Smart Card Market Worth 21.57 Billion USD by 2023

According to the new market research report on the "Smart Card Market by Communication the market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023.

Use of smart cards in the BFSI sector has also been rising, supported by the transition of magnetic cards to EuroPay, MasterCard, and Visa (EMV) standard (chip and PIN) cards. EMV standards mandate the use of smart cards such as credit/debit/ATM and prepaid cards in financial transactions.

The major factors driving the growth of the smart card market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations.

The smart card market for transportation applications is expected to grow at the highest CAGR during the forecast period. Smartcards are used for parking fee payment as well as for transit fare payment in the transportation sector. Transit ticketing systems are transforming into open-payment systems owing to the introduction and widespread adoption of debit and credit cards. The transportation sector is operating in compliance with EMV, which is an open-standard specification for smart card payments. EMV-based solutions are deployed in parking infrastructure to avoid fraud and complicati