Smart Card Market Analysis

Smart Card Market Analysis

The U.S. smart card reader market is poised to register growth rate of about 15% through 2028, which is attributed to the increasing demand for high-performance readers at transportation terminals. With automatic fare collection systems gaining popularity in the region, transportation authorities are installing smart card readers at terminals to ensure improved convenience for citizens. Transit agencies, such as the Chicago Transit Authority (CTA), the Utah Transit Authority (UTA), and the Southeastern Pennsylvania Transportation Authority (SEPTA), have fully operational fare collection systems installed at the entry and exit points. The increasing usage of high-end smart card readers that facilitate fast & real-time payments will boost the industry statistics.

The India smart card market is estimated to witness nearly 18% gain during 2022 to 2028. Government organizations in the country are increasingly supporting the adoption of smart cards across several industry verticals. The Indian government uses smart cards to help individuals living below the poverty line access medical facilities. In Tamil Nadu, impoverished people use smart cards to seek improved healthcare and avail the benefits of medical facilities. Similarly, Health ID Card, launched by the government in 2020, will play a vital and revolutionary role in the health empowerment of every Indian citizen.
 

In 2021, Europe accounted for around 25% of the smart card market share impelled by rising number of individuals using biometric cards for both identity authentication and increased convenience. For instance, in the UK, Biometric Residence Permit (BRP) helps citizens to confirm their identity, right to any public services, and right to study. Industry participants are strengthening their position in the region in response to the high demand for biometric smart cards. The growing popularity of smart cards that ensure enhanced security and user comfort will propel the market revenue.