According to a recent analysis conducted by Fact.MR, a leading provider of market research and competitive intelligence, the global powered smart card market is anticipated to reach a value of US$ 14.5 billion by 2024, with a projected compound annual growth rate (CAGR) of 5.2%
Powered smart cards offer advanced functionalities and heightened security features compared to traditional magnetic stripe cards. Their capability to process and retain data enables secure transactions, identity verification, data confidentiality, and access management
Also known as integrated circuit cards (ICs) or chip cards, powered smart cards are engineered with robust data processing and storage capabilities. They cater to diverse sectors such as retail, transportation, healthcare, government, and finance, owing to their versatile applications.
Key Takeaways from Market Study
· The global powered smart card market is calculated at US$ 14.5 billion in 2024.
· Demand for powered smart cards is projected to rise at a CAGR of 5.2% from 2024 to 2034.
· The market is projected to reach US$ 24.25 billion by 2034-end.
· Through 2034, the East Asian market is forecasted to advance at a CAGR of 6% through 2034.
· Sales of dual-interface cards are predicted to rise at a CAGR of 5.9% through 2034.
· North America is estimated to account for 28.6% share of the global market in 2024.
Focus on Uplifting Security Standards Driving Powered Smart Card Demand in Banking and Finance Sector
Emergence of new security and privacy concerns for sophisticated smart card security applications has led to an increase in the annual demand for smart cards across a range of end-use sectors. The banking and finance sector is projected to hold a sizable portion of the global powered smart card market by 2034.
