Global smart card market to hit USD 75-billion by 2026

The global smart card market is estimated to observe considerable revenue growth due to robust demand for secure and safe payment transactions across the retail sector. Along with increased security, data integrity provided by smart cards could play an important role in increasing its adoption across various industries. In addition to data integrity, the product also provides enhanced flexibility as it can store information regarding identification, credit cards, and family and business contacts. Considering these offered benefits, Global Market Insights, estimates that the global smart card market is likely to surpass a valuation of USD 75 billion by the end of 2026.

06 Nov 2020 | By PrintWeek Team

The trends influencing the global smart card market include:

Growing product sales by POS manufacturers: Several Point-of-Sale (POS) manufacturers are working on integrating their products with advanced technology, fuelling smart card industry growth. POS manufacturers are focusing on developing advanced solutions that combine functions like sales and order management, employee management, and warehouse management. POS combined with smart card features enable retailers to offer value-added shopping experience to consumers. Additionally, POS solutions drive consumer satisfaction as well as enables retailers to efficiently expand their consumer base.

Robust demand for hybrid cards: Hybrid cards are increasingly being deployed for access and control needs across colleges, schools, offices, and campuses. These cards are equipped with a microprocessor smart card chip as well as one contactless RFID proximity chip that has no interface. Hybrid cards provide individuals with safe access to authorised areas. These cards are also utilised as identification cards for ticketing purposes in public transports. The product eliminates the waiting time at the authorization point, thereby increasing user satisfaction.

Increasing demand across Latin America: Rise in the number of foreign banks across Latin America is touted to propel EVM card adoption. Government agencies in Latin America are increasingly aiming at deploying contactless technology throughout regional public transportation. Along with this, various governments declared funds and initiatives are providing a viable gaining ground for the regional smart card market. In October 2018, the Brazilian government launched a pilot program that started mobile NFC-based ticketing across Rio de Janeiro for city public transport.

Meanwhile, in India, the city of Lucknow revealed plans to unveil a new scheme called ‘One City, One Card’. Under this programme, citizens would be allowed to pay for electricity bills, eChallans, water tax, parking charges, metro, and bus fare, using a single smart card.

For details, please visit Global Market Insights.