ALBANY, New York, December 14, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observes the global smart cards market has a highly consolidative vendor landscape. Some of the companies such as NXP Semiconductors NV, Infineon Technologies AG, Gemalto NV, and Giesecke & Devrient (G&D) GmbH are dominating the global smart cards market. These companies are increasingly taking initiatives such as providing solutions on consumer preference. Additionally, some of the new entrants such as Eastcompeace Technology Co. Ltd and Watchdata are taking such initiatives for product improving products.
A report from TMR estimates, the global smart cards market valued at US$8.5 bn in 2016 and is expected to attain a valuation of US$14.1 bn by 2023-end. The market is expected to expand with a CAGR of about 7.4% over the forecast period from 2016 to 2023. Based on the type, the contactless smart cards segment dominated the market and is expected to remain dominant over the forecast period. This growth is attributable to the growing demand for using smart cards and increasing availability of the cards. Based on the region, Latin America dominated the global smart cards market by accounting 70% of shares in the overall market. However, Asia Pacific is expected to witness the fastest growth over the forecast period.
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Growing Internet Usage to Propel Growth
The growing trend of using smart cards across industries such as telecommunication, e-commerce, healthcare, retail is boosting its adoption and likely to propel the growth of the smart cards market. Especially, the telecommunication industry is witnessing higher demand for smart cards, which is further boosting the growth of the smart cards markets. Additionally, growing penetration of the mobile phones in emerging economies is benefiting adoption of the smart cards and likely to propel the growth of the global smart cards market.
Moreover, the EMV chip on which enhances the security and provide the protected information. The enhanced level of security offered by the smart cards is leading to influence positively on its adoption. This is another factor propelling the growth of the global smart cards market.
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High Initial Cost Incurred to Restrain Growth
Despite these growth prospects, the high cost incurred initially as the one-time expense is restraining its adoption and growth of the market. Additionally, the growing trend of using digital wallets is affecting negatively on the growth of the smart cards market to some extent. Furthermore, decreasing cost of microcontroller and rising usage of contactless cards is expected to offer great growth opportunities in the smart cards market over the forecast period. Additionally, growing usage of banking facilities such as near field communication (NFC), Internet of Things (IoT), net banking, and other e-commerce features is boosting the adoption of smart cards. This factor is expected to offer lucrative opportunities over the forecast period.
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This information is encompassed in the new report by TMR, titled "Smart Cards Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2023."
For the study, the Smart Cards Market has been segmented as follows:
- Contact Smart Cards
- Contactless Smart Cards
- Hybrid Smart Cards
- Dual-interface Smart Cards
- Microcontroller Based Smart Cards
- Memory Card-based Smart Cards
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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SOURCE Transparency Market Research