Europe Smart Card Market Size (2024 - 2029)

Europe Smart Card Market Analysis

Due to the high security and reliability of the data provided by smart cards, many organizations are migrating to smart card technology in the region. This technology helps protect the affiliations and identities of individuals which drives the growth of the smart card market. Many sectors such as finance, telecommunications, healthcare, retail, government, and transportation use smart cards. The market is expected to grow at a CAGR of 3.8% during the forecast period (2022 - 2027).

• Improvements in IoT and automation technologies drive the growth of the smart card market. Common examples of smart cards are Visa, MasterCard, and Europay. High-income people are very reluctant to take on the burden of carrying cash, so they are very fond of smart cards. This will contribute to the growth of the smart card market over the next few years.
• The European states dominated the healthcare and health insurance system, smart cards were adopted much earlier in this region. The European Commission's decision to mandate the introduction of a card-based alternative to the paper E-111 form for cross-border healthcare has led to explosive growth in its use.
• Companies are focsued on innovating new smart card as part of the business expansions by collaborating which is driving the market growth. For instance, in April 2022, IDEX Biometrics ASA announces collaboration with smart card technology and innovation company E-Kart to commercialize biometrics payment solutions in Eastern Europe. The collaboration between E-Kart and IDEX Biometrics allows demand growth for biometric smart cards in Eastern Europe, with targeted delivery to issuers by Q4 2022.
• One of the issues with smart cards is an attack that exploits a vulnerability caused by a poorly designed or implemented card or system. These vulnerabilities tend to be easier to exploit, replicate, and therefore share within the hacking community. However, proper monitoring and auditing of smart card manufacturing and distribution can resolve this issue.
• During the COVID-19 pandemic, smart cards benefited the healthcare sector, smart cards helped assist the healthcare providers in maintaining the efficiency of patient care and privacy safeguards. The benefits of smart cards also include instant patient verification, insurance processing, and more.

Europe Smart Card Industry Segmentation

Smart cards offer higher security and confidentiality than other financial information and transaction storage media, making them the perfect solution for e-commerce transactions. A smart card is a secure place to store valuable information such as private keys, account numbers, passwords, and personal information. The market studied is segmented by type that includes contact ot contactless cards. It also breifs about the smar card uses in multiple en-user markets such as transportation, BFSI. The studied market also breifs about the COVID-19 impact on the market and on-going trends.