ALBANY, New York, February 16, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Smart Cards Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2023," the market was valued at US$ 7.25 Bn in 2014 and is expected to reach US$ 14.17 Bn by 2023, expanding at a CAGR of 7.4% from 2016 to 2023. Asia Pacific was the largest revenue contributor in 2014, accounting for over 47.4% of the global smart card market's revenue. The growth is mainly driven by the increasing adoption of smart cards for applications such as telecommunication, toll collection, ticketing, and driver's license, and national and cross-border identification cards. Asia Pacific is expected to retain its dominant position and is expected to become the fastest-growing market for smart cards during the forecast period. The Asia Pacific smart cards market is estimated to expand at a CAGR of 7.9% from 2016 to 2023. China, India, South Korea, and Japan are expected to be the major contributors to the market in near term.
Full Research Report on Global Smart Cards Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/smart-card.html
The declining prices of SIM cards, along with increasing requirements to migrate to EMV standards, are fueling the adoption of smart cards across the telecommunication, financial services, retail, and loyalty sectors. Moreover, with the growth of security threats and fraudulent activity, rise in demand for highly secure and expedited transactions, communication, and identification solutions from the telecommunications, healthcare, government, and transportation sectors is also contributing to the growth of the market.
Smart cards are classified based on components into memory-based smart cards and microcontrollers-based smart cards. Memory-based smart cards are powered by card readers and are mainly used in low-end and mid-end SIM cards. Microcontrollers-based card usage is driven by the added functionality such as security and intellectual data processing capabilities. Based on incorporation of the components, different smart card types are available in the market: contact smart cards, contactless smart cards, dual interface smart cards, and hybrid smart cards. Of these, contact smart cards are expected lose market share to contactless and other card types. Contactless smart cards provide a technology platform for the addition of new applications to access control systems and facilitate more secure identity verification for both physical and logical access. Additional security features provided by contactless and dual interface smart cards is driving their adoption in ATM/credit/debit cards and e-IDs, and transportation IDs among others. Contactless smart cards accounted for 18.6% of the total smart cards market revenue in 2014 and is expected to register the highest growth of 11.5% from 2016 to 2023.
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Geographically, Asia Pacific dominated the global smart cards market in 2014. This was mainly due to increases in the number of mobile subscribers, which in turn is propelling the growth of SIM cards and in turn smart cards. The global market for smart cards was dominated by the leading players Gemalto NV, Giesecke & Devrient (G&D) GmbH, and Oberthur Technologies, which collectively accounted for more than 50% of the global market revenue in 2014. Other players competing in the market include Morpho S.A., Eastcompeace Technology Co., Ltd. Watchdata, Datang Telecom Technology & Industry Group, and Wuhan Tianyu Information Industry Co., Ltd.
The report includes an analysis of the global smart cards market and provides estimates in terms of revenue (US$ Mn) from 2013 to 2023. Market estimates are provided for segments, categorized on the basis of types, components, and geography. The market has been segmented as follows:
Browse the Press Release of this report, here: http://www.transparencymarketresearch.com/pressrelease/smart-card.htm
Market Segmentation of Global Smart Cards Market:
Smart Cards Market, by Types
- Contact Smart Card
- Contactless Smart Card
- Hybrid Smart Card
- Dual-interface Smart Cards
Smart Cards Market, by Components
- Memory Cards
Smart Cards Market, By Geography
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- Latin America
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