New York, NY, April 10, 2019 (GLOBE NEWSWIRE) -- 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 through 69 Tables & 32 Figures spread over 110 Pages and in-depth TOC on “Global Smart Card Market: Size, Share, Growth, Manufacturers, Trends, Analysis and Forecast, 2018–2025”.
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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.
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In the Asia Pacific region, Japan, Hong Kong, South Africa, and Australia are the chief locations preferred by regional and global smart cards solutions providers. The substantial developments witnessed in India and China are displaying excessive smart card implementation. The rising demand for a high capacity card is one of the major factors boosting the growth of SIM cards, particularly 128k, thereby contributing notably toward the growth of the Asia Pacific smart card market. However, market saturation and price competition may hamper the market over the forecast time period.
The North American smart card market is anticipated to be comparatively much less appealing over the estimated timeline due to the massive applications of smart card and growing demand for brand new smart cards across the region.
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The joint venture between the European Commission and European ICT industry 5G infrastructure public-private partnership (5G PPP) is anticipated to drive the European smart card market in the future. The commercialization of 5G infrastructures by the European Union in the upcoming years will eventually boost the sale of smartphones, gamers, data cards, and thereby generating the demand for smart cards across the region.
Latin America held the second lowest market share in terms of volume in 2018 and is expected to demonstrate lucrative growth in the upcoming years, due to the increasing use of smart cards, internet, smartphones, and data storage cards. Thus, the Latin American smart card market will grow in the upcoming years. Moreover, the agreement between MasterCard and Itaú Unibanco in Brazil to strengthen their long-term relationship will further boost the region’s smart card market in the years ahead.
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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.
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This report segments the global smart card market as follows:
Global Smart Card Market: Type Analysis
- Contact
- Contact Less
Global Smart Card Market: Component Analysis
- Hardware
- Smart Card
- Readers
- Software
- Services
Global Smart Card Market: Application Analysis
- BFSI
- Government
- Telecommunications
- Healthcare
- Hospitality
- Transportation
- Retail
- Others
Global Smart Card Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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