Expert Market Research Explores the Top 8 Companies in the Indian Smart Card Market

The Indian smart card market is expected to grow at a CAGR of 7.4% in the forecast period of 2024-2032. In the Indian market, smart cards were initially used in the telecom sector but this is changing as the product is being diversified to be used in a variety of sectors, including credit/debit cards, identity management, public distribution, healthcare, financial inclusion, transportation, and others.

Smart cards are more adaptable than ordinary plastic or magnetic stripe cards, allowing them to store more data and operate several applications. They have multiple advantages, from storing data to storing cash. Smart card is an essential component in the era of IoT, which is in the developing phase in India.

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The establishment of smart cities and the growing adaptation of the technologies is the primary factor driving the growth of the Indian smart card market. Smart cards enable quick access and quick ID verification in multiple places, such as transport systems, payments, hotels, and restaurants. The transforming economy of India with the expansion of manufacturing industries, infrastructure industries and hospitality are the major application areas of smart cards. The government initiatives such as National Urban Transport Policy, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Automotive Mission Plan (AMP2026), and FAME (Faster Adoption and Manufacturing of Electric/Hybrid) have opened up vast opportunities in the application of smart cards.

For example, the smart grid in India will be facilitated by the smart cards in electricity payments from the customer end and on the service provider end for controlling the access of persons in the restricted areas as the 'multiple component smart cards' provides need-specific solutions like fingerprint sensor, rewritable magnetic stripes, and others.

Top 8 Indian Smart Card Companies:

Infineon Technologies AG

Infineon Technologies AG is a German semiconductor manufacturer founded in 1999 when the semiconductor operations of the former parent company Siemens AG were spun off. Infineon has about 46,665 employees and is one of the ten largest semiconductor manufacturers worldwide. It is the market leader in automotive and power semiconductors.

CardLogix Corporation

Since 1998, CardLogix has manufactured and programmed millions of smart cards from the United States and has shipped to over 43 countries around the world. CardLogix is continuously at the forefront of Secure Element (SE) technology, specialising in smart cards, card operating systems, biometrics, chip encoding software, identity, development tools, and middleware. CardLogix' smart cards are powered by leading card operating systems, including CardLogix’ MOST OS, JAVA, MIFARE, and DESFire EV1/2.

Identiv, Inc.

Identiv is a global leader in seamless authentication and security solutions. The company verify frictionless access and anywhere operations, protect identities from malicious attacks, secure intellectual property, and drive IoT innovation. Its platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security.

IDEMIA

IDEMIA, the global leader in augmented identity, provides a trusted environment enabling citizens and consumers alike to perform their daily critical activities (such as pay, connect and travel), in the physical as well as digital space. The company provides augmented identity for international clients from financial, telecom, identity, public security and IoT sectors.

ALIOTH

ALIOTH company is the leading partner in bank cards production. It is the only one of the factories that was organised from scratch for bank cards production. The company has a manufacturing capacity of 50 million cards per year with 167 people of factory personnel working in shift work and has more than 200 banks are clients in Russia, CIS countries and abroad.

Watchdata Co., Ltd.

Watchdata Technologies is a recognized pioneer in digital authentication and transaction security. Watchdata customers include mobile network operators, financial institutions, transport operators, governments, and leading business enterprises. The company offers a wide range of product line, including smart wearable device, smart mobile terminal, contact and contactless EMV, UICC, e-ID and transportation smartcards, online security tokens, card readers and electronic toll collection (ETC) devices.

Eastcompeace Technology Co., Ltd

Established in 1998, Eastcompeace Technology Co., Ltd. has been listed on Shenzhen Stock Exchange since 2004. Based on smart card technology, Eastcompeace keeps making progress in information security industry. The secure qualified products and services including card, terminal, system and overall solution cover telecommunications, banking and payment, government and public sectors, IoT in more than 80 countries. In the future, Eastcompeace will continue to seize every new opportunity for innovation and development, make efforts to be a global information security solution and service provider.

HID Global Corporation

People use HID products to open doors, access digital networks, personalize badges, verify transactions, find information, track assets and connect with others—ensuring their identities are seamlessly accepted, anywhere, anytime. HID Global has over 2,200 employees worldwide and operates international offices that support more than 100 countries.