The smart card market has been segmented based on communication, component, application, and geography. The market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023.
The major factors driving the growth of the smart card market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations. However, factors such as initial costs associated with the deployment of contactless EPOS terminals and increasing adoption of mobile wallets are restraining the growth of the market.
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The increasing adoption of biometric-enabled smart cards is expected to be a game changer for the smart card market over the coming years.
Companies such as IDEMIA France SAS, Gemalto N.V., Ingenico Group SA, KONA I Co., Ltd. Fingerprint Cards AB, and ZWIPE AS have launched a range of bio-metric-enabled smart cards for various end-use applications. Further, these companies are also exploring applications of block chain technology to transform the smart card market.
A contactless smart card includes an embedded smart card, secure microcontroller or equivalent intelligence, internal memory, and a small antenna; it communicates with a reader through a contactless radio frequency (RF) interface. Companies such as Gemalto N.V., Giesecke & Devrient GmbH, and IDEMIA France SAS are offering customized solutions using embedding contactless technology to their end users.
Further, chip manufacturing players such as Infineon Technologies AG, NXP Semiconductors N.V., and Sony Corp. are offering new contactless enabled chips owing to their increased demand. This has encouraged providers of smart card readers such as Ingenico Group SA and VeriFone Systems, Inc. to offer contactless smart card readers. The BFSI and transportation sectors are expected to witness a high adoption of contactless smart cards in the coming years.
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The smart card market in the Rest of the World (RoW) comprises South America, and the Middle East and Africa (MEA). This region is expected to be the fastest growing market during the forecast period. South America holds a fair opportunity for smart cards, especially for the BFSI, government, and healthcare sectors—with Chile, Mexico, and Brazil having high potential. The penetration of smart card solutions in Brazil is higher than in other countries in this region. MEA is an emerging market for smart cards, wherein companies are increasingly deploying smart card solutions for government and healthcare applications. Dubai, Abu Dhabi, Qatar, Israel, and South Africa are some of the potential markets for smart cards in the MEA region.
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