ALBANY, New York, April 25, 2019 /PRNewswire/ -- The top four players leading the global smart cards market are NXP Semiconductors NV, Giesecke & Devrient (G&D) GmbH, Infineon Technologies AG, and Gemalto NV. These firms account for a dominant position in the smart cards market, holding the maximum shares across the globe. The new entrants such as Eastcompeace Technology Co. Ltd. and Watchdata are working on giving a tough competition to the established players, and are relentlessly investing in research and developing activities. These players are innovating the products as per the customer's preference.
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Some of the recent strategies adopted by key players in the market are:
- NXP Semiconductors N.V. collaborated with HID Global in April 2016 for creating products for secure access in hotels, commercial buildings, and workplaces.
- Trub AG, which facilitates a secure document business, was acquired by Gemalto NV in 2015. It is a Switzerland based firm, which caters to identification solutions, for example, high security polycarbonate docs to banks and governments offices.
According to a report by Transparency Market Research (TMR), the global smart cards market is likely to expand at a decent CAGR of 7.4% within the forecast period from 2016 to 2023. This is attributed to rising usage of smart cards across the world. In 2016, the smart cards market was valued around of US$8.5 bn. With numerous advancements occurring in communications technology the smart cards market is foreseen to reach nearly US$14.1 bn by 2023 end.
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In terms of type, the global smart cards market comprises contactless, contact, hybrid smart cards, and dual-interface. Out of these, the contactless smart card segment is foreseen to grow at a strong CAGR of 11.5% between 2016 and 2023. Based on geography, the Latin America region accounted for a second last position as far as revenue and volume are concerned. However, at present, the region contributes a massive 70% of the total market shares in smart card services and solutions, according to the Smart Card Alliance Organization. The region is estimated to lead the global smart cards market because of increased use of smart cards in the nations.
Increased Usage in Telecommunication Sector Fuel Market Demand
The leading factor contributing in the growth of global smart cards market is the rising usage of smart cards is growing in several sectors. These sectors include telecommunication, healthcare, BFSI, e-commerce, and retail. Out of these, the smart cards market is dominated by telecommunication industry, and is foreseen to project the maximum demand in the smart cards market. In addition, an elevating number of smartphone subscribers, along with advent of smartphones in emerging nations is also estimated to further profit the surging demand in the global smart cards market.
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Another important factor driving the global smart cards market involves provision of high security given by smart cards. The new smart cards are embedded with EMV chip on another chip, which gives additional security and safeguards the user data.
High Initial Expenses to Hinder Global Market Growth
However, high initial investment is one of major hindrances affecting the market growth. The challenge includes increasing popularity of digital wallets, which is likely to restrict the growth of global smart cards market.
Nevertheless, the initial expense is most likely a single time expense invested, and is anticipated to be eliminated in coming years. But then again, the security functions provided by smart cards is likely to pick up pace, thus boosting the market demand. Moreover, reduction in pricing of smart cards is based on microcontrollers. Additionally, with increasing usage of contactless smart cards in the financial sector the growth of the smart cards market is estimated to get stimulated globally.
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The data and information presented is based on the findings of a TMR report, titled "Smart Cards Market – (Type - Dual-interface Smart Cards, Contact Smart Cards, Hybrid Smart Cards, Contactless Smart Cards; Component – memory card, microcontroller) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2023."
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The global Smart Card Market is categorized into the following segments:
- Contact Smart Cards
- Contactless Smart Cards
- Hybrid Smart Cards
- Dual-interface Smart Cards
- Memory Card
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- Latin America
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