The global eID card market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rising awareness about the eID card coupled with rising disposable income. Moreover, personal data protection and secure data transaction are driving the market growth.
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Electronic identification card or eID cards have embedded integrated circuits. They are usually made up of plastic. eID cards are used to exchange, store, and manipulate data. These cards are reusable, perform secure transactions, and provide enhanced security. An electronic identification is a digital solution for proof or identity of citizens or organizations. They can be used to get access to benefits or services provided by government authorities, and banks. Smart cards reduce traveling time and improve service efficiency. It enables government agencies and transport services to collect the travel data of commuters. Smart cards have made payment options easier and more convenient. They are used in various applications such as BFSI, government & healthcare, transportation, retail, and healthcare.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing adoption of Internet of Things (IoT) technology is one of the major drivers that is contributing to the growth of the global eID card market.
- Ongoing technological advancements in micro-embedded electronics is expected to augment the market growth in the projected timeline.
- High cost of incorporating chip cards can restraint the growth of the market.
- Hesitance of merchants to adopt the capital-intensive point of sale terminal machines can hinder the market growth.
- The outbreak of COVID-19 has negatively impacted the eID card market. However, the market is anticipated to recover soon.
- Rising adoption of digitalization of payment processes and efficient storage of personal data are expected to propel the market growth.
eID Card Market Segment Insights:
IC card segment to grow at a rapid pace
Based on types, the market is divided into radio frequency card and IC card. The IC card segment is anticipated to account a significant market share during the forecast period and is anticipated to grow at a steady rate during the forecast period. However, the radio frequency card is expected to expand at a healthy CAGR during the forecast period. Rising number of numbers of consumer opting for cashless payment is driving the segment growth.
Transportation segment to account a major market share
On the basis of applications, the market is divided into transportation, contactless bank cards, identifications, and others. The transportation segment is anticipated to account for a major share due to rising demand for solutions that provide in authentication or access to particular solutions. It is used for various applications, such as daily customers use transportation passes for weekly, monthly and even annual usage, while students, senior citizens and disabled citizens often receive free or discounted passes to city transport.
North America to hold a large market share
In terms of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to account for a large market share during the forecast period. Emerging business models and rapid digitization are the key factors responsible for the rapid growth of the market in the region. However, the market in Asia Pacific is expected to register a substantial CAGR during the forecast period in the global eID card market.
Competitive Landscape
The major players of the market are Gemalto, Bundesdruckerei, Goznak, Giesecke & Devrient, Iris Corporation Berhad, Semlex Group, Verdios, Morpho, IDEXPERTS.
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