Global smart card market to reach USD 15 billion by 2027, study says

Monday 3 May 2021 13:59 CET | News

Allied Market Research has published a report assessing that the global smart card market was pegged at USD 10.19 billion in 2019, and is estimated to reach USD 15.57 billion by 2027.

According to the report, the global smart card market is growing at a CAGR of 6.2% from 2020 to 2027. A smart card is a physical card that contains either an embedded memory or a microcontroller contained in a contact pad. It connects to a reader either by a short-range wireless connectivity or through direct physical contact standard such as near-field communication (NFC) or radio-frequency identification (RFID). Smart cards use encryption to provide safety for in-memory information and are generally designed to be tamper-resistant. Smart cards with microcontroller chip can accomplish on-card processing functions and can manipulate data in the chip's memory.

Allied Market Research analysed the global smart card market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2019, contributing to nearly one-third of the market. Moreover, the region is estimated to register the highest CAGR of 7.4% during the forecast period.

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Keywords: survey, study, credit card, virtual card
Categories: Payments & Commerce | Cards
Countries: World
This article is part of category

Payments & Commerce