Northrook, IL -- (SBWIRE) -- 02/03/2020 -- The smart card market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023. The major factors driving the growth of the this market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations.

Contact smart cards are expected to hold the largest share of the smart card market in 2018. These cards are widely used in BFSI, government and healthcare, and retail applications. On the other hand, contactless smart cards are used in BFSI, government and healthcare, and transportation application.

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Hardware is expected to hold the largest share of the smart card market in 2023 due to the increasing adoption of smart cards and readers in developing economies. The market for software is expected to grow at the highest rate during the forecast period. The market for software comprises management system software and databases. Management system software is used to match information of a person with the saved data in a particular database. Increasing demand for data analysis and management is expected to support the growth of the market for software.

The smart card market in Asia Pacific is expected to witness a high growth in the near future owing to the increasing demand in developing countries such as India, China, Malaysia, and Thailand, which are increasingly implementing smart cards in the transportation, BFSI, retail, government, and healthcare sectors. Companies in these countries are implementing smart cards to make the process of payments and other documentations easy for consumers. Singapore is emerging as a hub for contactless payments in APAC. These transactions account for more than half of all card-based transactions in the country. Smart cards have huge potential in China and India, among others, as consumer spending is increasing in these countries.

The growing popularity of mobile or digital wallets among millennials is expected to reduce the demand for smart cards for banking applications. However, with increase in income and adoption of proper banking systems in developing countries, the effect of this restraint is expected to weaken over the coming years.

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Major players in the smart card market include Gemalto N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), IDEMIA France SAS(France), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), HID Global Corporation (Sweden), STMicroelectronics NV (Switzerland), Ingenico Group SA (France), VeriFone Systems, Inc. (US), Beijeng Watchdata Co. Ltd. (China), Rambus Inc. (US), CPI Card Group Inc. (US), Identiv, Inc. (US), KONA I Co., Ltd. (South Korea), VALID (Brazil), Fingerprint Cards AB (Sweden), BrilliantTS Co. Ltd. (South Korea), Bitel Co. Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), PAX Global Technology Ltd. (Hong Kong), CardLogix Corporation (US), ZWIPE (Norway), and Versasec AB (Sweden).

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