Smart Card Market
Smart Card Market (Type - Contact Smart Cards, Contactless Smart Cards, Hybrid Smart Cards, Dual-interface Smart Cards; Component-Microcontroller) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Smart Card Market - Snapshot
A smart card refers to a special type of card-like device that comes with an integrated circuit chip integrated onto it. This chip could be a plain memory circuit or a microprocessor with memory. In a nutshell, it is a card through which one can manipulate, store, and exchange data. The global smart card market is likely to gather momentum from the growing popularity of this product across a diverse range of industries.
A card reader is utilized by a smart card to establish connection with the controller or a host computer. This card reader collects all the needed information from the smart card and passes on the information to the controller or host computer accordingly.
Increased Demand across Multiple Industries to Bolster Demand in the Market
A highly portable computational device, smart card, comes with the facility of data storage. Hence, these cards have emerged as an extremely credible and tamper-proof form of personal identification. It has secured information repository, which makes it ideal for high security application. This factor is likely to bolster the growth of the global smart card market in the years to come.
The potential uses of smart cards comprise the following.
- Health Care
- Banking & Retail
- Mobile Communications
- Electronic Purse
- Access Control and ID Verification
Smart cards are used across several industries such as health, transportation, financial, retail and gas, telecommunication, and government. These organizations are making constant efforts to make a shift toward smart card technology owing to the high security and credibility of data that it offers. It also helps in the protection of individual’s assets and identity. These factors are likely to encourage growth of the global smart card market in the forthcoming years. Manufacturers of smart cards in several countries such as the UK, China, Malaysia, Singapore, Germany, the US, and India are making constant efforts to widen their presence across the globe. The manufacturers are diversifying their product and services portfolio to grab bigger market share.
The global market for smart card is expected to expand at a CAGR of 10.5% over 2019 to 2027. The total value of the global smart card market is expected to reach a value of US$ 79.8 bn by 2027, rising up from a value of US$ 32.5 bn in 2018.
Consumer shift towards digitization and automation technologies has overhauled the functional dynamics of multiple sectors and industries. Advancements in IoT and automation technologies has also aided the growth of the global smart card market. MasterCard, Visa, and Europay are some of the popular smart cards. There is heavy demand for smart cards amongst the allied classes who are not willing to bear the hassle of carrying cash. Henceforth, the global market for smart card is projected to accumulate voluminous revenues in the years to come. Smart cards have helped individuals and business in accelerating their activities of sale and purchase. Smart cards help in making cashless transactions across selling points, and this is the primary distinction of these cards. There is a stellar need for accentuating digital transactions across various sectors, and this factor is projected to bring in voluminous revenues into the global market.
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Rapid urbanization and industrialization in the developing countries including China, India, Mexico, South Africa and Brazil are providing lucrative opportunities for the global smart card market. Over the years, growth in prepaid card and contactless card Industry has transformed that have shaped economies of several countries.
For instance, contactless and prepaid technology are comparatively new. According to Kalyani Pillay, Chief Executive of SABRIC (The South African Banking Risk Information Centre), contactless payment cards are very secure method just like a traditional cards Additionally, rising contactless card and prepaid industry with growing technological modernizations along with the convenience and benefits provided by smart cards are projected to offer an opportunities in the coming years.
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This report preview by Transparency Market Research (TMR) on the global smart card market gives a plethora of insights pertaining to market segments. The preview has been drafted with the intent to add value to market research and analysis. The geographical segments of the global smart card market have also been identified and explained within the report. The leading competitors of the global smart card market have also been enlisted.
The product usage is increasing significantly in different end use industries including BFSI, telecommunication, e-commerce, healthcare, and retail. Among these, the telecommunication sector is likely to exhibit high demand for smart cards. Moreover, the exponential rise of mobile phone subscribers and increasing penetration of mobile phones in emerging economies will further benefit the global smart card market. Growing use of near field communication (NFC), net banking, internet of things, and e-commerce that have grown the demand for smart cards at a higher rate across the globe.
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Asia Pacific & Latin America to Grow At A Higher Pace
In terms of geography, the global market for smart card is segmented into North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. North America and Europe accounted for the largest share at global level. Latin America market is expected to grow with a higher pace as a result of rising consumer spending through digital media. Rising disposable income in China and India coupled with high adoption of digital devices will further create new opportunity in smart card market.
Major players operating in the global smart card market are
- Gemalto NV
- Giesecke & Devrient (G&D) Infineon Technologies AG
- NXP Semiconductors.
These vendors have delved into the specifics of digitization to understand the needs of the consumers.
Use of smart cards has increased by leaps and bounds over the past decade. These cards hold relevance in several industries, majorly due to the security of information and data saved in these cards. A smart card is a valued item for corporate firms and government entities. These cards help governments units in deploying digital recognition technologies for regulating entry of officials and employees in the premises.
- Furthermore, smart cards have become an integral aid for maintaining the integrity of security premises in the industrial sector. Therefore, the total volume of revenues within the global smart card market is set to increase by a dramatic chase.
- Digital attendance ledgers installed across schools, colleges, and corporate offices also require the use of smart cards. These can be used to maintain important records in ritual stores and industrial units.
- The utility of these cards in multiple industries is behind the growth of the global smart card market. There is humongous need for smart cards in payment systems, and the former can be used as easy payment cards. In addition to this, smart cards are also used in passports, public documents, and other government papers. Therefore, the global smart card market is set to expand by leaps and bounds.
Global Smart Card Market – Scope of the Report
Transparency Market Research’s recent report on the smart card market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the smart card market analyzes the scenario for the period 2019 - 2027, wherein 2018 is the base year and 2017 and earlier is historical data. The report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the smart card market provides data on the developments undertaken by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the global Smart Card market gives readers an individual understanding of the market.
The study discusses the underlying trends and impact of various factors that drive the global smart card market, along with their influence on the evolution of the market.
The study also offers Porter’s Five Force Analysis, value chain analysis, key trend analysis, and SWOT analysis of the global Smart Card market in order to highlight the crucial growth tactics and opportunities for market players.
Key Questions Answered in This Report on the Smart Card Market
- How much revenue will the smart card market generate by the end of the forecast period?
- What application smart card is likely to gain the maximum market share by 2027?
- What regions currently contribute the maximum share to the overall smart card market?
- What are the indicators expected to drive the global smart card market?
- Which region is likely to be a lucrative market during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the global smart card market to expand their geographical presence?
- What are the major advancements witnessed in the global smart card market?
The report answers these questions and more about the global smart card market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Global Smart Card Market – Research Methodology
The TMR report on the global smart card market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. The competitive scenario of the global smart card market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the global smart card market arrive at predictions and estimations, and calculate the forecast for the market.
The report uses an analytical triangulation method to estimate the numbers and figures of the global smart card market with both bottom-up and top-down approaches.
The detailed assessment of the global smart card market, along with an overview of the landscape is provided based on a careful examination of the avenues related to this market. Analysts’ conclusions on how the global smart card market is set to grow are based on carefully vetted primary and secondary sources.
- In this chapter, the report offers a dashboard view of the competition matrix of leading players in the global smart card market, along with structural analysis
- The report includes the below mentioned pointers of major players operating in the smart card market:
- Company Overview
- Product Profiling
- Product Innovation
- Business Strategies/Recent Developments
- Technological Advancements
- Key Mergers & Acquisitions
- Expansion Strategies
- Company Financials
Some of the Key Players Covered Under the Scope Include:
Market Segmentation/Research Scope –
Smart Cards Market, by Type
- Contact Smart Cards
- Contactless Smart Cards
- Hybrid Smart Cards
- Dual-interface Smart Cards
Smart Cards Market, by Component
- Memory Card
Smart Cards Market, by Geography
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- Latin America
Global Smart Card Market - Segmentation
The report on the global smart card market provides information on the basis of type, component, and region.
Contact Smart Cards
Contactless Smart Cards
Hybrid Smart Cards
Dual-interface Smart Cards
Middle East & Africa