The global smart card market landscape is expected to witness considerable gains by the end of 2027 owing to the advancements in wireless technologies. A continued shift towards online banking, owing to the aforementioned technological advancements, would also play a major role in driving the revenue gains of the smart card market.
A smart card can be defined as a portable computing device that has data storage capabilities. As a result, they can be a highly trusted and secure form of personal identification as well as a tamper-proof data repository.
The industry is witnessing a boom in the activities of market players over the past few years as technology advances. Recently, IDEX Biometrics ASA, a renowned provider of advanced authentication and fingerprint identification solutions, announced that China Construction Bank, one of the largest banks in the world as well as the pioneer of the ambitious infrastructure of electronic payment in digital currency in China, notably extended the “digital renminbi”. ‘ to cover the issuance of new smart cards featuring IDEX Biometrics biometric software and fingerprint sensor security.
The smart card industry growth enablers are segmented in terms of solution, application, as well as regional landscape.
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As for the solution, the industry is divided into smart cards and smart card readers. When it comes to smart cards, the market is expected to witness significant growth in the microprocessor card sub-segment. Strong demand for microprocessor-powered smart cards incorporating dynamic data processing capabilities would fuel the revenue outlook.
When it comes to smart card readers, the industry would derive notable revenue from the software component segment. A rapidly increasing demand for efficient software platforms enabling secure payment processing would herald further growth in the segment.
From an application perspective, the market is expected to generate considerable gains from government and medical applications. Many government organizations are increasingly adopting smart cards to maintain accurate employee identification.
Additionally, they have also focused on the developments of biometric technologies to effectively consolidate access control systems.
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Seeing the opportunities, several private tech companies have made strides in the field. Recently, Drayson Technologies, a UK-based IoT platform company, announced that it has successfully developed new reference designs to provide “Plug-n-Play” RF energy harvesting capabilities for next-generation biometric smart cards. The company says the new designs can deliver more than three times the power of other technologies currently on the market.
In a regional frame of reference, the North American smart card market is expected to witness significant growth in the coming years. The strong presence of many leading technology companies and the government’s focus on infrastructure upgrade initiatives are likely to open up new opportunities for the industry.