Smart Card Market – Growth, Trends, COVID-19 Impact, and Forecasts

The global smart card market (henceforth, referred to as the ‘market studied’) was valued at USD 7. 82 billion in 2020, and it is expected to reach USD 10. 11 billion by 2026, registering a CAGR of 4. 4%, during the period of 2021-2026 (henceforth, referred to as the ‘forecast period’).

New York, Sept. 06, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Card Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06134961/?utm_source=GNW

Smart cards provide ways to securely identify and authenticate the holder and third parties who want to gain access to the card. The layout of the chip makes it resistant to tampering, with enough processing power for securing the information it holds, encrypting, and executing any instruction from a program with the predetermined interface. It can save information, such as passwords, account numbers, private keys, or personal information.
In addition to obvious use where an organization may analyze logs of where/when each card has been used at the terminal, such as POS kiosk or door access reader, RFID technology in a newer generation of smart cards allows much more valuable data to be gathered. For example, many smart cards now contain UHF (Ultra High-frequency) antennas, which allow them to be read from a distance of several meters away. This enables organizations to set up a triangulated readers in doorways/larger areas that may track the user movements without requiring a card to be individually presented to the reader terminal.
During the COVID-19 pandemic, the business for smart cards specific to telecommunications and healthcare verticals is less affected than other verticals. The upsurge of healthcare data brings up new challenges in providing efficient patient care and privacy. Smart cards solved both challenges by providing secure storage (dramatically more than approximately 150 bytes that can be stored on a magnetic stripe card) and easy distribution of data. Furthermore, increasing healthcare expenditure is anticipated to propel the growth of smart cards in the healthcare market.
For instance, according to the Centers for Medicare & Medicaid Services, US health spending is projected to reach nearly USD 6 trillion by 2027. Moreover, the emergence of COVID-19 has prompted several nations to develop vaccination proofing plans, which is also anticipated to aid in the growth of the market. Digital credentials are expected to play a major role in the management of the pandemic.
In July 2020, Macao government-issued contactless prepaid payment cards pre-loaded with credit to mitigate the economic impact of the COVID-19 pandemic and provide financial support to its citizens. The cards were produced by G+D Mobile Security.
However, the recent outbreak of COVID-19 has hindered the growth of the economy and its transit to a cash-less economy due to a shortage of swipe machines to process digital payments at retail…