PUNE, India, July 10, 2018 /PRNewswire/ --
ReportsnReports.com adds Smart Card Market is forecast to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% during 2018 and 2023 driven by 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.
Browse 68 Market Data Tables and 42 Figures spread through 144 Pages and in-depth TOC on "Smart Card Market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) and Geography - Global Forecast to 2023" http://www.reportsnreports.com/reports/1551858-smart-card-market-by-communication-contact-and-contactless-component-hardware-software-and-services-application-bfsi-government-and-healthcare-transportation-retail-and-others-and-geography-global-fo-st-to-2023.html .
The report includes profiles of Smart Card market players such as Gemal to 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), ST Micro electronics 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).
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.
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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 cyber security services by smart card players is expected to positively impact the market for services in the coming years.
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BFSI applications are expected to hold the largest share of the smart card market in 2018. Smart cards are primarily used in BFSI applications to implement Euro pay, Master Card, 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 Market in the coming years.
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%
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Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .
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