The global EMV smart cards market revenue was around US$ 6.3 billion in 2022 and is estimated to reach US$ 14 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.7% during the forecast period from 2023 to 2031.
All transactions using debit, credit, and prepaid EMV smart cards attach to the EMV standard, a security technology. The information needed to complete a transaction is kept on a smart chip rather than a magstripe in EMV cards. For debit and credit card transactions, the EMV smart chip identifies several security criteria.
Factors Influencing Market Growth
The surge in cashless transactions and rapid digitalization push the growth of the EMV smart card market.?
Data theft and security concerns along with high set-up costs, a major limitation to the growth of the global EMV smart card market.
The new mode of information security for users promoted by blockchain is anticipated to develop opportunities for the EMV smart card industry.
Impact of COVID-19
The impact of COVID-19 pandemic had a positive influence on the EMV smart cards industry because of the increased adoption and usage of contactless payment procedures among consumers globally. Also, x2 smartcard payments are undergoing massive growth as consumers are getting aware of the payment technology in the market.
Regional Analysis
In 2022, Asia-Pacific dominated the EMV smart cards market in terms of revenue. This was attributed to the rise in demand for EMV smart cards due to the development of various industries like retail, hospitality, and transportation.
Leading Companies
The leading prominent companies profiled in the global EMV smart cards market are: -
American Express
CardLogix Corporation
CPI Card Group Inc.
Equinox Payments
Giesecke + Devrient GmBH
HID Global Corporation
IDEMIA
Infineon Technologies AG
JPMorgan Chase & Co.
NCR Corporation
Perfect Plastic Printing
Samsung
Thales
VeriFone
Versatile Card Technology Pvt. Ltd.
Mastercard
Visa Inc.
Other prominent key players
Segmentation Outline
The global EMV smart cards market segmentation focuses on Type, Brand, Application, and Region.
Segmentation based on Type
Debit Card
Contact
Contactless
Dual
Credit Card
General Purpose Credit Cards
Specialty & Other Credit Cards
Segmentation based on Brand
Visa
MasterCard
Others
Segmentation based on Application?
Food & Groceries
Health & Pharmacy
Restaurants & Bars
Consumer Electronics
Media & Entertainment
Travel & Tourism
Others
Segmentation based on Region
North America?
The U.S.
Canada
Europe?
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Singapore
Rest Of Asia-Pacific
LAMEA?
Latin America
Middle East
Africa
