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Market Synopsis

Market Research Future (MRFR) proclaims that the global smart cards market is anticipated to register a stellar CAGR during the forecast period (2018-2023). The widespread application of smart cards in healthcare, retail, government, and hospitality sectors are encouraging the market growth across the globe. Smart cards are referred to as pocket-sized cards which are embedded with integrated circuit chip and are extensively used for application processing, authentication, personal identification, and storage of data. Smart cards are majorly used for mobile phones, financial, computer security, identification, healthcare, public transit, and school applications.

Market Potential and Pitfalls

COVID-19 Impact Analysis Smart Card Market is expanding at breakneck speed owing to the widespread application of smart cards in healthcare, retail, government sector, and hospitality. With the conversion of conventional debit cards and credit cards into smart cards, financial transactions and payment options are a lot easier and convenient for the users. The surging adoption of smart cards in the government IDs and maintain the credentials of the users are the top factors encouraging the market growth for the past few years. The extensive use of smart cards in SIM cards in the telecommunication sector is further estimated to propel the market growth across the globe. The extensive use of smart cards in payment transactions, mobile phones, portable medical records cards, and online authentication devices is further encouraging the growth of the market. Right from driver’s license to student membership cars, smart cards are extensively being used for verifying identity, age, and related access benefits and rights.

The government is leveraging smart cards in order to improve transparency and efficiency. Several economies have introduced electronic national ID card schemes which are further anticipated to contribute to the growth of the market. Smart cards have replaced plastic cards which were previously used for transactions. Now, smart cards have been made the global standard for debit as well as credit cards by Mastercard, Europay, and Visa as they ensure security. With the increased demand for electronic payment methods due to its reliable and secure operations, the cash transactions are gradually becoming less. Also, the demand for smart cards is inflating in financial, retail, hospitals, and hotels as they help to store on loyalty cards. Such factors have enabled the market to reach out to a wider range of audiences.