Smart Card Market revenue to hit $75 Bn by 2027

Global Market Insights Inc. has recently added a new report on the smart card market which estimates the market valuation for smart card will cross US$ 75 billion by 2027.

The rising residential and non-residential construction across the globe is set to spur industry growth. Additionally, emerging applications of dry mix mortar in the commercial and infrastructural sectors due to its cost-effectiveness and excellent workability are expected to offer new growth opportunities to the industry.

There is a growing adoption of dual-interfaced smart cards with highly secure dual interfaces and larger memory requirements than a standard card. They are embedded with a single chip that can be accessed either through an embedded antenna or contact pads. These smart cards enhance security, reduce frauds, and enable secure access to the card's chip with either contactless or contact smart card interfaces. Players focusing on innovating their smart card portfolio will boost the market growth.

For instance, in February 2019, Gemalto N.V. announced the integration of fingerprint technology to optimize the performance of its dual interface payment cards. This move helped the company to offer biometric EMV payment cards to bank customers for safe & secure payment transactions.

The expanding retail industry will propel the demand for advanced payment acceptance techniques as retailers focus on enhancing customer satisfaction. Small retailers still are increasingly adopting card readers to ensure customer convenience. Large malls and supermarkets are using integrated systems that enable them to accept a wide range of payment options while also focusing on loyalty programs to ensure customer retention. Retailers are increasingly adopting smart card readers that help them to ensure fast transactions. For instance, in May 2020, Shopify’s tap and chip card that features contactless or tap payments for credit and debit cards was launched in Canada. This enables Canadian retailers to offer customers more options to pay by accepting contactless Interac Flash payments, Mastercard, American Express, Visa, Google Pay, and Apple Pay.