The smart card market is projected to reach USD 16.9 billion by 2026 from USD 13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026. Asia Pacific (APAC) is the largest market for smart cards. The robust financial system that is being increasingly digitized and government agencies incorporating smart chip-based systems for better monitoring of processes are propelling several APAC countries to adopt smart card solutions owing to increasing demand, specifically in the transportation, BFSI, retail, government, and healthcare sectors. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC. China is projected to witness the highest demand for smart cards in the region owing to a large consumer base and the presence of a number of smart card manufacturers.
Thales Group (France), IDEMIA (France), Giesecke + Devrient GmBH (Germany), CPI Card Group (US), HID Global Corporation (US), Watchdata (China), Eastcompeace (China), Inteligensa (US), ABCorp (US), and CardLogix (US) are a few major players in the smart card market.
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Top 2 Players in Smart Card Market:
Thales Group is a French multinational company that designs and manufactures advanced electrical equipment for transportation, aerospace, defense & security, and digital identity & security markets. The French government partially owns the company. It has expanded its operations across 56 countries, including the new and emerging markets of the world, such as Asia and the Middle East. In 2019, Thales acquired Gemalto, an international security company, and combined it with existing business to become one of the leaders in the digital security market. With Gemalto, Thales will cover the entire critical decision chain in a digital world, from data generation via sensors to real-time decision support. Through the Digital Identity & Security segment, the company develops digital identity and security solutions for private and government customers. In April, 2020, the company introduced the first double-sided ID card reader. Intelligent ID Card Reader is the first reader designed for inspecting both sides of an ID document simultaneously in the cloud and simplifying the ID verification process.
IDEMIA was formed through the merger of Safran Identity & Security (Morpho) and Oberthur Technologies (OT, France). The company develops and manufactures smart cards (plastic and metal) and related products for governments, national agencies dedicated toward law enforcement and border control, and transportation and private companies in need of better security-related products. It provided more than 800 million payment cards in 2019, serving ~1,800 financial institutions. IDEMIA’s smart card offerings include memory cards and microprocessor cards. Its clients include banks and financial institutions, manufacturers of connected objects and equipment, mobile operators, and authorities in 180 countries worldwide. IDEMIA produces more than 800 million payment products every year and offers a complete portfolio of metal cards. In October, 2020, the company launched the Middle East’s first full metal dual interface payment card to expand its extensive portfolio of payment solutions.
Smart Card Market with Covid-19 Impact by Interface (Contact, Contactless, Dual), Type (Memory, MPU Microprocessor), Functionality (Transaction, Communication, Security and Access Control), Offering, Vertical, and Region - Global Forecast to 2026
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