27th September 2019 – Global Smart
Cards Market is expected to reach USD 15.4 billion by 2025. Smart cards
are also termed as integrated circuit card (ICC), or chip card is a security
token that has a fixed computer chip that can be a microprocessor or memory
type which transacts and stores data. The data is mainly related to either
information and value, or both. The card may be a plastic or metal and can
connect to a reader by short-range wireless connectivity like near field
communication (NFC) or by direct physical contact. The Smart Card Market is
estimated to grow at a significant CAGR of 7.9 % over the forecast period as
the scope and its applications are rising enormously across the globe.
High demand for online shopping and
banking experience, easy access to e-government services, reliable and secure
online payments allow consumers to use online payment methods, and rising demand
for contactless smart cards are documented as major factors of Smart Cards
Market that are estimated to enhance the growth in the years to come. However,
aversion of payment dealers to accept capital-intensive point of sale (POS)
terminal machinery and high cost of integrating chip cards are the factors that
may restrain overall market in the coming years. Smart Cards industry is
segmented based on type, component, application, and region.
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Contactless smart card and contact smart
card are the types that could be explored in Smart Cards in the forecast
period. Contact smart cards sector accounted for the largest market share of
Smart Cards and is estimated to lead the overall market in the coming years.
This may be because of its use in retail applications, BFSI, and government
& healthcare applications. Also, the contactless smart cards sector is
estimated to grow at fastest pace in the coming years, as electronic payment
systems are speedily swapping carry and cash operations.
Services, hardware, software, smart
cards, and readers are the components that could be explored in Smart Cards in
the forecast period. Hardware sector accounted for the substantial market share
of Smart Cards and is estimated to lead the overall market in the coming years.
This may be because of rising acceptance of smart cards by readers in emerging
countries. Also, the software sector is estimated to grow at fastest pace in
the coming years. Software sector includes databases and management system
software.
The market may be categorized based on
applications like enterprises, entertainment, and education; banking financial
service, and insurance (BFSI); retail; government and healthcare;
transportation; and others could be explored in the forecast period.
Globally, Asia Pacific accounted for the
substantial market share of Smart Cards and is estimated to lead the overall
market in the coming years. The reason behind the overall market growth could
be high demand mainly in the healthcare, transportation, government, BFSI, and
retail sectors. The industries in the emerging countries like Thailand, India,
Malaysia, and China are applying smart cards to make the easy process for
documentation and payments.
The key players of Smart Card Market are
Texas Instruments, Inc., American Express Company, NXP Semiconductors NV, Atos
SE, Inside Secure SA, CPI Card Group, Inc., Infineon Technologies AG, and
Giesecke & Devrient (G&D) GmbH. These players are concentrating on
inorganic growth to sustain themselves amongst fierce competition. As companies
all over the world have to believe that alliance with a market would permit
them proportional market existence and authority to declare the leadership
position.
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