As per the report published by Kings Research, the global Card Market was valued at USD 12.37 billion in 2023. The market is projected to reach USD 22.80 billion by 2031, growing at a CAGR of 8.05% from 2024 to 2031.
The global card market is witnessing a growing demand for personalized and customized card solutions, driven by consumers seeking unique and distinctive payment methods. Personalization allows card issuers to tailor their offerings to meet the specific preferences, lifestyles, and needs of individual cardholders, thereby enhancing the overall customer experience and loyalty. Customized card solutions encompass a range of features such as personalized designs, images, colors, and branding elements that resonate with consumers on a personal level.
Moreover, advancements in printing technologies and card manufacturing processes enable cost-effective and scalable customization options for card issuers, catering to diverse consumer segments and market niches. By offering personalized and customized card solutions, issuers can differentiate their products, strengthen brand identity, and foster customer engagement, thereby facilitating customer acquisition and retention in a highly competitive market landscape.
Key Insights
- Based on type, the gift cards segment is anticipated to experience the highest CAGR of 14.24% over the forecast period
- Based on material, the metal segment generated the highest revenue of USD 7.73 billion in 2023
- On the basis of region, Europe is likely to grow at a robust CAGR of 7.35% between 2024 and 2031
Veridos Delivers the Latest Generation of Digital Identity Cards to Macau
January 2024: Veridos deployed the cutting-edge Macau Electronic ID (MEID) for the Macau Special Administrative Region, which includes a centralized personalization and Card Application Management System (CAMS).
CPI Card Group Introduces Tungsten Card to its Product Portfolio
August 2023: CPI Card Group launched a contactless tungsten card to its encased metal card collection, offering a tactile experience and dual-interface functionality for payments.
Rising Use of Renewable Raw Materials and Environment-Friendly Cards to Offer Lucrative Opportunities for Market Expansion
The rising use of renewable raw materials and environment-friendly cards presents lucrative opportunities for the expansion of the global card industry. As environmental concerns and sustainability initiatives gain momentum worldwide, there is increasing pressure on industries to adopt eco-friendly practices and reduce their carbon footprint. In response, card manufacturers are exploring alternative materials derived from renewable sources such as bioplastics, recycled plastics, and bio-based polymers to produce environmentally sustainable cards. These cards minimize the environmental impact of card production, appealing to environmentally conscious consumers seeking eco-friendly products.
Furthermore, the growing adoption of renewable raw materials and environment-friendly cards aligns with corporate sustainability goals, regulatory requirements, and consumer preferences for sustainable consumption. As a result, card manufacturers investing in eco-friendly innovations and sustainable card solutions possess the opportunity to capitalize on growing demand, gain a competitive edge, and contribute to the transition towards a more sustainable future.
Emergence of Biometric Authentication in Card Transactions to Foster Card Market Growth
The emergence of biometric authentication in card transactions is revolutionizing the global card market landscape, offering enhanced security, convenience, and user experience for cardholders. Biometric authentication leverages unique physiological characteristics such as fingerprints, facial features, or iris patterns, to verify the identity of cardholders, thereby replacing traditional PINs or passwords. This technology provides an additional layer of security against unauthorized access, fraudulent transactions, and identity theft, addressing growing concerns regarding payment security in an increasingly digitalized and interconnected world.
Furthermore, biometric authentication streamlines the authentication process, eliminating the need for users to remember complex passwords or carry additional authentication devices. As a result, biometric-enabled cards offer a seamless and frictionless payment experience, fostering adoption among both consumers and financial institutions. With advancements in biometric technologies, including improved accuracy, speed, and scalability, biometric authentication is poised to emerge as a mainstream feature in card transactions, thereby shaping the future of payment security and authentication standards.
Europe to Register a Robust CAGR of 7.35% between 2024 and 2031
The European card market benefits from a mature financial infrastructure, high digital penetration rates, and a strong culture of card-based transactions, thereby contributing to regional market growth and innovation. Moreover, regulatory frameworks such as the Revised Payment Services Directive (PSD2) and the European Union's General Data Protection Regulation (GDPR) drive compliance requirements, promote competition, and foster innovation in the European card market.
Additionally, the adoption of contactless payments, mobile wallets, and digital banking solutions accelerates the transition towards cashless transactions in Europe, thereby driving market expansion. With a growing focus on payment security, data privacy, and interoperability, Europe remains a key region for card issuers, payment service providers, and fintech companies seeking growth opportunities in the evolving digital payments landscape.
Market Players Concentrating on Product Innovations to Drive Market Development
The global card market is fragmented with key players such as Fiserv, Inc., Thales, CPI Card Group Inc., ABCorp Network, Giesecke+Devrient GmbH, Safran Group, CardLogix Corporation, Barnes International, FIS, N26 AG, IDEMIA, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.