February 02, 2022 09:13 ET | Source: Research and Markets Research and Markets

Dublin, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The "Smart Cards - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Global Smart Cards Market to Reach US$16.8 Billion by the Year 2026

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.

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. 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.

Government & Healthcare Segment to Reach $2.3 Billion by 2026

Governments 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. The U.S. Market is Estimated at $1.8 Billion in 2021, While China is Forecast to Reach $4.4 Billion by 2026

The 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. Key Topics Covered: I. METHODOLOGY II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS (Total 121 Featured)

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