The global smart card market is expected to grow at a CAGR of 8.7% between 2018 and 2023
LONDON, June 28, 2018 /PRNewswire/ -- The global smart card market is expected to grow at a CAGR of 8.7% between 2018 and 2023.
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The smart card market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023. Use of smart cards in the BFSI sector has also been rising, supported by the transition of magnetic cards to EuroPay, MasterCard, and Visa (EMV) standard (chip and PIN) cards. EMV standards mandate the use of smart cards such as credit/debit/ATM and prepaid cards in financial transactions. The major factors driving the growth of the smart card market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations. However, factors such as initial costs associated with the deployment of contactless EPOS terminals and increasing adoption of mobile wallets are restraining the growth of the market.
The market for contactless smart cards is expected to grow at a high rate between 2018 and 2023.
The market for contactless smart card is expected to grow at a high rate during the forecast period.The BFSI sector is expected to witness a high adoption of contactless smart cards in the coming years.
Further, the transition of smart cards in the US to EMV standard is driving the growth of the market for contactless smart cards. The market for contactless smart cards has been subsegmented into microprocessors and memory-based smart cards.
The smart card market for software is expected to register the fastest growth during the forecast period.
The smart card market for software is expected to grow significantly during the forecast period.This market comprises management system software and databases.
Increasing demand for data analysis and management is expected to support the growth of the market.
Smart card companies provide technology consulting services to design smart card systems and solutions.These services help in managing business transformation programs and delivering robust models to help clients achieve strategic objectives through technical and business improvements.
Further, the adoption of cybersecurity services by smart card players is expected to positively impact the market for services in the coming years.
BFSI applications is expected to hold the largest share of the smart card market in 2018.
BFSI applications is expected to hold the largest share of the smart card market in 2018.Smart cards are primarily used in BFSI applications to implement Europay, MasterCard, and Visa (EMV) standards across several countries.
The demand for smart cards is high in the BFSI sector as many credit/debit card issuers are switching to the EMV standard. Further, signature verification removal in the US is expected to boost the demand for smart cards in the coming years.
Asia Pacific is likely to hold the largest market share in 2018, and the market in this region is expected to grow at the highest rate during the forecast period.
The smart card market in Asia Pacific is expected to grow at the highest rate during the forecast period owing to the increasing demand in developing countries such as India, China, Malaysia, and Thailand, which are increasingly implementing smart cards in the transportation, BFSI, retail, government, and healthcare sectors. Companies in these countries are implementing smart cards to make the process of payments and other documentations easy for consumers.
Break-up of the profiles of primary participants:
• By Company Type: Tier 1 – 52%, Tier 2 – 21%, and Tier 3 – 27%
• By Designation: C-Level Executives – 37% and Managers – 63%
• By Region: North America – 21%, Europe – 40%, Asia Pacific – 15%, and Rest of the World – 24%
The report includes profiles of market players such as Gemalto N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), IDEMIA France SAS(France), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), HID Global Corporation (Sweden), STMicroelectronics NV (Switzerland), Ingenico Group SA (France), VeriFone Systems, Inc. (US), Beijeng Watchdata Co. Ltd. (China), Rambus Inc. (US), CPI Card Group Inc. (US), Identiv, Inc. (US), KONA I Co., Ltd. (South Korea), VALID (Brazil), Fingerprint Cards AB (Sweden), BrilliantTS Co. Ltd. (South Korea), Bitel Co. Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), PAX Global Technology Ltd. (Hong Kong), CardLogix Corporation (US), ZWIPE (Norway), and Versasec AB (Sweden).
Research Coverage:
This research report categorizes the global smart card market based on communication, component, application, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the market; and includes value chain analysis and market ranking analysis.
Reasons to Buy the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the smart card market comprehensively and provides the closest market size estimation for subsegments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain insights to improve their positions in the market. The competitive landscape section studies competitor ecosystem, product launches, acquisitions, partnerships, expansions, contracts, and collaborations.
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