San Francisco, 10 December 2018: According to a report
by Grand View Research, Inc., global smart cards market is anticipated to value USD 15.4 billion by 2025. Growing
requirement for digitalization of payment processes and efficient storage of
personal data is anticipated to propel demand for smart cards.
Rising adoption of internet of
things (IOT) coupled with continual advancements in micro-embedded electronics
is estimated to fuel growth of market. Growing consumer preference for cashless
payments and increasing use of devices based on embedded circuits in retail,
healthcare, and hospitality sector can fuel market growth. In addition,
technological proliferation can lead to development of innovative techniques
such as contactless and multi-component card facilities. Devices integrated
with embedded circuit chips or microcontrollers are likely to enable
organizations to facilitate secure payment, authentication, and information
storage to their customers. Technology is instrumental in reducing operational
costs as manufacturing and handling cost is expected to be quite low. This, in
turn can fuel growth of market during the forecast period (2014 to 2025).
However, high investments of
incorporating chip cards and hesitance of payment merchants to adopt capital-intensive
point of sales (POS) terminal machines can restrain market growth over near
future.
To cater to rising demand for
smart cards, most companies are investing in R&D to launch advanced
products and use them for better applications. For instance, Beijing recently
announced that people from Hong Kong, Macau, and Taiwan, who had been living,
working, and studying on mainland for at least six months can apply for new
smart cards. These cards are likely to provide holders almost same rights as
mainlanders in accessing 18 types of schemes and services. These services can
include identification for housing funds, social insurance, financial services,
and public services such as transportation & education.
Access
Research Report of Smart
Cards Market@ www.grandviewresearch.com/industry-analysis/smart-card-industry
The smart cards market can be
segregated on the basis of type, component, application, and region. Based on
type, the market can be categorized into contactless cards, contact cards, and
multi-component cards. Contact-type segment dominated the market and accounted
for market share equivalent to USD 4675 million in 2015. It is predicted to
grow at similar pace over the forecast period. Lower costs of contact-based
cards can fuel growth.
On the contrary, multi component
type segment is predicted to grow fast over the forecast period. Advantages
such as enhanced data security and faster processing speed can stimulate market
growth. Thus, it can encourage consumers and payment merchants to incorporate
contact type cards in their respective applications.
Based on component, the market
can be bifurcated into microcontroller-based and memory-based. Benefits such as
extended durability and fraud prevention capabilities can drive microcontroller
based segment over the forecast period. In addition, high data-usage capacity
can drive consumer interests.
Similarly, memory based
segment is predicted to witness growth attributed to high data-storage
capabilities. Two major sectors that are likely to use memory-based cards are
banking and retail.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Based on application, the
market can be classified into government, retail, healthcare, hospitality,
BFSI, telecommunications, and others. In 2015, telecommunication segment
dominated the market and accounted for 45% market share. It is expected to grow
at similar pace during the forecast period attributed to increasing use of
smartphones to promote mobile transactions. Rising adoption of mobile devices
is likely to promote use of SIM & data cards, mobile-banking, and mobile-ticketing.
All these factors can stimulate growth of market during the forecast period.
Similarly, BFSI segment
accounted for market share equivalent to 1191 million in 2015. Growing adoption
of product in banking and financial institutions can offer several benefits
including personal data protection and secure data transaction.
Retail segment is estimated to
contribute well to market share over the forecast period owing to increasing
use of smart cards in this sector attributed to faster transactions and reduction
in checkout time.
Regional segmentation includes
Europe, North America, Asia Pacific, and rest of the world (ROW). In 2015, Asia
Pacific dominated the market and accounted for 40% revenue share. Growing
adoption of digitization in various sectors including healthcare, government,
retail, and BFSI can fuel growth of market during the forecast period. In
addition, increasing number of businesses in the region adoption internet of
things (IOT) to utilize smart cards for payment purpose can stimulate market
growth over near future.
Some of the leading companies offering smart cards are American
Express Company, Atos SE, Giesecke & Devrient (G&D) GmbH, Infineon
Technologies AG, and Inside Secure SA.
Access
Press Release of Smart Cards Market@ www.grandviewresearch.com/press-release/global-smart-card-market
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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