Contactless Smart Cards Market to Reach $21.0 billion, Globally, by 2032 at 8.7% CAGR: Allied Market Research
PORTLAND, Ore., Oct. 2, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Contactless Smart Card Market by Type (Memory, and MPU Microprocessor), Functionality (Transaction, Communication, and Security Access Control), and Industry Vertical (BFSI, Retail and E-commerce, Healthcare, Travel and Hospitality, Transport and Logistics, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global contactless smart card industry generated $9.4 billion in 2022 and is anticipated to generate $21 billion by 2032, witnessing a CAGR of 8.7% from 2023 to 2032.
- This shift was driven by the convenience and reduced physical interaction that contactless smart cards offered.
- For instance, public transportation systems and retail outlets have promoted the use of contactless smart cards to reduce the risk of virus transmission.
- Based on region, Asia Pacific held the highest market share in 2022, holding more than one-third of the global contactless smart cards market revenue, and is expected to dominate the market by 2032.
- In addition, in the realm of transportation, contactless smart cards have revolutionized how people access and pay for public transit services.