According to figures released by the chip card industry standards body, EMV Co, more that 8.2 billion chip cards have been issued globally for use in the payment card industry.
The global smart card market accounted for $13 billion in 2017 and is expected to reach $32.65 billion by 2026 growing at a CAGR of 10.8% during the forecast period.
The US was one of the last regions in the World to adopt the chip on the card technology but in less than four years it has now surpassed adoption rates of Asia Pacific and given the current adoption trajectory will approach the European adoption rates in the near future.
Outside of Asia Pacific the US will surpass Latin America and Europe in the total numbers of chip cards issued and in use for payments.
The rise of biometrics in the credit and debit card industry is happening at the same time. Given the extraordinary size of the payment card payments market it is little surprise, that according to a recent industry research report it is projected that more than 570 million of these chip cards used for credit and debit transactions will use fingerprint biometrics as an added security feature over the next four years.
Growing demand for identification cards to avail government facilities, increasing demand from emerging countries and growing demand for secure and reliable payment transactions are the key driving factors for the market growth.
However, factors such as lack of standardisation, consumer awareness and security related to contactless technology are hindering the market growth.
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