Global Smart Card Market to Reach $15.56 Billion by 2027

The global smart card market was pegged at $10.19 billion in 2019, and is estimated to reach $15.57 billion by 2027, growing at a CAGR of 6.2% from 2020 to 2027, according to new research.

Increase in demand for contactless smart card, ongoing technological advancements, and surge in adoption in the banking and financial sector have boosted the growth of the global smart card market. However, high cost of incorporating chip cards hinders the market growth. On the contrary, high demand from the Asia-Pacific region is estimated to open lucrative opportunities for the market players in the future.

On the basis of end use, the telecommunication segment held the lion’s share in 2019, accounting for half of the global market. However, the transportation segment is projected to register the highest CAGR of 9.0% during the forecast period.