In addition, COVID-19 led to an increased demand for connectivity. Expanding global mobile network and improvements in its infrastructure are boosting the growth of the market. The telecommunications segment accounted for the maximum share of 42% of the smart card market in 2020. A SIM identifies and authenticates a subscriber to a wireless cell phone network. To know about the assumptions considered for the study, Request for Free Sample Reportīased on vertical, the smart card market for telecommunications segment held the largest share of the market in 2020Ī subscriber identity module (SIM) card is a type of microcontroller-based smart card used in mobile phones and other devices. Major drivers for the growth of the market are surged demand for contactless card (tap-and-pay) payments amid COVID-19, proliferation of smart cards in healthcare, transportation, and BFSI verticals increased penetration of smart cards in access control and personal identification applications and easy access to e-government services and risen demand for online shopping and banking. Smart card market is projected to reach USD 16.9 billion by 2026, growing at a CAGR of 4.0% during the forecast period.
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