Northbrook, IL 60062 -- (SBWIRE) -- 10/10/2022 -- 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.

Major drivers for the growth of the market are surged demand for contactless card (tap-and-pay) payments amid COVID-19, proliferation of smart cards in healthcare, transportation, and BFSI verticals; increased penetration of smart cards in access control and personal identification applications; and easy access to e-government services and risen demand for online shopping and banking.

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Key Market Players:

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)

Smart card market in Asia Pacific (APAC) is the largest market during forecast period. 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 Card Market By Vertical:

BFSI
Telecommunications
Government and Healthcare
Education
Retail
Transportation
Others

Smart Card Market By Region:

North America
Europe
APAC
RoW

Blockchain is a revolutionary technology that helps businesses develop fast and secure applications that fulfill stringent security requirements. Smart cards can effectively manage cryptographic keys, thereby enabling efficient and secure transactions in blockchain applications. They act as vaults for storing cryptographic keys. When smart cards are connected to the Internet through POS readers, the keys stored in them can be matched with keys stored in online libraries. If the match is successful, users are authenticated. This is expected to help banks and other ecosystem players secure and authenticate the identity of users in an improved manner, thereby reducing instances of cyber thefts.