Smart Card Market Shipments to Cross 40 Million Units by 2026

According to the latest report Smart Card Market by Solution the market valuation of smart cards will cross $75 billion by 2026. The growing demand for secure payments in retail and transit markets for applications, such as citizen identity, employee identity, and healthcare will propel the market growth.

Several Point-of-Sale (POS) manufacturers are integrating their products with advanced technology. The manufacturers of POS are focusing on the development of advanced solutions with integrated functions such as warehouse management, employee management, and sales & order management. These features help retailers to offer value-added shopping benefits to their customers. This customer-centric approach offered by POS solutions helps retailers to expand their customer base.

Hybrid cards are embedded with a contactless RFID proximity chip with no interface and a microprocessor smart card chip. They are being widely adopted for access and control applications in premises of schools, colleges, campuses, and offices. The card provides everyone with secure access in the authorized premises and can also be deployed as an identification card for ticketing in public transport. They help in reducing waiting time at the point of validation, which enhances user satisfaction.

Smart card market players are also launching hybrid card readers to accept various types of cards that will help retailers and other end-users increase their customer base. For instance, in March 2020, Intercard Inc. announced to launch iReader Impulse, a hybrid card reader for the amusement sector. The card reader will facilitate the acceptance of credit cards, debit cards, and hybrid cards. The healthcare industry is witnessing new challenges in maintaining the efficiency of patient care and help in safeguarding privacy. The incorporation of smart cards aids professionals to have secure, mobile storage and effective distribution of patient information.