Smart Card Market size worth $ 30.71 Billion

According to new research, the Global Smart Card Market size was valued at USD 16.81 Billion in 2021 and is projected to reach USD 30.71 Billion by 2030, growing at a CAGR of 7.69% from 2022 to 2030.

Smart card technology has been around for a well couple of decades now. From enabling mobile communication to providing smart card control, the smart application has grown exponentially. The deployment of smart card-based products such as contactless, contact-based, hybrid, and dual interface cards across the various industry verticals is rising. This is mainly due to the outbreak of Covid-19.

This has driven the demand for smart cards across the globe. Furthermore, the use of smarts cards is expanded dramatically due to travel restrictions and the widespread adoption of the work from home model amid the pandemic. Consumer awareness is rising about digital payment methods such as tap and pay cards.

The use of tap and pay cards is one of the emerging trends in the market. Therefore, the rising preference for tap and pay cards is one of the key factors, which propels the growth of the market. Increasing smartphone ownership and rising internet penetration worldwide are contributing significantly to the growth of the Global Smart Card Market.

Apart from this, the rising demand for more secure banking applications in emerging countries is propelling the demand for smart cards over the past few years. Smart cards are secure and convenient consumers can easily use them at multiple facilities.

Increasing investment in smart card technology is one of the key factors which is offering the key opportunities for the vendors in the market. The government and transportation authorities across the globe are focusing on safe and sustainable public transportation infrastructure. These efforts also include investment in smart card technology for public transport users across the globe. For instance, in April 2021, The City and County of Honolulu's Department of Transportation Services (DTS) replaced their old paper passes with new HOLO smart cards for The Bus passengers. The smart card helps to eliminate the queue system while collecting tickets in the transportation sector.