APAC Accounted for the Largest Size of the Smart Card Market

The smart card market is projected to reach USD 16.9 billion by 2026 from USD 13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026.

Major drivers for the growth of the market are surged demand for contactless card (tap-and-pay) payments amid COVID-19, proliferation of smart cards in healthcare, transportation, and BFSI verticals, transportation, and BFSI applications; increased penetration of smart cards in access control and personal identification applications; and easy access to e-government services and risen demand for online shopping and banking.

Moreover, new mode of information security of users enabled by block chain and adoption of smart cards in populated countries of APAC act as growth opportunities for developers of smart card.

Europe is the second-largest market for smart card. The region comprises economically and technologically advanced countries, such as the UK and Germany, as well as severely debt-ridden countries, such as Greece and Austria. The UK, France, and Germany are the major markets for smart cards in Europe.