Smart Card Market Worth 21.57 Billion USD by 2023

PUNE, India, June 19, 2018 /PRNewswire/ --

According to the new market research report on the "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", published by MarketsandMarkets™, the 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.

     (Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg )

Browse 68 market data Tables and 42 Figures spread through 144 Pages and in-depth TOC on "Smart Card Market - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/smart-card-285.html

Early buyers will receive 10% customization on this report 

Contact smart cards to hold the largest market share by 2023 

Contact smart cards are expected to hold the largest share of the smart card market throughout the forecast period. Currently, contact smart cards account for more than three-fourth of the smart card market and are widely used in BFSI, government and healthcare, and retail applications.

The major applications of contactless smart cards are in BFSI, government and healthcare and transportation applications.

Hardware expected to hold the largest market share by 2023 

Hardware is expected to hold the largest share of the smart card market, by component, during the forecast period. Currently, hardware accounts for more than three-fourth of the smart card market, which comprises smart cards and readers. The smart card market for software comprises management system software and databases. Management system software is used to match information of a person with the saved data in a particular database. Consulting, support, and maintenance services play a vital role in implementing smart card systems.

Market for transportation applications to grow at the highest rate during the forecast period 

The smart card market for transportation applications is expected to grow at the highest CAGR during the forecast period. Smartcards are used for parking fee payment as well as for transit fare payment in the transportation sector. Transit ticketing systems are transforming into open-payment systems owing to the introduction and widespread adoption of debit and credit cards. The transportation sector is operating in compliance with EMV, which is an open-standard specification for smart card payments. EMV-based solutions are deployed in parking infrastructure to avoid fraud and complications.

Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=285

Asia Pacific to hold the largest share of the smart card market during the forecast period 

Asia Pacific is expected to hold the largest share of the smart card market during the forecast period owing to the increasing demand specifically in the transportation, BFSI, retail, government, and healthcare sectors. Companies in developing countries such as India, China, Malaysia, and Thailand are implementing smart cards to make the process of payments and other documentations easy for consumers. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC.

The report also profiles the most promising players in the smart card market. The competitive landscape of the market presents an interesting picture of the strategies adopted by a large number of market players. Key players in this market are 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).

Know more about the Smart Card Market: 

https://www.marketsandmarkets.com/Market-Reports/smart-card-285.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Visit Our Blog: http://www.marketsandmarketsblog.com/market-reports/electronics-and-semiconductors

Connect with us on LinkedIn: http://www.linkedin.com/company/marketsandmarkets

SOURCE MarketsandMarkets