According to a study by Transparency Market Research, the global smart card market was valued at $8.5 billion in 2016 and is expected to hit $14.1 billion by 2023’s end. The market is expected to expand with an approximate CAGR of 7.4% over the forecast period from 2016 to 2023.
- Based on the type, the contactless smart cards segment dominated the market and is expected to remain dominant over the forecast period.
- Based on the region, Latin America dominated the global smart cards market by accounting 70% of shares in the overall market. However, Asia Pacific is expected to witness the fastest growth over the forecast period.
- Growing Internet Usage to Propel Growth
- Enhanced level of security offered by the smart cards is leading to influence positively on its adoption.
- High Initial Cost Incurred to Restrain Growth
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Transparency Market Research