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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