Smart Card Market 2019- Industry Analysis by Size, Share, Growth Opportunities, Sales Revenue, Trends, Development Status and Regional Forecast 2023
Sep 4, 2019
Market Research Future published a research report on “Smart Cards Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India - September 4, 2019 /MarketersMedia/ —
Market Insight
Smart cards have caught popular attention the recent years due to its advancements. Market Research Future reports, the application area of integrated circuit technology has urged the global smart card market to proliferate considerably during the forecast period. The technology plays a pivotal role which got advanced from electronic devices to compact cards that hold essential information in it.
Market Drivers & Trends
With the arrival of technology for smart cards, these appear as pocket-sized cards that are embedded with a circuit chip, which is majorly used for authentication, application processing, personal identification, and data storage. These multiple applications of smart cards have helped it garner recognition from all corners, which is anticipated to expand the market growth significantly. The impact of smart cards can be measured upon considering the factors such as high usability in retail, healthcare, hospitality, and government sector have eventually driven the market to inflate rapidly.
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On the other part, the conversion of conventional debit and credit cards into smart cards have also made payment options and financial transactions more accessible and has spurred the demand among users. With the increasing adoption of smart cards massively in government IDs (e-passports) and to maintain the credentials of the users has potentially expanded the market value in the last five years. As an add-on, the extensive use of smart cards in subscriber Identification Module (SIM) cards in the telecommunication sector is yet another significant factor behind the proliferation of global smart cards market.
Furthermore, several countries have introduced electronic national ID card schemes, which is propelling the growth of the market over the forecast period. Moreover, with the increasing use of smart cards by the citizens of those countries for various needs is contributing to the market growth, which is likely to spread the importance of smart cards during the assessment period.
Key Players:
The global Smart Cards Market is marveled by the presence of various players such as BrilliantTS Co. Ltd. (South Korea), PAX Global Technology Ltd. (Hong Kong), Rambus Inc. (the U.S.), STMicroelectronics NV (Switzerland), IDEMIA France SAS (France), VALID (Brazil), KONA I Co., Ltd. (South Korea), Fingerprint Cards AB (Sweden), HID Global Corporation (Sweden), Identiv, Inc. (the U.S.), Ingenico Group SA (France), Beijing Watchdata Co. Ltd. (China), Bitel Co. Ltd. (South Korea), VeriFone Systems, Inc. (the U.S.), NXP Semiconductors N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), Sony Corporation (Japan), ZWIPE (Norway), CardLogix Corporation (the U.S.), Samsung Electronics Co., Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), Versasec AB (Sweden), CPI Card Group Inc. (the U.S.), Infineon Technologies AG (Germany), and Gemalto N.V. (Netherlands).
Market Segmentation
The global smart cards market is segmented by the type, component, and application.
• In terms of type, the market has included contact, contactless, hybrid, and dual-interface.
• In terms of component, the market includes hardware, smart cards, readers, software, and services.
• In terms of application, the market includes government, healthcare, BFSI, retail, transportation, education, entertainment, and enterprises.
Regional Analysis
The key regional markets on the global level for the smart cards market are North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Among these, the North American region has significant growth record for the global smart cards market with the rapid adoption of new technology, the existence of major players in the region. These factors have supported the growth of the market in this region. On the other hand, the US Department of Defense uses smart cards in their Common Access Card (CAC), and other cards for two or three-factor authentications are making the cards authentic and thus gripping the control of the market.
Whereas, the Europe market for smart cards is portrayed as reliable, as in this region, the usage of smart cards is done for various applications. Smart cards are instructed by the UK's Department for Transport. In the last, the Asia Pacific market for smart cards is driven by the rapid digitization in the region.
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Industry News
May 15th, 2019, it was announced that the Bangalore Metropolitan Transport Corporation and the Bangalore Metro Rail Corporation Limited (BMRCL) will soon make the introduction of interoperable smart cards that would work for public transport modes like bus and metro in the city.
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Name: Abhishek Sawant
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Organization: Market Research Future
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Source: MarketersMedia
Release ID: 88914890
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