A plastic card with an embedded microprocessor chip for data management, authentication, and storage is called a smart card. Card data is moved to a reader, which is a component of a computer system. By securely recording user and account identities, smart cards increase transaction security. The expanding use of mobile phones in SIM cards and IoT (Internet of Things) technology is driving growth in the smart card market.
According to SPER market research, ‘India Smart Card Market Size- By Interface, By Type, By Offering, By Functionality, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the India Smart Card Market is predicted to reach USD XX billion by 2033 with a CAGR of 7.68%.
Although the situation is changing due to the product's diversification to be used in various sectors, including credit/debit cards, public distribution, healthcare, financial inclusion, identity management, transportation, and others, the smart card market in India was initially dominated by the telecom industry. The development of smart cards has made people's lives more comfortable. Nowadays, obtaining financial or other services is simpler for people. Along with gradually taking over from paper and magnetic stripe cards, smart cards are also becoming more and more prevalent in unexplored markets. In the upcoming years, these elements are anticipated to propel the market's expansion. Smart cards offer a safe means of processing data stored on the card or serving as a remote access key for data stored elsewhere. They differ from standard plastic or magnetic stripe cards in that they are more adaptable, having the capacity to hold more data and run several applications.
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Although the smart card market in India has grown significantly in recent years, there are still a number of issues that need to be resolved. The absence of compatibility and standardisation among smart card systems is one of the main problems. This implies that the use and uptake of smart card systems may be restricted if they are unable to communicate with one another. The high implementation costs of smart card systems provide another difficulty and may prevent certain organisations, especially smaller ones, from entering the market. Furthermore, customers may not be aware of all the advantages of smart cards, which could hinder their uptake.
Furthermore, the market for smart cards in India has been significantly impacted by the COVID-19 outbreak. The acceleration of the trend towards digital payments and contactless transactions has been one of the most noticeable consequences. Due to social distancing measures and worries about the virus spreading through physical touch, a lot of customers and companies are now accepting contactless payments, including smart card payments. Because of this, there is now a greater need for smart cards with contactless functionality, especially in sectors like retail, transit, and healthcare.
India Smart Card Market Key Players:
Additionally, some of the market key players are ALIOTH, Ltd, HID Global Corporation, IDEMIA, Identiv, Inc., Infineon Technologies AG, Watchdata Co., Ltd., Others.
India Smart Card Market Segmentation:
By Interface:
- Contact
- Contactless
- Dual
By Type:
- Memory
- MPU Microprocessor
By Offering:
- Smart Card
- Smart Card Readers
By Functionality:
- Communication
- Security & Access Control
- Transaction
By Region:
- Delhi-NCR (National Capital Region)
- Maharashtra
- Karnataka
- Tamil Nadu
- Gujarat
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
India Smart Card Market Forecast Report
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