Smart Card Market Outlook 2021 – Growth Drivers, Opportunities and Forecast Analysis to 2027
Category: #business  By Rahul Varpe  Date: 2021-08-04
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Smart Card Market Outlook 2021 – Growth Drivers, Opportunities and Forecast Analysis to 2027

The global smart cards market landscape is slated to witness momentous gains by the end of 2027 driven by advancements in wireless technologies. An ongoing shift towards online banking, due to the aforementioned technological advancements, would also play a major role in fostering the revenue gains of the smart cards market.

A smart card can be defined as a portable computational device that possesses data storage capabilities. As a result, they can be a highly reliable and secure form of personal identification as well as tamper-proof data repository.

The industry is witnessing a boom of market player activities over the past years as the technology advances. Recently, IDEX Biometrics ASA, a renowned advanced fingerprint authentication and identification solutions provider, announced that , the China Construction Bank, one of the globe's biggest banks as well as the pioneer of China's ambitious Digital Currency Electronic Payment infrastructure, has expanded particular 'digital renminbi' trials to cover the issuance of new smart cards that boast of IDEX Biometrics biometric software and fingerprint sensor security.

The smart cards industry growth facilitators are segmented in terms of solution, application, as well as regional landscape.

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When it comes to solution, the industry is bifurcated into smart cards, and smart card readers. With respect to smart cards, the market is likely to see sizable growth from the sub-segment of microprocessor card. A high demand for microprocessor-powered smart cards integrated with capabilities of dynamic data processing would be fueling the revenue outlook.

With respect to smart card readers, the industry would be gaining notable revenues from the software component segment. A rapidly increasing demand for effective software platforms that enable secure payment processing would be heralding further growth of the segment.

From an application perspective, the market is forecast to bring in tremendous gains from government and health based applications. Several government organizations have been increasingly adopting smart cards to maintain precise employee identification.

Moreover, they have also been focusing on developments in biometric technologies to effectively consolidate access control systems.

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Seeing the opportunities several private tech enterprises have been making advancements in the field. Recently, Drayson Technologies, a UK based IoT platform firm, announced that it has successfully developed new reference designs to deliver 'Plug-n-Play' RF energy harvesting capabilities for next-gen biometric smart cards. The company says the new designs can deliver over three times more energy than other technologies presently in the market.

From a regional reference frame, the North America smart card market is slated to witness sizable growth in coming years. Strong presence of numerous prominent technology companies and government focus towards infrastructure upgradation initiatives are likely to open up new opportunities for the industry.

Table of Contents

Chapter 1 Methodology & Scope

  • 1.1 Scope & definitions
  • 1.2 Methodology and forecast parameters
  • 1.3 COVID impact
    • 1.3.1 North America
    • 1.3.2 Europe
    • 1.3.3 Asia Pacific
    • 1.3.4 Latin America
    • 1.3.5 MEA
  • 1.4 Data sources
    • 1.4.1 Secondary
    • 1.4.2 Primary

Chapter 2 Executive Summary

  • 2.1 Smart card industry 360 degree synopsis, 2017 - 2027
    • 2.1.1 Business trends
    • 2.1.2 Regional trends
    • 2.1.3 Solution trends
    • 2.1.4 Application trends

Chapter 3 Smart Card Industry Insights

  • 3.1 Industry segmentation
  • 3.2 Impact of coronavirus (COVID-19) pandemic
    • 3.2.1 Global outlook
    • 3.2.2 Regional outlook
      • 3.2.2.1 North America
      • 3.2.2.2 Europe
      • 3.2.2.3 Asia Pacific
      • 3.2.2.4 Latin America
      • 3.2.2.5 MEA
    • 3.2.3 Industry value chain
      • 3.2.3.1 Research and development
      • 3.2.3.2 Manufacturing
      • 3.2.3.3 Marketing
      • 3.2.3.4 Supply
    • 3.2.4 Competitive landscape
      • 3.2.4.1 Strategy
      • 3.2.4.2 Distribution network
      • 3.2.4.3 Business growth
  • 3.3 Industry ecosystem analysis
    • 3.3.1 Component suppliers
    • 3.3.2 Manufacturers
    • 3.3.3 Technology providers
    • 3.3.4 Service providers
    • 3.3.5 Distribution channel analysis
    • 3.3.6 Vendor matrix
  • 3.4 Technology and innovation landscape
  • 3.5 Regulatory landscape
    • 3.5.1 North America
      • 3.5.1.1 NFC Standard ISO/IEC 14443
      • 3.5.1.2 ISO/IEC 7810:2003
      • 3.5.1.3 ISO/IEC 7816
      • 3.5.1.4 ISO/IEC 19794
      • 3.5.1.5 Federal Information Processing Standards (FIPS)
      • 3.5.1.6 Electronic Fund Transfer Act (EFTA)
      • 3.5.1.7 Payment Card Industry Data Security Standard (PCI DSS)
      • 3.5.1.8 The Health Insurance Portability and Accountability Act (HIPAA)
    • 3.5.2 Europe
      • 3.5.2.1 Europay, MasterCard, and Visa (EMV)
      • 3.5.2.2 OpenCard Framework
      • 3.5.2.3 European Union Data Protection Directive
      • 3.5.2.4 European Telecommunications Standards Institute (ETSI)
      • 3.5.2.5 European Union Agency for Network and Information Security (ENISA)
      • 3.5.2.6 EMC mandate
      • 3.5.2.7 French Data Protection Authority's (CNIL)
    • 3.5.3 Asia Pacific
      • 3.5.3.1 Bureau of Indian Standards (BIS)
      • 3.5.3.2 National Payments Corporation of India (NPCI)
      • 3.5.3.3 Personal Information Protection Act (Act No. 14839) ("PIPA")
      • 3.5.3.4 Singapore Standard for Smart Card ID (SSID)
    • 3.5.4 Latin America
      • 3.5.4.1 Law Nr. 12,865/2013
      • 3.5.4.2 Brazilian General Data Protection Law (LGPD), Federal Law no. 13,709/2018
    • 3.5.5 MEA
      • 3.5.5.1 Dubai International Financial Centre Data Protection Law No. 5
      • 3.5.5.2 Data Protection Law
  • 3.6 Industry impact forces
    • 3.6.1 Growth drivers
      • 3.6.1.1 Ongoing technological advancements
      • 3.6.1.2 Growing adoption in the banking and financial sector
      • 3.6.1.3 Infrastructure development initiatives stimulate smart card demand
      • 3.6.1.4 Rising demand in the healthcare sector in Europe
      • 3.6.1.5 Increasing investments and developments in Asia Pacific
    • 3.6.2 Industry pitfalls and challenges
      • 3.6.2.1 Security-related concerns
  • 3.7 Growth potential analysis
  • 3.8 Porter's analysis
    • 3.8.1 Supplier power
    • 3.8.2 Threat of new entrants
    • 3.8.3 Buyer power
    • 3.8.4 Threat of substitutes
  • 3.9 PESTEL analysis
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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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