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Key Companies Covered in the Market Research are American Express Company, Arm Holdings Plc., Microchip Technology Inc. (Atmel Corporation), Entrust Datacard Corporation, Atos SE, Gemalto N.V., CPI Card Group Inc. and other key market players.
The global smart card market size was valued at $10.19 billion in 2022, and is projected to reach $15.57 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031. Kenneth Research examined the statistical and analytical approach that is required for the growth of Smart Card Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
Major drivers for the growth of the market are surged demand for contactless card (tap-and-pay) payments amid COVID-19, proliferation of smart cards in healthcare, transportation, and BFSI verticals; increased penetration of smart cards in access control and personal identification applications; and easy access to e-government services and risen demand for online shopping and banking.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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Factors such as the growing trade of semiconductors for use in different consumer electronic products, along with the growing trend of automation and IoT, which is raising the need for the deployment of advanced electronic chipsets, therefore the advancement in the trade of semiconductors. According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
A detailed report on Smart Card Market has been published by Kenneth Research. The report has been categorized by growth indicators, market size and further encompasses detailed market analysis on macro trends. Additionally, the report also contains region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. Moreover, the report also offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025
Global Smart Card Market was valued at USD 9.47 Billion in the year 2017. Global Smart Card Market is further estimated to grow at a CAGR of 9.54% from 2018 to reach USD 19.63 Billion by the year 2025. Asia Pacific region holds the highest Market share in 2017 with Europe region is considered as the fastest growing Market in the forecasted period. At a country level, China was the biggest Market in 2017 and it is projected to grow at a gradual pace in the coming years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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SWOT Analysis of Smart Card Market
Strength
Data Security for the cards
Flexibility and Multiservice
Weakness
Cost and Limitations
Opportunities
New and Innovative Card application
Threats
Lack of business case
The Global Smart Card Market is segmented by technology, by component, by application, and by region. In technology type, Contact based smart card is expected to hold the highest Market share during the forecast period. On the other hand, by application Telecommunication Market for Smart card is expected to grow at the highest CAGR during the year 2018-2025. The driving factors are the strong adoption of subscriber identity module (SIM) cards for mobile phone.
By Technology
Contact Card
Contactless Card
Multi-Component Card
By Component
Memory-Based
Microcontroller-Based
By Application
Banking, Financial Services, and Insurance (BFSI)
Government
Telecommunication
Retail
Healthcare
Hospitality
Transportation
Pay TV
Others
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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ANSWERED TO THE FREQUENTLY ASKED QUESTIONS :
WHAT IS THE SCOPE OF THE REPORT?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
WHAT ARE THE KEY SEGMENTS IN THE MARKET?
*By product type
*By End User/Applications
*By Technology
*By Region
WHICH MARKET DYNAMICS AFFECTS THE BUSINESS?
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Key Topic Covered in this Report
*Market Growth Opportunities
*Leading Market Players
*Market Size and Growth Rate
*Market Growth Drivers
*Company Market Share
*Market Trends and Technological
The Smart Card Market report highlight the economy, past and emerging trend of industry, and availability of basic resources. Furthermore, the market report explains development trend, analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out. In the end, the report makes some important proposals for a new project of Smart Card Market before evaluating its possibility.
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About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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