacturing, and transportation, smart cards can be employed for secure device provisioning, firmware updates, and data protection, ensuring IoT ecosystems' integrity and confidentiality.
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*Segmentation Overview:*
*The smart card market has been segmented into type, application, and region.*
*Contactless smart card to drive the segment growth in the coming years.*
· In 2023, the contactless smart card sub-segment held the largest market share. The widespread adoption of contactless payment solutions, driven by the COVID-19 pandemic and the increasing popularity of touch-free transactions, has significantly contributed to the dominance of contactless smart card.
*Banking to register a prominent growth in the forecast period*
· The banking segment is expected to hold the largest market share. The increasing adoption of smart card for secure financial transactions, such as credit and debit card, has significantly driven the growth of the sub-segment.
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*Smart Card Market Report Highlights:*
· The smart card market growth is anticipated at a* CAGR of 5.7% by 2032.*
· Digitalization and the growing popularity of smart cards for payments are projected to drive the smart card market growth.
· Europe is a leading region for smart cards, attributed to the widespread adoption of EMV payment cards and the development of advanced telecommunications.
· Some prominent players in the smart card market report include Gemalto (Thales Group), IDEMIA, G+D Mobile Security, Infineon Technologies, NXP Semiconductors, STMicroelectronics, Eastcompeace Technology, CardLogix Corporation, HID Global Corporation, Watchdata Technologies, and Identiv, Inc.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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