The
global smart cards market is predicted to reach USD 15.4 billion by 2025,
according to a new study by Grand View Research, Inc. The increasing demand for
the product, across various applications, such as payment transactions, cell
phones, ID verification & access controls, is presumed to favor the market
growth over the forecast period. Smart cards are used in several applications
including the retail, healthcare, government, and hospitality sectors,
promoting the market demand over the forecast period by providing effective
data storage, efficient payment transactions, and faster processing time.
The
increasing use of smart cards in the telecommunication and BFSI segments is
expected to drive the market over the next nine years. Their implementation in retail
applications enables secure transactions and provides new opportunities to the
market.
Smart
cards are extensively used to enable secure payment transactions and to promote
cashless payments, thereby, enabling cost savings for payment merchants and offering
convenience to the consumers. The use of mobile phones and IoT devices has
further promoted the use of SIM & data chips thereby driving the demand for
the product. These devices are increasingly used in retail applications to
enable faster transactions and reduce the checkout time. These advantages are
enabling growth of the industry at a significant rate, over the next nine
years.
In depth research report on Smart Cards Market
Further key findings from the study suggest:
·
The telecommunication
application segment dominated the overall market in 2015 and accounted for over
46% of the market in the same year
·
The contact cards segment was a
key segment in 2015 and accounted for over 65% of the overall industry revenue
·
Contact cards provide ease of
transactions, owing to their low costs and low handling-charges. Contactless
cards are also expected to grow, significantly, due to the elimination of
physical card insertion and better security.
·
The microcontroller-based
segment accounted for over 70% of the overall smart cards market in 2015
·
The Asia Pacific region is
expected to significantly contribute to the industry growth and accounted for
over 45% of the global industry revenue in 2015
·
The key industry participants
include American Express Company, Atos SE, CPI Card Group, Gemalto NV, Giesecke
& Devrient (G&D) GmbH, Infineon Technologies AG, Inside Secure SA, NXP
Semiconductors NV, and Texas Instruments, Inc.
Grand
View Research has segmented the global smart cards market based on type,
component, application and region:
Smart Cards Type Outlook (Revenue, USD Million; 2014
- 2025)
·
Contact cards
·
Contactless cards
·
Multi-component cards
Smart Cards Component Outlook (Revenue, USD Million;
2014 - 2025)
·
Memory-based
·
Microcontroller-based
Smart Cards Application Outlook (Revenue, USD
Million; 2014 - 2025)
·
BFSI
·
Government
·
Telecommunications
·
Retail
·
Healthcare
·
Hospitality
·
Others
Smart Cards Regional Outlook (Revenue, USD Million;
2014 - 2025)
·
North America
·
Europe
·
Russia
·
Asia Pacific
·
Rest of the world
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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