Smart Card Industry Trend
Smart Card Market size valued at over USD 35 billion in 2019 and will grow at a CAGR of 10.5% from 2020 to 2026. The global industry shipment is expected to reach 40 million units by 2026. Rapid adoption of smart cards among various end-use verticals, such as retail, transportation, and BFSI, to facilitate secure and seamless payment process is driving the market growth.
The advent of technology, such as IoT, blockchain, and biometric, is further propelling the market revenue. BFSI sector players are focusing on implementing blockchain technology for providing enhanced security to the digital payment process. Government agencies are utilizing the technology for preventing tax fraud and enabling more transparent government-citizen relations. Blockchain applications require proper management of cryptographic keys, which are managed by smart card technology. Blockchain developers are integrating smart cards into these applications for convenient & secure transactions.
The ongoing coronavirus (COVID-19) pandemic will positively impact the smart card market size due to rise in demand for contactless payments. World Health Organization (WHO) and government administrations are advising citizens to obey the social distancing norms to contain spread of the virus. The contactless payment is carried out in a safe distance, assuring both payee and payer a secure payment process.
Die attach and encapsulation play critical roles in smart card assembly. Customers are looking for lower total cost of ownership and higher reliability performance. By using its proprietary epoxy and acrylate technologies, Yongoo has developed smart card die attach adhesives and UV encapsulant that met and exceeded customers expectations.
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