According to the recent research report titled ‘Smart Card Market Size By Solution (Smart Card [Product {Contact, Contactless, Hybrid, Dual Interface}, Type {Memory Card, Microprocessor Card}], Smart Card Reader [Component {Hardware, Software, Service}, Product {Contact, Contactless}]), By Application (SIM & Telecom, Financial, Government & Health, Retail & Gas, Access Control, Transportation, Loyalty), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Netherlands, Switzerland, Turkey China, India, Japan, Australia, South Korea, Taiwan, Singapore, Malaysia, Thailand, Mexico, Brazil, Argentina, UAE, Saudi Arabia, Qatar, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report, the global smart card market is projected to amass US $65 billion by the year 2025.
 

Rising concerns regarding the security and privacy of financial transactions, coupled with increasing instances of cyber-attacks and security breaches are compelling the financial institutes to adopt secure and portable data storage processes, which in turn is boosting the growth of smart card market. These smart cards protect user information, while the integration of biometric technology helps to identify the fraud transactions.
 

Governments across the emerging nations are encouraging cashless transactions and promoting digitization. This factor coupled with increasing use of smartphone devices and greater convenience associated with digital payments are stimulating the smart card market outlook.
 

As per the product spectrum, contactless smart card market segment is predicted to gain traction in the upcoming years owing to improved convenience and enhanced transaction security. These cards eliminate the need for physical insertion by employing radio frequency between card and reader. Government organizations are adopting contactless smart cards, owing to their tamper-resistance, features to address security concerns.
 

Moreover, microprocessor smart card segment held the majority of the market share in 2018 as these cards are widely used across banking & telecommunication sector, along with solutions like e-passport, PKI (public key infrastructure), and access control. Microprocessor cards have cryptographic capability and are applied to store, process & secure electronic data including identity and assets.
 

Considering the application spectrum, smart card market from government segment is predicted to register significant growth over the forecast period, as these cards are used to enhance the interaction with the citizens. Smart cards are utilized in the form of e-passport, driving license, ID cards, and health cards to enable the citizens to avail entitled services.
 

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Speaking of the regional outlook, Asia Pacific smart card market will record momentous growth during 2019-2025, cites the report. Rising adoption of smart cards in BFSI, healthcare, government, retail, and transportation across the nations like India, Thailand, and China, along with supportive federal policies promoting cashless economy will impel the business scenario of Asia Pacific market.
 

Prominent contenders functioning in the smart card market are Bartronics, Cardcom, CardLogix, Gemalto NV, Giesecke & Devrient GmbH, Hypercom, Infineon Technologies AG, Ingenico, NXP Semiconductors NV, SCM Microsystems, Square, Inc., and Verifone.