The Asia Pacific Smart Card Market would witness market growth of 5.1% CAGR during the forecast period (2020-2026). The improvements in micro-embedded electronics and the increasing adoption of loT technology are some of the catalysts for the growth of the smart cards market. In addition, the rising usage of gadgets embedded with circuit chips that help companies to provide safer payment options, data storage, and authentication to their users, are propelling the growth of the market.
Moreover, the growing digitalization of various government processes and the increasing demand for identity cards required to get the benefit of government facilities are opening new growth prospects for the market. Along with that, the provision of healthcare, licenses, and social benefit documentations of people has resulted in the introduction of smart cards by government authorities, hence accelerating the growth of the market in the coming years.
Additionally, the growing trend of maintaining effective data storage, shifting preference towards contactless & cashless payments and the digitalization of payment processes are escalating the demand for smart cards across various industries like healthcare, retail, and hospitability. Moreover, the COVID-19 pandemic is estimated to surge the growth of the market due to the increasing demand for contactless payment methods by people across the globe. Though, the high cost attached to implement electronic point of sale system (EPOS) terminals and growing usage of mobile wallets & payment applications would restrict the demand for smart cards over the forecast years.
The growing demand for a tap-and-pay method of payment transactions post-pandemic and increasing adoption of smart cards in different industries are surging the growth of the market. In addition, the high penetration of smart cards in access control & personal identification applications, increasing requirement of smart cards to avail e-government services, and growing demand for online shopping & banking are some of the factors that fuel the market growth of smart cards during the forecast period. Additionally, the innovative medium of information security of customers offered by blockchain technology and high usage of smart cards in the populated nation in the APAC region are likely to offer lucrative growth opportunities for the smart card manufacturers.
The China market dominated the Asia Pacific Transaction Smart Card Market by Country 2019, and would continue to be a dominant market till 2026. The Japan market is exhibiting a CAGR of 5.2% during (2020 - 2026). Additionally, The India market is anticipated to witness a CAGR of 6.4% during (2020 - 2026).
The Telecommunications market dominated the Malaysia Smart Card Market by Vertical 2019, thereby, achieving a market value of $112.8 million by 2026. The BFSI market is estimated to grow at a CAGR of 8.2% during (2020 - 2026). The Government & Healthcare market is witnessing a CAGR of 8.9% during (2020 - 2026). Additionally, The Transportation market is poised to grow at a CAGR of 8.6% during (2020 - 2026).
Based on Type, the market is segmented into MPU Microprocessor and Memory Card. Based on Interface, the market is segmented into Contactless, Contact and Dual Interface. Based on Functionality, the market is segmented into Communication, Transaction and Security. Based on Vertical, the market is segmented into Telecommunications, BFSI, Government & Healthcare, Transportation, Retail, Education and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: Smart Card Market in Asia Pacific is expected to register a CAGR of 5.1% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., CPI Card Group (Parallel49 Equity), Assa Abloy AB, Giesecke & Devrient GmbH, IDEMIA SAS (Advent International, Inc.), Inteligensa, CardLogix Corporation, Watchdata Co., Ltd., Eastcompeace Technology Co., Ltd (Potevio Group), and ABCorp (American Banknote Corporation).
By Type
By Interface
By Functionality
By Vertical
By Country
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