Smart Cards Market to Reach USD 20 BN by 2030, with 7% CAGR from 2023 to 2030

Smart Cards Market Insights

The global smart card market demonstrates continual growth in the future. The surge in cashless transactions and demand from the healthcare sector are key market drivers. According to Market Research Future (MRFR), the global smart card market is expected to escalate from USD 9 BN in 2022 to USD 20 BN by 2030, growing at a 7% CAGR during the review period (2023-2030). 

Smart cards offer convenient, systematic, and secure payment methods. Therefore, the market growth can be attributed to the rising number of security measures implemented in smart cards that offer more security than proximity cards. Smart cards allow users to manage the stored data on the cards using interactive intelligent card readers.

People are increasingly demanding readers, RFID tags, and smart cards mainly due to their convenient and faster data transfer. With the rapid introduction of mobile apps for tag collection, the market is forecasted to witness significant traction in the next few years. 

Multifunction cards serve as network system access and store value and other data, allowing these smart cards to garner more popularity, demand, and uptake. Government initiatives for infrastructure development and smart highway projects also foster market growth.  

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Major Players 

Leading smart card market players are

• CardLogix Corporation (US),
• Rambus Inc. (US),
• CPI Card Group Inc. (US),
• VeriFone Systems, Inc. (US),
• Identiv, Inc. (US),
• Gemalto NV (Netherlands),
• IDEMIA France SAS (France),
• Giesecke & Devrient GmbH (Germany),
• Infineon Technologies AG (Germany),
• HID Global Corporation (Sweden),
• NXP Semiconductors NV (Netherlands), and
• STMicroelectronics NV (Switzerland), among others. 

Global Smart Card Market – Segments

The report is segmented into types, components, applications, and regions. The type segment is bifurcated into contact, contactless, hybrid, dual-interface, and others. The component segment is bifurcated into hardware (smart cards, readers), software, and services. The application segment is bifurcated into government, healthcare, BFSI, retail, transportation, education, entertainment, enterprises, and others. By region, the smart card market is segmented into the Americas, Asia-Pacific, MEA, Europe, and the rest of the world.

Smart Card Market – Regional Analysis

North America leads the smart card market due to the rapid adoption of new technologies. Besides, emerging business models and the proliferation of IoT in this region foster market demand. The strong presence of key technology providers in the region contributes to the market’s growth. Additionally, the vast uptake of Smart Card in Common Access Card (CAC) and others, offering two- or three-factor authentication, substantiates the market size. 

Smart Card Market – Competitive Landscape 

The market appears well-established and fragmented, with several key players forming a competitive landscape. Mature players incorporate strategies, such as mergers & acquisitions, collaboration, expansion, and product launch, to gain a larger competitive share. 

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Industry/Innovation/Related News

Aug. 25, 2023 – Datamatics, a leading IT and BPM service company, announced a partnership with the Memphis Area Transit Authority (MATA) to introduce the GO901 Smart Card System. The partnership will enable Datamatics to transform Memphis Commuting with a smart card system by delivering commuters a seamless and user-friendly travel experience. 

MATA’s Next Generation Fare System (NGFS) is an Automatic Fare Collection (AFC) system integrated with Datamatics’ AFC platform, TruFare, to create the smart card system. The integration facilitates easy ticket purchases at counters with smart card loading and enables contactless travel.

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