Smart Card Market Shipments to Cross 40 Million Units by 2026: Global Market Insights, Inc.

SELBYVILLE, Del., June 17, 2020 /PRNewswire/ -- According to the latest report "Smart Card Market by Solution (Smart Card [Product {Contact-Based, Contactless, Hybrid, Dual Interface}, Type {Memory Card, Microprocessor Card}], Smart Card Reader [Component {Hardware, Software, Service}, Product {Contact-Based, Contactless}]), Application (SIM & Telecom, Financial, Government & Health, Retail & Gas, Access Control, Transportation, Loyalty), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of smart cards will cross $75 billion by 2026. The growing demand for secure payments in retail and transit markets for applications, such as citizen identity, employee identity, and healthcare will propel the market growth.

Several Point-of-Sale (POS) manufacturers are integrating their products with advanced technology. The manufacturers of POS are focusing on the development of advanced solutions with integrated functions such as warehouse management, employee management, and sales & order management. These features help retailers to offer value-added shopping benefits to their customers. This customer-centric approach offered by POS solutions helps retailers to expand their customer base.

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Hybrid cards are embedded with a contactless RFID proximity chip with no interface and a microprocessor smart card chip. They are being widely adopted for access and control applications in premises of schools, colleges, campuses, and offices. The card provides everyone with secure access in the authorized premises and can also be deployed as an identification card for ticketing in public transport. They help in reducing waiting time at the point of validation, which enhances user satisfaction.

Smart card market players are also launching hybrid card readers to accept various types of cards that will help retailers and other end-users increase their customer base. For instance, in March 2020, Intercard Inc. announced to launch iReader Impulse, a hybrid card reader for the amusement sector. The card reader will facilitate the acceptance of credit cards, debit cards, and hybrid cards. The healthcare industry is witnessing new challenges in maintaining the efficiency of patient care and help in safeguarding privacy. The incorporation of smart cards aids professionals to have secure, mobile storage and effective distribution of patient information.

The rise in the number of foreign banks in Latin America is driving the adoption of EMV cards. Government agencies operating in the region are focusing on the deployment of contactless technology in public transportation. Government initiatives and investments are contributing to the smart card market growth. In October 2018, Brazil's government launched a pilot program enabling mobile NFC-based ticketing for public transport in Rio de Janeiro. Smartphones embedded with NFC technology were used as digital wallets for secure payments in public transport tickets. Other prominent cities in Brazil, such as Buenos Aires, Santiago, Sao Paulo, Bogota, and Lima, have implemented Automatic Fare Collection (AFC) systems for public transport.

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Some major findings of the smart card market report are:

    --  The payment industry is continuously evolving with the integration of
        technological advancements, which will propel contactless payments
    --  Pilot projects for nurturing new industries between ASEAN and Japan are
        being tested. It aims at promoting the standardization of smart card
        usage across industries including restaurants, supermarkets, gas
        stations, etc.
    --  Retail and transport industries are rapidly adopting smart cards to
        enhance customer satisfaction. An increase in card payments across Latin
        America due to digitization initiatives by the government is driving the
        regional smart card market growth.
    --  Governments of several countries including the U.S., India, China, the
        UK, Germany, France, Singapore, etc., are increasingly adopting smart
        cards for applications in ID cards, e-passport, driving license, and
        health cards.

Table of Contents (ToC) of the report:

Chapter 3 Smart Card Market Insights

3.1 Industry segmentation

3.2 Industry landscape, 2016 - 2026

3.2.1 Payment industry landscape

3.2.2 Retail industry landscape

3.2.3 Healthcare industry landscape

3.3 Impact of coronavirus (COVID-19) pandemic

3.3.1 Global outlook

3.3.2 Regional outlook North America Europe Asia Pacific Latin America MEA

3.3.3 Industry value chain Research and development Manufacturing Marketing Supply

3.3.4 Competitive landscape Strategy Distribution network Business growth

3.4 Industry ecosystem analysis

3.4.1 Distribution channel analysis

3.4.2 Vendor matrix

3.5 Technological and innovation landscape

3.6 Regulatory Landscape

3.7 Industry impact forces

3.7.1 Growth drivers

3.7.2 Industry pitfalls and challenges

3.8 Growth potential analysis

3.9 Porter's analysis

3.9.1 Supplier power

3.9.2 Threat of new entrants

3.9.3 Buyer power

3.9.4 Threat of substitutes

3.10 PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Global Smart Card Market revenue to hit USD 75B by 2026: GMI
Smart card market players are also launching hybrid card readers to accept various types of cards that will help retailers and other end-users increase their customer base.

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