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The Smart Cards Market is predicted to reach USD 20.51 billion registering a CAGR of 5.1% till 2030. The increasing adoption of smart cards in government IDs, as well as the widespread application of chip cards in retail services that provide encryption and security, are expected to drive the smart cards market during the forecast period.
Overview
The rising acceptance of digital payment methods to ensure better convenience and security over traditional cash-based payments is projected to fuel the growth of smart cards industry. On the contrary, the development of revolutionary technologies for enhanced security, including Blockchain that ensures secured & quick applications and transactions is expected to create lucrative opportunities for the smart cards market in near future.
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However, the increasing number of online and offline frauds as well as the presence of other financial payment techniques such as internet banking, cheques, and others are factors expected to restrain the growth of the market during the forecast period.
Asia-Pacific dominated the global smart cards market is expected to remain dominant throughout the forecast period. This is attributed to factors such as government support for the development of infrastructural facilities that include banking, transportation, and others.
North America is expected to exhibit substantial growth in the global smart cards market during the forecast period, due to increasing government investments in the automation of ticketing and access control for the convenience of passengers and streamline control.
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