APAC accounted for the largest size of the smart card market – InsuranceNewsNet

Northbrook, Illinois 60062 — (SBWIRE) — 04/08/2022 — That smart card market is forecast to achieve $16.9 billion until 2026 $13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026. Key drivers for the growth of the market are the increased demand for contactless card payments (tap-and-pay) amidst COVID-19, the proliferation of smart cards in the healthcare, transportation and BFSI industries, transportation and BFSI applications; increased penetration of smart cards in access control and personal identification applications; and easy access to e-government services and increased demand for online shopping and banking. Additionally, new types of user information security enabled by blockchain and the adoption of smart cards in populous countries of APAC offer growth opportunities for smart card developers.

A dual-interface smart card is embedded in a chip that allows the card to be used for both contact and contactless transactions. Dual interface cards allow card readers to obtain the card’s identification information through the use of a single chip. The chip component of a dual interface card is typically embedded in an outer layer of PVC, polycarbonate or polyester. Dual-interface chip cards offer more convenience when processing payments. Dual-interface smart cards are likely to experience high growth in the coming years. These cards, which include both contact and contactless interfaces, enable compatibility with any card reader or POS terminal. These cards are integrated with RFID technology and EMV chips and enable contactless payments. The faster payment processing of these cards reduces the waiting time for customers in a queue.

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MPU Microprocessor-based smart cards have a microprocessor embedded in the chip in addition to the memory blocks. This type of card can be used for more than one function and is usually designed to allow adding, deleting, and otherwise manipulating data in memory. Features such as faster processing, large memory, and enhanced security have enabled microprocessor-based smart cards to break into traditional smart card application areas and reach newer application areas such as NFC and M2M communications. Rising bank fraud and security concerns have fueled rapid growth in the microprocessor-based smart card market. Since the security of customer data is of the utmost importance in the BFSI area, high demand for microprocessor-based smart cards in this area can be expected in the coming years.

Smart cards have various industries including BFSI, Telecom, Government & Healthcare, Transportation, Education, Retail and others. Among the industries, the government and healthcare segment of the smart card market is expected to grow at the highest CAGR during the forecast period. With globalization, developing countries in APAC and RoW are expected to digitize their governmental institutional processes to cope with increasing competition. Part of this digitization process is converting paper-based documentation to paperless or smart card-based documentation. Therefore, smart cards are used by governments to issue identity cards to individuals, which contain full details of individuals. That Aadhaar card system on India is one such example that helps citizens easily verify their legitimacy to claim health care, international travel, and other government benefits.

Europe is the second largest market for chip cards. The region includes economically and technologically advanced countries like the United Kingdom and Germanyand heavily indebted countries such as Greece and Austria. That United Kingdom, Franceand Germany are the most important markets for smart cards in Europe. The increasing spread of smart cards and terminals by card companies, such as e.g Visas and MasterCardhas led to an increase in overall spending in these countries. Europe has seen a faster adoption of government health and medical insurance systems than the world’s most developed countries. That European Commission has mandated the use of cards to replace E-111 paper forms for cross-border healthcare services, leading to the growth of the smart card market Europe.

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