Smart Card Market Growth To Propel Owing To Rising Demand For Convenient And Secure Modes Of Payments Among Consumers

The global smart card market is estimated to witness a healthy CAGR during the forecast period (2013 to 2028), according to a report available on Radiant Insights, Inc. Smart card refers to thin plastic card with embedded chip that can store information and understand commands. Such cards are used to make cashless payments at various platforms. In addition, smart cards also offer personal identification, authentication, and data storage.

Rising demand for convenient and secure modes of payments among consumers is anticipated to propel market growth. Smart cards payments are secure and consumers can easily use them at multiple facilities. Supportive initiatives being taken by governments across various nations to develop infrastructure that can support advanced technologies is expected to impel market growth. Deployment of required infrastructure in different sectors to make them compatible with the technology is driving the market. In addition, increasing use of mobile phones and growing number of internet users is stimulating demand for integrated circuit cards. Moreover, increasing use of smart cards in transport system and hospitality for payments and access will drive the market over the forecast period.

To cater to rising demand for integrated circuit cards, manufacturing companies are investing in R&D activities to develop innovative products. For instance, in March 2019, Ridlr collaborated with Navi Mumbai Metropolitan Transport (NMMT) and HDFC bank to launch Navi Card. This RuPay national common mobility card will allow commuters in Mumbai (India) to make cashless payments in NMMT buses.   

Access "116" page research report with TOC on "Smart Card Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/2013-2028-report-on-global-smart-card-market

The smart card market is segmented on the basis of type, component, application, and region. Based on type, the market can be bifurcated into contactless cards and contact cards. In terms of component, the market can be classified into hardware, software, and memory system. On the basis of application, government, healthcare, telecommunication, transportation, hospitality, banking, and retail.

Regional segmentation includes Europe, North America, Asia Pacific, and rest of the world (ROW). Asia Pacific region is anticipated to dominate the market over the forecast period. This is attributed to increasing use of digital services in developing countries such as India and China. Supportive initiatives being taken by government and manufacturing companies to integrate advanced technologies into various sectors for convenience of consumer is driving regional market.

Some of the key players in the smart card market are Infineon Technologies AG, NXP Semiconductors, Samsung Semiconductor, STMicroelectronics, and Bartronics. Most companies are adopting business strategies such as collaborations and acquisitions to expand their business.