The global smart cards market to grow at a CAGR of 8.84% during the period 2017-2021.
The report, Global Smart Cards Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is the availability of hybrid smart cards. Hybrid smart cards have dual-interface, which is a combination of contactless and contact interface on a single card. These cards are used for shared storage and processing of information. Hybrid smart cards eliminate the need for multiple cards. Large volumes of data and information can be consolidated in a single card. For instance, HID Global offers Crescendo, a highly secure hybrid smart card technology that converges physical and logical access control using multiple integrated chips in a card. The availability of hybrid cards will increase the adoption of banking and payment smart cards, which will have a positive impact on the global smart cards market.
According to the report, one of the major drivers for this market is the increasing number of cashless transactions. Smart cards are generally deployed with preinstalled data codes for unique identification. This makes it easy for end-users to use smart cards by swiping the card against the card reader. The card reader immediately analyzes the code and send it to the system to provide information about the end-user. Thus, contactless smart cards ease the payment process by providing a user-friendly environment for the end-users.
Further, the report states that one of the major factors hindering the growth of this market is an increase in competition among vendors. The price of smart cards is remarkably high in regions where there are a few vendors. On the other hand, there are price wars in regions where the market is fragmented and comprises numerous vendors. The price wars lead to competitive pricing of the smart cards. The reduced prices adversely affect small-core players and the global smart cards market. Several companies offer low-cost solutions. Though these vendors claim to offer high-quality products, consumers are doubtful of data security, which can adversely affect its adoption during the forecast period.
Giesecke & Devrient
Other prominent vendors
Smart Card IT Solutions
Key Topics Covered:
Part 01:Executive summary Part 02: Scope of the report Part 03: Research Methodology Part 04: Introduction Part 05: Assumptions Part 06: Market landscape Part 07: Market segmentation by technology Part 08: Market segmentation by end-user Part 09: Geographical segmentation Part 10: Decision framework Part 11: Drivers and challenges Part 12: Market trends Part 13: Five forces analysis Part 14: Vendor landscape Part 15: Appendix