A smart card is a card that consists of an embedded integrated circuit (IC) chip also known as ICC. This chip can either be a microcontroller with inbuilt memory or just a memory chip. A smart card gets connected with the reader only when it’s physically contacted or with the aid of a remote contactless radio-frequency interface. A smart card is capable of transacting and storing data which is either associated with a value, information or both. The smart card offers a secure solution as they are microprocessor-based with protocols of security and convenience are the reason they have been replacing the magnetic stripe card. Smart cards have the capability to store large amounts of data and process data at a faster speed leading to an increase in demand for smart cards in the last decade.

The global smart cards Market is projected to be at USD 32.65 billion in 2025 and is likely to surge during the forecast period. The factors that have bolstered the market growth include increasing security concerns, the rapid movement towards a cashless digital economy, technological advancements, and favorable government regulations are expected to boost the demand for smart cards globally. Most of the regions such as Europe and the Asia Pacific have adopted the use of EMV cards as the number of reported frauds declined by using these cards in online & offline transactions. The cards such as EMV requires personal identification number PIN at the time of transactions. It makes the transaction more secure compared to magnetic stripe cards transactions which are authenticated by card holder’s signature and visual inspection.

However, the increasing amount of online and offline frauds might restraint the market growth of smart cards. The number of frauds in online & offline payment modes reached so high when magnetic stripe cards were in use and to overcome these EMV chip and PIN cards were introduced. The number of frauds have not stopped but have reduced with the implementation of smart cards. No matter what, the fraudsters would find a loophole and are able to steal the identity and information of the cardholder and the merchant acquirers had to bear the losses caused due to theft.

For instance, according to a company named Vesta Corporation, in 2016, there is an increase in 50% online fraud known as card-not-present CNP fraud. In these, customer just need to provide the email address and no other verification details and can buy anything online by using a fake credit card number.           

Key Segments of the Global smart cards Market

Type Overview, 2015-2025 (USD Billion)

• Contact
• Contactless
• Dual Interface
• Hybrid

Application Overview, 2015-2025 (USD Billion)

• Payment & Banking
• Government & Healthcare
• Telecom
• Others

Regional Overview, 2015-2025 (USD Billion)

• North America
  • US
  • Canada
• Europe
  • France
  • UK
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • India
  • Japan
  • China
  • Rest of APAC
• Rest of the World

Reasons for the study

• The purpose of the study is to give an exhaustive outlook of the global smart cards market to benchmark yourself against the rest of the market.
• Be prepared for how smart cards trends and the global smart cards market will be impacted by socio-political and economic factors over the next few years
• Ensure you remain competitive as new innovations and insurance models begin to enter the market.

What does the report include?

• The study on the global smart cards market includes qualitative factors such as drivers, restraints, and opportunities
• Additionally, the market has been evaluated using the Porters 5 Forces and Value Chain Analysis.
• The study covers the qualitative and quantitative analysis of the market segmented on the basis of sensors, system, vehicle type, component, and region. Moreover, the study provides similar information for the key geographies.
• Actual market sizes and forecasts have been provided for all the listed segments.
• The study includes the profiles of key players in the market with a significant global and/or regional presence.

Who should buy this report?

This study is suitable for industry participants and stakeholders in the global smart card market. The report will benefit:

• Executives of smart card companies that are engaged in the smart card sales, manufacturing and distribution.
• Executives from financial institutions, especially banks that are interested in acquiring information on the smart card market.  
• Government organizations, regulatory authorities, policymakers and financial organizations looking for insights in the global smart card market.
• Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies