Market Research Future (MRFR) proclaims that the global smart cards market is anticipated to register a stellar CAGR during the forecast period (2018-2023). The widespread application of smart cards in healthcare, retail, government, and hospitality sectors are encouraging the market growth across the globe. Smart cards are referred to as pocket-sized cards which are embedded with integrated circuit chip and are extensively used for application processing, authentication, personal identification, and storage of data. Smart cards are majorly used for mobile phones, financial, computer security, identification, healthcare, public transit, and school applications.
Market Potential and Pitfalls
The Smart Card Market is expanding at breakneck speed owing to the widespread application of smart cards in healthcare, retail, government sector, and hospitality. With the conversion of conventional debit cards and credit cards into smart cards, financial transactions and payment options are a lot easier and convenient for the users. The surging adoption of smart cards in the government IDs and maintain the credentials of the users are the top factors encouraging the market growth for the past few years. The extensive use of smart cards in SIM cards in the telecommunication sector is further estimated to propel the market growth across the globe. The extensive use of smart cards in payment transactions, mobile phones, portable medical records cards, and online authentication devices is further encouraging the growth of the market. Right from driver’s license to student membership cars, smart cards are extensively being used for verifying identity, age, and related access benefits and rights.
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The government is leveraging smart cards in order to improve transparency and efficiency. Several economies have introduced electronic national ID card schemes which are further anticipated to contribute to the growth of the market. Smart cards have replaced plastic cards which were previously used for transactions. Now, smart cards have been made the global standard for debit as well as credit cards by Mastercard, Europay, and Visa as they ensure security. With the increased demand for electronic payment methods due to its reliable and secure operations, the cash transactions are gradually becoming less. Also, the demand for smart cards is inflating in financial, retail, hospitals, and hotels as they help to store on loyalty cards. Such factors have enabled the market to reach out to a wider range of audiences.
Global Smart Cards Market: Segmental Analysis
The global smart cards market has been segmented on the basis of type, component, and application.
- By mode of type, the global smart cards market has been segmented into contactless, contact, dual-interface, and hybrid. Among these, the contact smart cards are likely to gain prominence across the globe and are extensively used in government and healthcare, BFSI, and retail applications.
- By mode of component, the global smart cards market has been segmented into smart card readers, hardware, services, and software. Among these, the hardware segment is predicted to acquire a significant share. The segment accounts for more than three-fourths of the market share and consists of readers and smart cards.
- By mode of application, the global smart cards market has been segmented into healthcare, government, retail, BFSI, education, transportation, enterprises, and entertainment. Among these, the transportation segment is considered to gain prominence as smart cards are extensively used for parking fee payment and transit fare payment in the transportation industry.
Rambus Inc. (the U.S.), CardLogix Corporation (the U.S.), CPI Card Group Inc. (the U.S.), Identiv, Inc. (the U.S.), VeriFone Systems, Inc. (the U.S.), Gemalto N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), IDEMIA France SAS (France), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), HID Global Corporation (Sweden), STMicroelectronics NV (Switzerland), ZWIPE (Norway), Versasec AB (Sweden), Ingenico Group SA (France), Beijing Watchdata Co. Ltd. (China), , KONA I Co., Ltd. (South Korea), VALID (Brazil), Fingerprint Cards AB (Sweden), BrilliantTS Co. Ltd. (South Korea), Bitel Co. Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), and PAX Global Technology Ltd. (Hong Kong).
Geographically, the smart cards market span across regions namely, Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Considering the global scenario, the North American region is expected to be a prominent growth pocket for the global market. The growth can be ascribed to the surging adoption of new technologies and the high concentration of major players supporting the growth of the market. The U.S. Department of Defense uses smart cards for their Common Access Card and other cards for two- or three-factor authentication.
The Asia Pacific region is considered to acquire a considerable share due to the intensified demand for smart cards especially in the transportation, retail, BFSI, government, and the healthcare sectors. Regional companies in developing economies like China, India, Malaysia, and Thailand have started to implement smart cards in order to make documentation and payment procedures easy for consumers. Smart cards are also widely used to buy tickets in buses, metros, and ferries across countries in the APAC region.
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