Press Release: September 23, 2020
The global market for smart card technologies reached $6.7 billion in 2016. This market is expected to increase from nearly $7.3 billion in 2017 to $11.0 billion in 2022 at a compound annual growth rate (CAGR) of 8.7% for 2017-2022.
This report covers the global market for smart card technologies and regional analysis of North America, Latin America, Europe, the Middle East and Africa, and the Asia-Pacific region. Component segments include major smart card technologies, smart card types, platforms, protocols, standards and applications.
From a definition standpoint, this report includes sizing and forecasting for smart card technologies embedded into mobile devices, including subscriber identify modules (SIM), embedded SIM (eSIM), universal integrated circuit cards (UICC) and embedded UICC (eUICC), as well as traditional smart cards, such as national identity, company or government access control and consumer payment, and store or credit cards.
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- An overview of the global market for smart card security and technology.
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of CAGRs through 2022.
- Description of the various security technologies for smart cards to ensure the goal of keeping security assurance out of reach.
- Discussion on the continued expansion of smart card functions for their integration and use in mobility, the Internet of Things, and new payment and data management methods.
- A look at the opportunities for and obstacles to the capability of smart cards.
- Review of the use of smart cards as tools for identification and authentication, which in turn will raise new growth opportunities for manufacturers and service providers.
- Profiles of major players in the industry.
New applications, devices and adoption trends are driving an increasing global market for smart card technologies. Continued waves of new smart phones, including 3G, 4G and emerging 5G devices; IoT deployments; and continued adoption by corporate and government agencies to improve security and flexibility are all driving robust growth for smart card technologies. Agreement on standards and increased use of smart card technology for mobile payment is also driving adoption. Smart card technologies now comprise an integral part of the economy. The average end user, whether consumer, business or government, utilizes smart card technologies several times per day for financial transactions, authentication to services or access control.
Growing mobile services demand, an increase in initiatives for automated healthcare systems, government initiatives for national ID cards and an increased effort in compliance are also fueling the global demand for smart cards. In 2016, 9.9 billion smart cards were shipped. Smart card shipments are forecast to reach 11.1 billion in 2017, increasing at a compound annual growth rate (CAGR) of 13.2% from 2017 to 2022.
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Driven by different forces, smart card technologies are being adopted at a healthy rate by all regions. In North America, plastic cards remain the chief means of smart card technology adoption, with financial services firms and service providers reaching agreements regarding standards to facilitate their utility. Near Field Communications (NFC) is being embedded in nearly every mobile device, resulting in the rapid growth of mobile devices substituting for plastic cards. It will nevertheless take the region some time to shift behavior patterns. Latin America is also gradually adopting smart technologies, with a combination of cards and phones to drive government and consumer usage.
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