New research suggests that the value of the global smart card market could grow to reach $75bn by 2026.
The Global Markets Insights report suggested that the growing demand for secure payments in retail and transit markets for applications, such as citizen identity, employee identity, and healthcare will be a key driver behind the expansion of the market.
The researchers also noted that several point-of-sale (POS) manufacturers are already busy updating their devices with the latest technology.
Another trend to keep an eye out for is the rise of hybrid cards that are embedded with a contactless RFID proximity chip with no interface and a microprocessor smart card chip. “They are being widely adopted for access and control applications in premises of schools, colleges, campuses, and offices,” the researchers said. “The card provides everyone with secure access in the authorized premises and can also be deployed as an identification card for ticketing in public transport. They help in reducing waiting time at the point of validation, which enhances user satisfaction.”
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