According to a new report by Expert Market Research titled, “Indian Smart Card Market Analysis, Growth, Share, Size, Report and Forecast 2024-2032″, the Indian smart card market is projected to grow at a CAGR of 7.4% between 2024 and 2032. Aided by the rise in digital transactions, the need for secure authentication methods, and government initiatives, the market is expected to grow significantly by 2032.
A smart card is a physical electronic card embedded with an integrated circuit, often used for authentication, secure data storage, and application processing. Such cards have become integral in various sectors such as banking, telecommunications, public transport, and healthcare due to their secure and convenient nature. Their primary advantage is the enhanced security features, ensuring safe transactions and storage of user data.
As per the Indian smart card market analysis, upsurge in digital transactions and cashless payments has been a pivotal factor in the rising demand for smart cards in India. With the Indian government’s push for a digital economy post the 2016 demonetisation, there has been a significant rise in the adoption of credit, debit, and other financial cards, bolstering the market. Furthermore, initiatives such as the Jan Dhan Yojana, which aims to provide every Indian citizen access to financial services, have given a considerable boost to the demand for bank cards.
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Another prominent driver for the Indian smart card market growth is the telecom sector. With the advent of 4G and the anticipation surrounding 5G technology, the need for SIM cards equipped with better security and more storage has been on the rise. This technological advancement in communication is further intensifying the demand for smart cards in the country.
Additionally, the Indian government’s push for smart city projects, which involve the use of smart technologies for transportation, utilities, and public services, is set to augment Indian smart card market demand. The transport sector, in particular, with projects such as the Delhi Metro card, has seen a surge in the adoption of smart cards for daily commute purposes, providing both convenience and security to commuters.
Another burgeoning area of application is the healthcare sector. Smart health cards, which contain a patient’s medical history, prescriptions, and other critical information, are gaining traction and adds value to the Indian smart card market size. This not only ensures streamlined healthcare services but also safeguards sensitive patient data.
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Market Segmentation
The market can be divided based on application.
Market Breakup by Application
• Telecommunications
• National Population Register
• Public Distribution Systems
• Pay TV
• Loyalty Cards
• Financial Services
o Credit/Debit Cards
o Financial Inclusion
o PAN Cards
• Travel Identity
o E-Passports
o Driving License
o Registration Certificates
• Health Care
o Rashtriya Swasthya Bima Yojana
o Others
• Automated Fare Collection
o Metro Rail Projects
Delhi Metro
Kolkata Metro
Bangalore Metro
Mumbai Metro
Hyderabad Metro
Chennai Metro
Other Metro Projects
o Bus Transportation
Ahmadabad’s Public Bus Transport System
Mumbai’s and Navi Mumbai’s Public Bus Transport System
Karnataka’s Public Bus Transport System
Other Bus Transport Systems
o Indian Railways
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Indian smart card market. Some of the major key players explored in the report by Expert Market Research are as follows:
• Bartronics India Limited
• ID Tech Solutions India Pvt Ltd
• Infineon Technologies AG
• M Tech Innovations Ltd,
• PLASTO CARDS PVT LTD
• IDENTIS TECH SOLUTIONS PVT LTD
• Card Tec (India) Pvt. Ltd.
• HID Global Corporation
• IDEMIA France SAS
• Eastcompeace Technology Co., Ltd.
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