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The smart card market is projected to reach USD 16.9 billion by 2026 from USD 13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026.
Asia Pacific (APAC) is the largest market for smart cards. The robust financial system that is being increasingly digitized and government agencies incorporating smart chip-based systems for better monitoring of processes are propelling several APAC countries to adopt smart card solutions owing to increasing demand, specifically in the transportation, BFSI, retail, government, and healthcare sectors. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC.
Subscriber Identification Module (SIM) Card Market: Type Landscape
Based on the type, the hybrid SIM segment generated maximum revenue to the market in 2019. The growing use of hybrid SIM can be attributed to the fact that these SIM cards allow consumers to easily shift between various types of phones. The market growth in the segment will be significant over the forecast period.
Subscriber Identification Module (SIM) Card Market: Memory Landscape
Based on the memory, the 128KB memory SIM cards segment is witnessing a significant increase in 2019. The increased memory capacity allows customers to store more contacts and SMS. The growing focus of consumers on purchasing SIM cards with decent storage space for storing protected customer information are aiding in increasing the market segment.