Article posted: Jun 29, 2018

By Joakim Thorén, CEO

The U.S. smart card industry is poised to grow to $21.57 billion by 2023, according to the latest MarketsandMarkets, "Smart Card Market Global Forecast to 2023." The report, issued this month, discusses the acceptance and growth of the smart card industry in key geographic regions, including North America, Europe, Asia Pacific and the Middle East, Africa and South America. In the market forecast report, Versasec, along with partners Gemalto and Identiv, were listed as major players in the smart card market.

Smart cards provide secure access to digital data by validating users' credentials with their digital identity. According to the survey, applications of online identity validation systems are under threat due to the rise in cyber hacking activities. Thus, the adoption of smart cards is expected to mitigate the risks of cyber hacking by protecting digital assets from cyber criminals.

Research conducted by MarketsandMarkets shows the growing use of online payment methods is a key factor in driving smart card acceptance. In addition, the market for transportation applications is also expected to grow. The research firm also sees strong commitments for smart card use from government and healthcare organizations.

MarketsandMarkets is the world's largest revenue impact company, serving more than 5,000 customers, including 80% of the top 2000 companies in the industries its track. The company helps organizations plan and operationalize their future revenue mix decisions by identifying high growth opportunities ranging from $1 billion to $500 billion.

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