May 16, 2019: 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.
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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.
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
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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.
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The global smart card market is poised for substantial growth forecasts Market Research Future (MRFR) in a recently published research report.
The smart cards market is growing on account of its surging usage in various applications such as mobile phones, payment transactions, online authentication devices, and portable medical records cards.
From student membership cards to driver's license, smart cards are being increasingly used for a broad spectrum of applications for verifying age, identity, and the associated access rights and benefits.
The government sector is progressively leveraging smart cards to improve efficiency and transparency.
Governments in emerging democracies, as well as other developed nations, use smart cards for voter IDs and driver's license.
Competitive Landscape The global smart cards market is marked by the presence of various players including 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).
May 15, 2019: 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.Download sample Copy of This Report at: https://www.radiantinsights.com/research/smart-cards-market/request-sample 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.
Global Smart Cards Market is expected to reach USD 15.4 billion by 2025.
Smart cards are also termed as integrated circuit card (ICC), or chip card is a security token that has a fixed computer chip that can be a microprocessor or memory type which transacts and stores data.
The data is mainly related to either information and value, or both.
The Smart Card Market is estimated to grow at a significant CAGR of 7.9 % over the forecast period as the scope and its applications are rising enormously across the globe.High demand for online shopping and banking experience, easy access to e-government services, reliable and secure online payments allow consumers to use online payment methods, and rising demand for contactless smart cards are documented as major factors of Smart Cards Market that are estimated to enhance the growth in the years to come.
However, aversion of payment dealers to accept capital-intensive point of sale (POS) terminal machinery and high cost of integrating chip cards are the factors that may restrain overall market in the coming years.
Contact smart cards sector accounted for the largest market share of Smart Cards and is estimated to lead the overall market in the coming years.
Market SnapshotThe global smart card market is poised for substantial growth forecasts Market Research Future (MRFR) in a recently published research report.
Smart card technology is used in diverse applications and systems requiring smart, secure devices.Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/6499The market for smart cards is growing on account of its surging usage in various applications such as mobile phones, payment transactions, online authentication devices, and portable medical records cards.
Governments in emerging democracies, as well as other developed nations, use smart cards for voter IDs and driver's license.
One of the most important use cases of smart cards is in securing entry points to critical infrastructure facilities such as ports, hospitals, and airports.
On the contrary, the high costs associated with incorporation of smart cards and lack of awareness and hesitation on the part of consumers is likely to restrain the growth of the market.
Availability of hybrid smart cards is expected to provide lucrative growth opportunities to the global Smart Cards Market.Report OverviewThis MRFR report delivers an unbiased analysis of key market trends in the global smart cards market.
Global Smart Cards Market is expected to reach USD 15.4 billion by 2025.
The card may be a plastic or metal and can connect to a reader by short-range wireless connectivity like near field communication (NFC) or by direct physical contact.
High demand for online shopping and banking experience, easy access to e-government services, reliable and secure online payments allow consumers to use online payment methods, and rising demand for contactless smart cards are documented as major factors of Smart Cards Market that are estimated to enhance the growth in the years to come.
However, aversion of payment dealers to accept capital-intensive point of sale (POS) terminal machinery and high cost of integrating chip cards are the factors that may restrain overall market in the coming years.
Download Free Sample Report @ https://www.millioninsights.com/industry-reports/smart-card-market/request-sample Contactless smart card and contact smart card are the types that could be explored in Smart Cards in the forecast period.
Also, the contactless smart cards sector is estimated to grow at fastest pace in the coming years, as electronic payment systems are speedily swapping carry and cash operations.
