Rockville , March 06, 2024 (GLOBE NEWSWIRE) -- A new research analysis by Fact.MR, a market research and competitive intelligence provider, reveals that, the global powered smart card market, estimated at US$ 14.5 billion for 2024, is forecasted to expand at a CAGR of 5.2% from 2024 to 2034.
Powered smart cards provide more sophisticated functions and security measures than conventional magnetic stripe cards. They can handle and retain data, which gives them the capacity to carry out safe transactions, verify user identities, keep private information, and manage access to a range of applications.
Powered smart cards, sometimes referred to as integrated circuit cards (ICs) or chip cards, are made with safe data processing and storing in mind. These cards find applications in several industries, including retail, transportation, healthcare, government, and finance.
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Key Segments of Powered Smart Card Market Research Report
| By Type | By Application | By Region |
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Key Takeaways from Market Study
- The global powered smart card market is calculated at US$ 14.5 billion in 2024.
- Demand for powered smart cards is projected to rise at a CAGR of 5.2% from 2024 to 2034.
- The market is projected to reach US$ 24.25 billion by 2034-end.
- Through 2034, the East Asian market is forecasted to advance at a CAGR of 6% through 2034.
- Sales of dual-interface cards are predicted to rise at a CAGR of 5.9% through 2034.
- North America is estimated to account for 28.6% share of the global market in 2024.
“Main drivers supporting the growth of the powered smart card market are the growing demand for smart healthcare, efficient access control applications, rising digitalization across sectors, and increased demand for secure transactions in the e-commerce space,” says a Fact.MR analyst.
Focus on Uplifting Security Standards Driving Powered Smart Card Demand in Banking and Finance Sector
Emergence of new security and privacy concerns for sophisticated smart card security applications has led to an increase in the annual demand for smart cards across a range of end-use sectors. The banking and finance sector is projected to hold a sizable portion of the global powered smart card market by 2034. Security continues to be the top priority in this field because important financial processes form its foundation. This encourages the industry to accept smart cards and supports the use of sophisticated authentication methods.
| Report Attribute | Details |
| Value Projection (2034) | US$ 24.2 Billion |
| Growth Rate (2024-2034) | 5.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
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Top Key players are: Watchdata Technologies Ltd., Infineon Technologies AG, Texas Instruments Incorporated, Wuhan Tianyu Information Industry Co., Ltd., CPI Card Group, Datang Telecom Technology Co., Ltd.
Competitive Analysis
In order to expand their global customer base, companies are employing various growth strategies, including collaboration, launching new products, pursuing mergers and acquisitions, forming partnerships, and expanding production capabilities.
Moreover, businesses are diversifying beyond traditional smart card solutions by offering alternatives such as mobile payment applications, which have the potential to complement or substitute physical cards entirely. Additionally, to further enrich the customer experience, companies are introducing supplementary services such as customizable cards, advanced card management systems, and data analytics tools.
Market Developments
The industry is very competitive due to the existence of several competitors, such as well-known brands, start-ups, and specialized manufacturers. Leading businesses are currently spending on R&D to provide better and more secure smart card solutions to improve card security. This includes implementing cutting-edge encryption and biometric technologies.
- Jyske Bank, Denmark's second-largest bank, and IDEMIA, a provider of biometric identification services, signed a four-year agreement in January 2021 to introduce Denmark's first recycled plastic payment card.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the powered smart card market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (contactless cards, hybrid cards, dual-interface cards) and application (government, healthcare, transportation, telecommunications, financial services, retail, & loyalty, pay TV, energy & utility), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Dual Interface Smart Card Market: The global dual interface smart card market is expected to witness tremendous growth, owing to high technological advancements in the fields of semiconductors and telecommunications.
Digital Business Card Market: The global digital business card market is forecasted to increase at an impressive CAGR of 9.5%, rising from its current value of US$ 200 million to US$ 500 million by the end of 2033.
Electronic Access Control Systems Market: The global electronic access control systems market stands at a value of US$ 14.64 billion in 2023 and is predicted to expand at a CAGR of 8.3% to reach US$ 32.5 billion by the end of 2033.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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