Global Smart Cards Market 2017-2021

Overview of the global smart cards market

Research analysis on the global smart cards market identifies that the increasing number of cashless transactions will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of nearly 9% by 2021. Smart cards are mostly installed with preinstalled data codes for unique identification. This makes it easier for end-users to use smart cards by swiping the card against the card reader. The card reader instantly scans the code and sends it to the system to provide information about the end-user. This enables the ease of the payment process by providing a user-friendly environment for end-users. An electronic purse is a smart card that allows monetary transactions similar to credit or debit cards that helps consumers make digital payments and avoid carrying cash. With the increasing adoption of e-purses, the smart cards market will witness considerable growth during the forecast period.

In terms of geographic regions, APAC will be the major revenue contributor to the smart cards market throughout the forecast period. The increased adoption of advanced smart cards technologies and the high penetration of vendors will drive the market’s growth in this region. Additionally, the growth of the e-commerce industry and the high-volume production of contact-based and contactless smart cards in countries such as China, will also propel the smart cards market growth in APAC.

Competitive landscape and key vendors