Smart Card Market Outlook 2021-2027 – Key Drivers, Industry Analysis & Forecast to 2027

The global smart cards market landscape is slated to witness momentous gains by the end of 2027 driven by advancements in wireless technologies. An ongoing shift towards online banking, due to the aforementioned technological advancements, would also play a major role in fostering the revenue gains of the smart cards market.

A smart card can be defined as a portable computational device that possesses data storage capabilities. As a result, they can be a highly reliable and secure form of personal identification as well as tamper-proof data repository.

The industry is witnessing a boom of market player activities over the past years as the technology advances. Recently, IDEX Biometrics ASA, a renowned advanced fingerprint authentication and identification solutions provider, announced that , the China Construction Bank, one of the globe's biggest banks as well as the pioneer of China's ambitious Digital Currency Electronic Payment infrastructure, has expanded particular 'digital renminbi' trials to cover the issuance of new smart cards that boast of IDEX Biometrics biometric software and fingerprint sensor security.

The smart cards industry growth facilitators are segmented in terms of solution, application, as well as regional landscape.

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When it comes to solution, the industry is bifurcated into smart cards, and smart card readers. With respect to smart cards, the market is likely to see sizable growth from the sub-segment of microprocessor card. A high demand for microprocessor-powered smart cards integrated with capabilities of dynamic data processing would be fueling the revenue outlook.

With respect to smart card readers, the industry would be gaining notable revenues from the software component segment. A rapidly increasing demand for effective software platforms that enable secure payment processing would be heralding further growth of the segment.

From an application perspective, the market is forecast to bring in tremendous gains from government and health based applications. Several government organizations have been increasingly adopting smart cards to maintain precise employee identification.

Moreover, they have also been focusing on developments in biometric technologies to effectively consolidate access control systems.

Seeing the opportunities several private tech enterprises have been making advancements in the field. Recently, Drayson Technologies, a UK based IoT platform firm, announced that it has successfully developed new reference designs to deliver 'Plug-n-Play' RF energy harvesting capabilities for next-gen biometric smart cards. The company says the new designs can deliver over three times more energy than other technologies presently in the market.

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From a regional reference frame, the North America smart card market is slated to witness sizable growth in coming years. Strong presence of numerous prominent technology companies and government focus towards infrastructure upgradation initiatives are likely to open up new opportunities for the industry.

Table of Contents

Chapter 1 Methodology & Scope

  • 1.1 Scope & definitions
  • 1.2 Methodology and forecast parameters
  • 1.3 COVID impact
    • 1.3.1 North America
    • 1.3.2 Europe
    • 1.3.3 Asia Pacific
    • 1.3.4 Latin America
    • 1.3.5 MEA
  • 1.4 Data sources
    • 1.4.1 Secondary
    • 1.4.2 Primary