PDF - Smart Card Market

Smart Card Market to grow at 10% CAGR till 2025:
Global Market Insights Inc.
Smart Card Market driven by Increasing banking and financial sector demand in the
world to surpass USD 65 billion by 2025 and will witness 10% CAGR during the
forecast timespan.Evolving digital technology along with increasing access to
cashless payments will foster smart card market forecast over the analysis period.
The growing need to promote a cashless economy has encouraged the production of
credit and debit cards. Smart city initiatives have also helped companies to develop
smart solutions that could initiate identification and digital payment through smart
cards in various sectors like transportation, financial, government,
telecommunication, retail and healthcare.
Smart city initiatives will be vital and effective to stimulate the demand for smart
cards. According to United Nations Department of Economics and Social Affairs,
about 68% of the population of the entire world is expected to live in cities by the
year 2050. These cities will be deployed with Internet of Things devices that will
collect data in order to maintain the resources and asset as well as smart cards that
will help transactions get much easier. Bengaluru in India, for instance, has been
planning to adopt smart cards that could be used for cashless traveling in all the
public transport systems.
Smart Card Market
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The payment card industry has introduced the EVM payment card method which has
boosted the adoption of smart cards significantly. Increasing focus on security of
organizations and user information has transformed smart card market outlook, with
the advent of products capable of short-range wireless connectivity and can also be
used as a token for multifactor authentication.
Described below are some factors influencing the demand for smart cards over the
coming years:
Hybrid cards will witness a steady adoption owing to multifunctional features and
several smart applications that will conveniently contribute towards smart card
market size. With rapid urbanization, certain countries have increasingly provided
mass transportation for public travelling for greater efficiency and lower cost.
Hybrid chips are typically used for such mass transits that demand fast transaction
time. Surge in security concerns in association with transactions and personal
information will foster the demand for hybrid cards owing to the high level of security
possible.
A hybrid card is also useful in accommodating the technology and infrastructure of a
legacy system with the addition of e-card technologies in a single card. The product’s
easy to use properties along with the high security provision will influence the
product demand.
Rising use of microprocessors in the banking and mobile phone sectors will
contribute to the product growth. Microprocessors have their own operating system
that is capable of processing data as a reaction at a given situation. The smart card
is practical and a powerful tool due to its capability to record and modify information
in its own physically protected and non-volatile memory.
Emerging markets like E-passports, assess control, PKI and other applications
wherein the cryptographic abilities addresses the issues of security particularly
demand microprocessor cards, expanding smart card industry scope
Smart cards are secure elements and are widely used in the telecommunications
industry around the world. These cards are used in two major applications like the
prepaid telephone cards where the valued memory cards are stored as well as the
Subscriber Identity Module (SIM), which are microprocessor based smart cards in
mobile phones.
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U.S. smart card market, by product, 2018 & 2025 (USD Million)
Moreover, smart cards are being used with NFC-enabled mobile phones that have
incorporated secure elements and are being used for several applications that
include ticketing, mobile marketing and other mobile contactless payments. This has
tremendously bolstered global smart card market share from sim and telecom
segment applications.
The smart card industry has UICCs and SIMs as the highest volume products for
revenue and units. More than 100 countries use smart cards after having substituted
coins in payphones in order to improve convenience for customers and
telecommunication operators.
Browse key industry insights spread across 550 pages with 825 market data tables &
33 figures & charts from the report “Smart Card Market Size By Solution (Smart
Card [Product {Contact, Contactless, Hybrid, Dual Interface}, Type {Memory
Card, Microprocessor Card}], Smart Card Reader [Component {Hardware,
Software, Service}, Product {Contact, Contactless}]), By Application (SIM &
Telecom, Financial, Government & Health, Retail & Gas, Access Control,
Transportation, Loyalty), Industry Analysis Report, Regional Outlook (U.S.,
Canada, Germany, UK, France, Italy, Spain, Russia, Netherlands, Switzerland,
Turkey China, India, Japan, Australia, South Korea, Taiwan, Singapore,
Malaysia, Thailand, Mexico, Brazil, Argentina, UAE, Saudi Arabia, Qatar, South
Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast,
2019 – 2025” in detail along with the table of contents: http://bit.ly/2lGV1sB
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Increasing consumer needs and purchases will stimulate the applications of smart
card in the retail & gas sector in the forthcoming years. The card can be used as
electronic wallets while the chip has funds in order to pay for purchases like cafeteria
food, taxi rides, groceries and laundry services. Bank connections are not required
due to the cryptographic protocols that the money exchange between machine and
smart cards have.
In an effort to save time and provide easy access of customer service to consumer,
the government has been making efforts to use technology. India’s sole supplier of
piped natural gas and CNG, Indraprastha Gas Ltd., recently launched prepaid smart
cards in order to provide the customer with digital options for payment.
Key market players in the smart card industry like Oberthur, Inteligensa Group, CPI
Card Group, American Banknote Corporation, IDEMIA, Perfect Plastic Printing
Corporation, Watchdata, HENGBAO and Goldpac Group have introduced advanced
smart solutions. Further collaborations and strategic acquisitions will influence the
business outlook considerably. Global smart card market size is anticipated to
surpass USD 65 billion by 2025.
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Industry Coverage
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About Global Market Insights
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