Industry: IT and Telecommunication
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 304
Report ID: PMRREP11149
Smart Cards Industry is anticipated to be worth around US$ 39,656.5 Million in 2022, with the market reaching over US$ 2,53,824.3 Million in 2033. It is also projected to be worth US$ 46,358.4 Million in 2023 and is estimated to develop at a CAGR of 18.5% from 2023 to 2033.
Smart cards are physical cards that contain an embedded integrated circuit chip, which is capable of storing and processing data. These cards are used for a variety of purposes, including identification, authentication, payment, and access control.
Smart cards can be used with a variety of devices, such as card readers, point-of-sale (POS) terminals, and automated teller machines (ATMs), to perform secure transactions and provide secure access to various services. The embedded chip on the card provides a level of security that is not available with traditional magnetic stripe cards.
Increasing demand for secure and convenient payment systems together with growing need for secure identification and authentication are the major factors influencing the growth of the smart cards market. Smart cards are widely used for identification and authentication purposes, such as for access control, secure login, and digital signatures. With the increasing need for secure identity verification in various industries, the demand for smart cards is expected to grow.
Smart cards market accounts for the 25% of the broader electronic security and access control market.
According to the geographical market estimates, the North American region will account for 28.2% of the global market in 2022. In Europe, consumption for these solutions is estimated to account for around 21.3% of the market in 2023.
|
Smart Cards Market Size (2023) |
US$ 46,358.4 Million |
|
Projected Market Value (2033) |
US$ 2,53,824.3 Million |
|
Global Market Growth Rate (2023 to 2033) |
18.5% |
|
Contact Segment Market Share (2022) |
25.4% |
|
Indian Market Growth Rate (2023 to 2033) |
20.2% |
|
Telecommunication Segment Market Share (2022) |
19.1% |
“High Deployment Cost along with the Limited acceptance infrastructure”
The initial deployment costs for smart card systems can be high, which may make it difficult for some organizations to adopt this technology. Although the acceptance infrastructure for smart cards has been growing, it is still not as widely accepted as traditional payment methods in some regions, which can limit the growth of smart card usage.
Moreover, there are many different types of smart cards, and there is a lack of standardization across different regions and industries, which can create interoperability issues and limit the scalability of smart card deployments.
“Government initiatives Are Boosting the Growth of Smart Cards Market”
United States government has launched several initiatives aimed at increasing the adoption of smart cards, particularly for government-issued identification cards such as driver's licenses and passports. This has helped to promote the use of smart card technology and increase public awareness of its benefits.
Additionally, many smart cards can be integrated with mobile devices, allowing users to make payments and access services using their smartphones or other mobile devices. This integration has made smart card technology more accessible and convenient for many consumers.
These aspects are aiding the acceptance of these technologies in the United States region, accounting to the region's considerable market share of 22.4% in 2022.
“Increasing Adoption of Smart Card Technology in Automotive Sector is Hastening the Adoption of Smart Cards”
Smart cards are already widely used in India for transportation, particularly in urban areas because of bus transport facilities and metros. The government has launched initiatives such as the National Common Mobility Card (NCMC) project, which aims to create a single card that can be used for payments across all modes of transportation, including buses, trains, and metro systems. There is significant potential for smart cards to be further integrated into transportation systems in India, providing a more convenient and seamless travel experience for commuters.
Additionally, smart cards can play a key role in promoting financial inclusion in India, particularly in rural areas where access to banking services is limited. By enabling cashless payments and providing a secure and convenient way to store and access funds, smart cards can help to promote financial inclusion and reduce the reliance on cash transactions.
These factors enable India's market to grow at a CAGR of 20.2% during the predicted period.
“Strong Intellectual Property Rights Protection Laws is Facilitating the Adoption of Smart Cards Services”
France has a robust legal framework for protecting intellectual property rights, which has encouraged the development of new and innovative smart card technologies. This has also given French smart card manufacturers a competitive advantage in the global smart card market.
Moreover, France has a strong focus on security and privacy, which has made its smart cards highly secure and reliable. This has boosted the confidence of customers and led to the increased adoption of smart cards in various sectors.
Such considerations are predicted to hasten the deployment of smart cards in France.
Why Contact Segment Hold the Major Market Share for Smart Cards Market?
Contact smart cards are generally less expensive to produce compared to other types of smart cards, such as contactless or dual-interface cards. This makes them a more cost-effective option for organizations that need to issue a large number of cards.
Moreover, contact smart cards have been in use for many years and have an established infrastructure, including readers and card acceptance devices. This infrastructure is well-suited for applications such as banking, ID and access control, and public transportation systems.
These factors are influencing the major share of 25.4% of contact segment in the market.
Why the Adoption of Smart Cards is Maximum in Telecommunication sector?
Smart cards are used in the telecommunication sector to authenticate subscriber identity. The smart card is embedded with the subscriber's information and credentials, which are verified before allowing access to the network.
Subscriber Identity Modules (SIM) cards used in mobile phones are a type of smart card. They store subscriber information and credentials, including phone numbers, SMS messages, and other data. Smart cards are essential for secure SIM cards, which are required for secure communication and transactions.
Thus, market share of smart cards in telecommunication is analysed to be 19.1% in 2022.
The smart card market is highly competitive, and companies are constantly innovating and evolving to stay ahead of the competition and meet customer needs. As the market continues to grow and evolve, we can expect to see continued competition and innovation from these players.
Recent developments related to key players providing virtual data roo.ms market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
|
Attribute |
Details |
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
US$ Million for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Type:
By End Use:
By Access:
By Component:
By Region:
To know more about delivery timeline for this report Contact Sales
In 2023, the market value of refractive optical element was US$ 46,358.4 Mn.
The global refractive optical element market is estimated to advance at a 18.5% CAGR through the forecast period 2023-2033.
The market for refractive optical element is forecasted to climb to US$ 17,720.3 Mn by 2033 end.
Demand for refractive optical element market in India is projected to rise at a CAGR of 20.2% for 2023-2033.
In 2022, the North America smart cards market held a dominant market share of 28.2%.
