Global smart card sales were estimated at USD 7.19 Billion in 2015. This market is expected to grow over the forecast period. Industry growth is expected to be driven by the increasing adoption of Internet-of-Things and advances in micro-embedded electronic devices.
An increasing number of companies are moving towards digitalization of payments and the efficient storage of personal information is helping to accelerate the industry's growth. These needs are met by smart cards and Integrated Circuit Cards (ICC).
Russia smart card market by type, 2014-2025 (USD million)
Industry will be impacted by the rising consumer preference for cashless payments and the increased use of embedded circuits in healthcare, retail, BFSI and hospitality. Technological proliferation has also led to the creation of new techniques like multi-component and contactless card facilities.
Devices that integrate embedded circuit chips, microcontrollers allow organizations to offer secure payment options, authentication, and data storage to their customers. The technology can also be used to reduce operational costs, as manufacturing and handling costs are very low.
The high cost of chip cards and the reluctance of payment merchants adopting capital-intensive point-of sale (POS) terminals are expected to limit smart card market growth. These machines are also expensive to develop and manufacture, which can deter vendors' interests.
Contact type dominated the market in 2015. It was valued at USD 4,675.6 millions in 2015, and is expected to continue growing tremendously during the forecast period. Segment growth is driven by the lower costs of contact-based card.
Multi-component types are expected to be the fastest-growing segment. This growth can be attributed mainly to the faster processing speed and better data security. It encourages both consumers and merchants to include contact type cards into their respective applications.
Fraud prevention capabilities and extended durability benefits are presumed to drive the microcontroller-based segment demand. Consumer interest is also driven by the large data-usage capacity.
Its high data-storage capabilities make it a popular choice for many applications. This is why memory-based has seen a significant increase in sales. Two of the most important sectors that use memory-based cards include banking and retail.
In 2015, the BFSI segment was worth USD 1,191.0million. This product is widely used in financial institutions and banks. It offers many benefits, including personal data protection and secure transaction.
U.S. smart-card market by application, 2015. (%)
The increasing popularity of smartphones that allow for mobile transactions will mean that Telecommunication will be the dominant application segment. This segment held over 45% market share in 2015. Mobile-banking, SIM and data cards, mobile ticketing, as well as mobile-banking are all growing in popularity due to the increasing use of mobile devices. Globally, the aforementioned telecommunications applications are driving industry growth.
Asia Pacific dominated the overall market, accounting for more than 40% of the total revenue share in 2015. Consumers are more likely to use such products due to the rapid digitization across all industries (retail, healthcare, government and BFSI). These cards will be used to pay for regional business expansion.
Among others, the market is dominated by American Express Company, Atos SE, CPI Card Group, Inc., CPI Card Group, Inc., Gemalto NV, Giesecke & Devrient GmbH, Infineon Technology AG, Inside Secure SA, NXP Semiconductors NV, Texas Instruments, Inc.
Industry players focus primarily on inorganic growth strategies, which include acquiring other players within the ecosystem. NXP Semiconductor N.V. purchased Freescale semiconductor in December 2015 to increase its market share and strengthen its mixed-signal business.
This report predicts revenue growth at the global, regional and country level and analyzes industry trends for each sub-segment between 2014 and 2025. Up Market Research has divided the global smart-card market by type, component, app, and region.
Type Outlook (Revenue USD Million; 2014-2025)
Contact Cards
Contactless cards
Multi-component cards
Component Outlook (Revenue USD Million; 2014-2025)
Memory-based
Microcontroller-based
App Outlook (Revenue USD Million; 2014-2025)
BFSI
Government
Telecommunication
Retail
Healthcare
Hospitality
Other
Regional Outlook (Revenue USD Million; 2014-2025)
North America
Europe
Russia
Asia Pacific
RoW
Up Market Research published a new report titled “Smart Card Market research report which is segmented by Type (Contact Cards, Contactless Cards, Multi-Component Cards), By Players/Companies Inc, Inc, among others, American Express Company, CPI Card Group, Infineon Technologies AG, NXP Semiconductors NV, Atos SE, Giesecke & Devrient (G&D) GmbH, Texas Instruments, Gemalto NV, Inside Secure SA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Smart Card Market Research Report |
By Type | Contact Cards, Contactless Cards, Multi-Component Cards |
By Companies | Inc, Inc, among others, American Express Company, CPI Card Group, Infineon Technologies AG, NXP Semiconductors NV, Atos SE, Giesecke & Devrient (G&D) GmbH, Texas Instruments, Gemalto NV, Inside Secure SA |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 248 |
Number of Tables & Figures | 174 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type (Contact Cards, Contactless Cards, Multi-Component Cards).
Smart Card Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Smart Card Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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