The smart card industry is growing with several technological advances.
The global smart card market is expected to rise from $14,235.46 Million in 2018 to $26,235.46 Million at a compound annual growth rate (CAGR) of 9.1 percent by the end of 2025.
A smart card is a pocket-sized plastic card embedded with integrated circuits, also called microchips. These are used for security purposes such as authentication, recognition, data storage, and processing applications. Smart cards are widely adopted in industries such as BFSI, government, transportation, and healthcare.
The smart card industry is growing with several technological advances such as the new system-on-chip (SOC) architecture, and the manufacturing of fingerprint sensors. A variety of industry players are developing biometric payment cards, and smart payment cards are expected to become a major consumer product to be incorporated with embedded biometrics over the projected timeframe.
Industries like banking, telecommunications, government, health, retail & gas, transportation, etc., store and release large amounts of data through cloud technology. Such companies continue to move to smart card technology to provide their customers with additional security for the data/information required to protect the identity and assets of a person.
Factors influencing the smart card market size
* Adoption of built-in microprocessor cards, especially in BFSI (EMV) and mobile phone devices (SIM cards), has led to cost savings through economies of scale. In addition, this has resulted in microprocessor cards becoming a lucrative option for emerging-market innovators, such as access control, e-passport, PKI, and multi-applications, where their cryptographic capabilities resolve security issues.
* The rising need for convenience and security during transactions has made smart card adoption highly relevant. This gains more popularity over other machine-readable cards because the former needs a much lower maintenance expense.* The portability, versatility, and convenience of having only one smart card that could carry a variety of tickets, and third-party services (such as city-card applications from local authorities or some private-sector applications) has led to city-based transport sectors rapidly adopting the technology. This increase in adoption will in turn increase the smart card market growth
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