SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Cards - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Edition: 19; Released: November 2021 Executive Pool: 3197 Companies: 121 - Players covered include Gemalto NV; Giesecke & Devrient GmbH; IDEMIA; Infineon Technologies AG; KONA I Corporation; NXP Semiconductors NV; Sony Corporation; STMicroelectronics NV; Watchdata Technologies and Others. Coverage: All major geographies and key segments Segments: Application (Telecommunication, BFSI, Government & Healthcare, and Other Verticals) Geographies: World; United States; Canada; Japan; China; Europe ( France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific ( Australia; India; South Korea; and Rest of Asia-Pacific); Latin America ( Argentina; Brazil; Mexico; and Rest of Latin America); Middle East ( Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass ™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
Global Smart Cards Market to Reach US$16.8 Billion by the Year 2026The modern smart world is characterized by technological advancements and trends that seek to make life easier and convenient for people. Shopping and payments using various online platforms has become more swift and secure with improvements in technology. Smart card technology basically seeks to minimize the burden of and insecurity associated with carrying cash, and provide a safer and secure means of carrying out financial transactions while emphasizing a cashless world. Demand for smart cards and digital payments is anticipated to rise significantly over the coming years due to several factors, foremost among which is convenience and speed which the technology offers. Corporates are increasingly issuing their employees with smart payment cards. The transportation sector is also anticipated to witness increased adoption of smart payment cards for enhancing travel experience. Governments in countries across the world are planning for investing in technologies that enhance passenger convenience and streamline operations. Public investments in automation of ticketing and access control would therefore be one of the major growth promoting factors for the market for smart cards going forward.
Amid the COVID-19 crisis, the global market for Smart Cards estimated at US$12.6 Billion in the year 2020, is projected to reach a revised size of US$16.8 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Telecommunication, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$8.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the BFSI segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 28% share of the global Smart Cards market. A major end-user sector for smart cards is mobile telecommunications. Subscriber Identity Module (SIM) commonly known as SIM cards are designed using smart card technology. Wireless providers are increasingly depending on smart cards which act as the important security mechanism protecting services like internet browsing and mobile commerce.
The U.S. Market is Estimated at $1.8 Billion in 2021, While China is Forecast to Reach $4.4 Billion by 2026The Smart Cards market in the U.S. is estimated at US$1.8 Billion in the year 2021. The country currently accounts for a 14.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$4.4 Billion in the year 2026 trailing a CAGR of 5.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$704.5 Million by the end of the analysis period. Developing economies across Asia-Pacific is poised to present probable opportunities for the development of the market for smart card, attributable to the evolving strong financial structure which is progressively becoming digitized as well as finding push from the government agencies for incorporating smart chip-based framework for better overseeing the processes.
Government & Healthcare Segment to Reach $2.3 Billion by 2026Governments across the world are adopting smart card projects for civilian applications that offer effective and economical solutions. Smart cards, capable of providing foolproof authentication, are used in various applications such as social security, identification, phone cards, and electronic-purse programs. With increasing number of benefits offered, this technology is expected to aid the growth of e-government projects. Smart card usage in healthcare minimizes operational costs through the elimination of paper or electronic maintenance of medical information. In the global Government & Healthcare segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$279.1 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period. More
MarketGlass ™ PlatformOur MarketGlass ™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
About Global Industry Analysts, Inc. & StrategyR ™Global Industry Analysts, Inc., ( www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
LINKS Join Our Expert Panel https://www.strategyr.com/Panelist.asp Connect With Us on LinkedIn https://www.linkedin.com/company/global-industry-analysts-inc./ Follow Us on Twitter https://twitter.com/marketbytes Journalists & Media Info411@strategyr.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/global-industry-analysts-predicts-the-world-smart-cards-market-to-reach-16-8-billion-by-2026--301438795.html
SOURCE Global Industry Analysts, Inc.