The Europe Smart Card Market would witness market growth of 4.9% CAGR during the forecast period (2020-2026). Many sectors like financial, telecommunication, health, retail & gas, government, and transportation, are using smart cards due to their long-listed benefits.
In addition, due to the high safety and reliability of data offered by smart cards, many organizations are switching to smart card technology. This technology assists in safeguarding a person’s belonging and identity, which would propel the growth of the smart card market during the forecast years. Several smart card manufacturers are working on broadening their market presence around the world. These smart card manufacturers are increasing their products and services offerings to acquire a major market share.
The shifting consumer preference towards automation & advanced digital technologies has changed the working dynamics of various industries. The growth of the smart card market is driven by the enhancements of IoT and automation technologies. A few common & popular examples of smart cards are Visa, MasterCard, and Europay. People belonging to the high-income group highly prefer smart cards as they are reluctant to take the burden of carrying cash. This will contribute to the rising growth of the global smart cards market in the coming years. These cards are widely used by businesses & individuals, in order to boost their sales and purchase activities. The main point that makes smart cards unique is that they allow cashless transactions at every selling point. The increasing emphasis on digital transactions across different industries is anticipated to open new growth avenues for the smart card market.
The Germany market dominated the Europe Smart Card Contact Market by Country 2019, growing at a CAGR of 3.5 % during the forecast period. The UK market is exhibiting a CAGR of 3.9% during (2020 - 2026). Additionally, The France market is poised to grow at a CAGR of 5.5% during (2020 - 2026).
The Communication market dominated the Russia Smart Card Market by Functionality 2019, thereby, achieving a market value of $358 million by 2026, growing at a CAGR of 4 % during the forecast period. The Security market is expected to witness a CAGR of 4.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Smart Card Market in Europe is expected to register a CAGR of 4.9% 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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