BANGALORE, India, Feb. 13, 2020 /PRNewswire/ -- The global smart card market is expected to rise from USD 14,235.46 Million in 2018 to USD 26,235.46 Million at a compound annual growth rate (CAGR) of 9.1% by the end of 2025.
A smart card is a pocket-sized plastic card embedded with integrated circuits, also called microchips. These are used for security purposes such as authentication, recognition, data storage, and processing applications. Smart cards are widely adopted in industries such as BFSI, government, transportation, and healthcare.
The smart card industry is growing with several technological advances such as the new system-on-chip (SOC) architecture, and the manufacturing of fingerprint sensors. A variety of industry players are developing biometric payment cards, and smart payment cards are expected to become a major consumer product to be incorporated with embedded biometrics over the projected timeframe.
Industries like banking, telecommunications, government, health, retail & gas, transportation, etc., store and release large amounts of data through cloud technology. Such companies continue to move to smart card technology to provide their customers with additional security for the data/information required to protect the identity and assets of a person.
The report strategically segments the market into Contact Smart Card, Contactless Smart Card, Memory-Based Smart Card, Microprocessor-Based Smart Card. The report gives descriptions of qualitative and quantitative perspectives about the region's major countries and discusses in depth the major regional developments.
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FACTORS INFLUENCING THE SMART CARD MARKET SIZE
- Adoption of built-in microprocessor cards, especially in BFSI (EMV) and mobile phone devices (SIM cards), has led to cost savings through economies of scale. In addition, this has resulted in microprocessor cards becoming a lucrative option for emerging-market innovators, such as access control, e-passport, PKI, and multi-applications, where their cryptographic capabilities resolve security issues.
- The rising need for convenience and security during transactions has made smart card adoption highly relevant. This gains more popularity over other machine-readable cards because the former needs a much lower maintenance expense.
- The portability, versatility, and convenience of having only one smart card that could carry a variety of tickets, and third-party services (such as city-card applications from local authorities or some private-sector applications) has led to city-based transport sectors rapidly adopting the technology. This increase in adoption will in turn increase the smart card market growth
REGION WISE SMART CARD MARKET SHARE ANALYSIS
- The Asia-Pacific smart card market is expected to see significant growth in the forecast period due to increasing demand in developing countries such as India, China, Malaysia, and Thailand. These countries are incorporating smart cards majorly into the transport, BFSI, retail, government, and healthcare sectors.
- In line with government initiatives in those countries, businesses are introducing smart cards to make the payment and documentation process simple for customers. This is expected to further push the growth capabilities for the smart card market in the Asia-Pacific region.
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SEGMENT WISE SMART CARD MARKET SHARE ANALYSIS
Due to the increasing adoption of smart cards and readers in developing economies, the hardware segment is expected to hold the biggest share of the smart card market in 2023.
However, during the forecast period, the software segment is expected to rise at the highest rate. The software market includes applications and databases for the management system. In a given database, the management system software is used to align a person's information with the data saved. Increasing demand for data analysis and management is expected to support the growth of the market for software.
The demand for smart cards is fragmented. Some of the main players use techniques including alliances, new product releases, deals, extensions, developments, acquisitions of joint ventures, and other strategies to expand their footprints in this market. In addition, many other players are looking to expand their production capacity, especially in Asia-Pacific, which is predicted to be the fastest-growing market for smart cards. Some of the major players in the smart card market are:
- Gemalto N.V.
- Giesecke & Devrient GmbH
- Infineon Technologies AG
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Beijing Watchdata Co. Ltd.
- CPI Card Group Inc.
- HID Global Corporation
- Ingenico Group Sa
- Kona I Co., Ltd.
- Samsung Electronics Co Ltd
- Sony Corporation
- STMicroelectronics N.V.
- Verifone Systems Inc
On The Basis Of Communication
- Contact Smart Card,
- Contactless Smart Card,
- Memory-Based Smart Card,
- Microprocessor-Based Smart Card.
On the basis of Component
On the basis of Application
- Financial Services,
- Insurance (BFSI),
- and Healthcare,
For the detailed coverage of the study, the market has been geographically divided into
- Middle East
REPORTS RELATED TO THE SUBSET OF SMART CARD MARKET
1. Contact Smart Cards
Contact smart cards are marked by a gold or silver chip, which can be seen on the body of the card. Like a computer, this chip contains its own structure of the operating system, profile, and card file, which varies from application to application.
This report presents the worldwide size of the Contact Smart Cards market (value, production, and consumption), splits the breakdown by manufacturers, country, form, and application (data status 2013-2018 and forecast to 2025).
2. Contactless Smart Cards Market
A contactless smart card is a contactless credential that has credit-card size dimensions. Its built-in circuits can store (and sometimes process) data, and communicate via Near-field communication (NFC) with a terminal.
The growing need for a tamper-resistant device will be the key driver of this market's growth. Smart cards with magnetic stripes have the ability to store end-user financial information. Such cards can, however, easily be manipulated, resulting in the loss of personal information or data. Since contactless smart cards with PIN codes are difficult to tamper with, they are increasingly being adopted to bolster the safety of the card holder's accounts.
Analysts have projected the government ID sector as the largest market segment in this report during the forecast period. The rising need for contactless smart cards in government organizations for individual identification and authentication would result in an impressive CAGR of more than 30 percent by 2020.
3. Microprocessor Smart Card Market
A microprocessor smartcard is known as a microprocessor and memory IC-chip contact card. This smart card is the size of a credit card and includes a small microchip that can process and store thousands of bits of electronic data. Memory cards or magnetic stripe cards can only store information, while the microprocessor smart card is truly smart as it has its own operating system can process data in reaction to a given situation.
The research report covers specific Type and Application segments. The application segment consists of Secure identity applications, Healthcare application, Payment application, and Telecommunications application.
Each type segment provides production information during the 2015 through 2026 forecast period. The Application section also provides consumption over the 2015 to 2026 forecast period. Comprehension of the segments helps to identify the importance of the various factors that help market growth. The report further provides useful insights into a wide range of business aspects such as pillars, features, sales strategies, planning models sheds light on recent developments and technological channels that will help drive industry efficiency.
4. Dual Interface IC Card Market
The Dual Interface IC Card is a type of smart card that has a contactless chip embedded. The card number and user identification information are still on the face of the card, and an EMV chip (Europay, MasterCard, and Visa chip) can be used to provide added credit and debit card security. With both a contactless chip and a magnetic strip (or chip-and-PIN), the card allows the cardholder to carry out transactions on a wider range of devices.
One of the major driving factors of the Dual Interface IC card market is the increasing adoption of IC cards in various financial institutions and the transportation industry. However, factors such as huge investment, and card authentication are hindering the growth of this market.
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