09-Apr-2019 | Zion Market Research
Zion Market Research has published a new report titled “Smart Card Market by Type (Contact and Contact Less), by Component (Hardware, Smart Card, Readers, Software, and Services), and by Application (BFSI, Government, Telecommunication, Healthcare, Hospitality, Transportation, Retail, and Others): Global industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, global smart card market was around USD 14.12 billion in 2018 and is expected to reach approximately USD 25.26 billion by 2025, at a CAGR of 8.6% between 2019 and 2025.
Smart cards are also known as Integrated Circuit Card (ICC). A chip card is a built-in microprocessor plastic card that is typically used in performing financial and non-financial transactions. Most of the smart cards consist of a metal contact patterns to electrically integrate them to the internal chip. Smart cards also offer authentication, personal identification, data storage, and application processing. Smart cards are used for financial, identification, mobile phones (SIM), computer security, public transit, healthcare, and schools applications.
Browse the full “Smart Card Market by Type (Contact and Contact Less), by Component (Hardware, Smart Card, Readers, Software, and Services), and by Application (BFSI, Government, Telecommunication, Healthcare, Hospitality, Transportation, Retail, and Others): Global industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/smart-card-market
The rising demand for electronic payment methods is rapidly replacing cash transactions due to its secure and reliable operations. The demand for smart cards in retail, financial, hotels, and hospitals is accelerating, as they help in storing data on loyalty cards, thereby driving the growth of the smart card market globally. Moreover, the process allows faster transactions and decreases the checkout time. These benefits will fuel the market scope over the estimated timeframe. However, the high cost of shifting to smart cards, technical challenges faced by retailers or business, and the risk of losing contactless cards may hinder the smart card market growth. Additionally, due to the reduced fees, smart card companies are witnessing fee pressure, which will eventually impact the net revenues of these companies. To compensate for the speed pressure, smart cards vendors are introducing high-speed SIMs with LTE and NFC technology, which, in turn, will escalate the demand for smart cards, thereby triggering the smart card market growth.
The global smart card market is segmented based on type, component, and application. The type segment is divided into contact and contact less. Contactless cards are expected to grow at a considerable rate in the future as they are extensively used by the financial sector. Moreover, contact-based smart cards are extensively used in BFSI, healthcare, government, and retail sectors, thereby contributing notably toward this segment’s growth. The component segment includes hardware, smart card, readers, software, and services. The hardware segment is predicted to hold the largest share of the smart card market over the forecast time period. Application segment is sectored into BFSI, government, telecommunication, healthcare, hospitality, transportation, retail, and others.
By region, the Middle Eastern and African smart card market is expected to grow at a considerable rate over the forecast time period. The region offers a wide range of smart card solutions for organizations, educational institutions, and companies. Moreover, the United Arab Emirates is among the leading ID card printers, which also offers customer loyalty card printing solutions and unique E-purses. Companies in the Middle East are installing access control technology to extend the capabilities of smart cards or phones, which enables consumers to unlock doors and access common activity areas at the workplace.
Some key participants of the global smart card market include Giesecke & Devrient GmbH, Infineon Technologies AG, Gemalto N.V., IDEMIA France SAS, NXP Semiconductors N.V., Sony Corporation, Samsung Electronics Co., Ltd, STMicroelectronics N.V., Beijing Watchdata Co. Ltd., KONA I Co., Ltd., and OT-Morpho.
This report segments the global smart card market as follows:
Global Smart Card Market: Type Analysis
Global Smart Card Market: Component Analysis
Global Smart Card Market: Application Analysis
Global Smart Card Market: Regional Analysis
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