Global Market Study on Powered Smart Cards: Need for Secure & Reliable Payment Transactions Complementing Demand


Powered Smart Card  Market
  • Published On : Aug-2020 |
  • Pages : 300 Pages |
  • Format : Powered Smart Card  Market Powered Smart Card  Market Powered Smart Card  Market Powered Smart Card  Market

Smart cards are IC-based cards that accumulate and retrieve information using various computer systems. Smart cards primarily act as cost-effective devices to store, manage, and maintain credentials for end users. Microcontroller-based powered smart cards facilitate intelligent communication and have on-card dynamic data processing abilities. Demand for microcontroller-based powered smart cards is primarily driven by added security over memory-based smart cards. Microcontroller embedded powered smart cards utilize a card operating system (COS) similar to the Disk Operating Systems (DOS) in a computer. Increasing adoption of microcontroller-based powered smart cards in the banking and financial sectors (EMV cards) in Asia Pacific and the U.S. is expected to drive the expansion of the global powered smart card market size over the forecast period of 2020 to 2030.

Powered Smart Card Market Trends

Growing demand for secure and reliable payment transactions, improved security for offices and residential and commercial buildings, and rising number of mobile phone connection subscribers, worldwide, are factors likely to drive the growth of the global powered smart card market. However, high costs of migration to powered smart cards, exploitation of stolen / lost contactless cards, and technical challenges faced by enterprises are some of the restraints expected to hinder the growth of the global powered smart card market over the coming years. A major challenge faced by global powered smart card market players is the reluctance of small retailers and shopkeepers in adopting contactless PoS systems.

Major opportunities for growth in the global powered smart card market lie in the convergence of powered smart cards and additional services that card issuing companies could include as part of their offering.

Regional Outlook of Powered Smart Card Market

The global powered smart card market is segmented on the basis of region into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In terms of revenue, the markets in Asia Pacific and Europe are anticipated to register the highest CAGRs during the forecast period. North America holds the largest powered smart card market share, and this trend will continue over the next ten years too. Europe and Asia Pacific will manage to increase their respective shares in the global powered smart card market space by 2030.

COVID-19 Impact on Powered Smart Card Market

The COVID-19 outbreak has disrupted all economies and most sectors across the world. Trade and movement restrictions, lockdowns, and manufacturing disruptions have thrown most sectors off track. However, the pandemic has turned into an opportunity for the global powered smart card market. The virus outbreak has accelerated the use of contactless payments, so as to facilitate social distancing and combat the spread. Thus, revenue generated by contactless smart cards will expand at a high rate in the future, due to increasing adoption of contactless smart cards across the globe.

Analysts’ Viewpoint

The global powered smart card market is projected to expand at an impressive CAGR of over 9% from 2020 to 2030, with the market size growing around 2.5X over the next ten years. Market players can look to North America, where the market will retain its dominance through to 2030. However, Europe and South Asia & Pacific are regions that will also offer numerous lucrative opportunities for stakeholders who are looking to increase their market share and profits in the powered smart card market space over the coming years.

Powered Smart Card Market - Scope of the Report

Persistence Market Research (PMR) recently published a new research analysis on the powered smart card market for the assessment period of 2020-2030. The research study on the powered smart card market offers a close look at the evolving aspects of the market, as well as the dynamics impacting market growth. The research study focuses on key developments that have made their mark in the powered smart card market, and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the powered smart card market.

A direct market overview provides the growth scenario and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the powered smart card market during the forecast period. This report also includes a COVID-19 pandemic impact analysis on the powered smart card market. This report includes a detailed and considerable amount of information, which will help new providers in the most comprehensive manner for better understanding.

Several stakeholders in the powered smart card market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the powered smart card market report also helps new market entrants expand their bases in the market.

The report elaborates the historical and current trends molding the growth of the powered smart card market. The performance journey of the powered smart card market has been drawn and analyzed in a way that the lucrative side of the market is evident to readers. The competitive landscape presented in the powered smart card market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.

Powered Smart Card Market: Segmentation

PMR’s research study on the global powered smart card market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the powered smart card market has been offered on the basis of type, application, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.

Type

Application

Region

  • Contactless Cards
  • Government
  • North America
  • Hybrid Cards
  • Healthcare
  • Latin America
  • Dual-interface Cards
  • Transportation
  • Europe
  • Financial Services, Retail, & Loyalty
  • Asia Pacific
  • Telecommunications
  • Middle East & Africa
  • Pav TV
  • Energy & Utility (Smart Meters for Electricity, Water, & Gas)

Powered Smart Card Market: Key Questions Answered in Report

The research study on the powered smart card market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the powered smart card market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.

  • How has the rapidly changing business environment turned into a major growth engine for the powered smart card market?
  • What are the underlying macroeconomic factors impacting the growth of the powered smart card market?
  • What are the key trends that are constantly shaping the growth of the powered smart card market?
  • Which are the prominent regions offering plentiful opportunities for the powered smart card market?
  • What are the key differential strategies adopted by key players to command a significant chunk of the global market share?
  • How is the COVID-19 pandemic impacting the global powered smart card market?

Powered Smart Card Market: Research Methodology

A unique and promising research methodology forms the base of the powered smart card market for the forecast period. The report has been prepared after a comprehensive analysis of market happenings, and riveting insights have been compiled meticulously. The research methodology of the powered smart card market has been a two-step process that comprises primary and secondary research. Key stakeholders, which include powered smart card providers and distributors, have been interviewed, along with experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals.

Secondary sources referred to garner report findings include investor presentations of manufacturers, annual reports, World Bank, and many other credible sources.

Companies covered in Powered Smart Card Market Report

  • Safran Identity and Security (Morpho SA)
  • Oberthur Technologies
  • Gemalto NV
  • Giesecke & Devrient GmbH
  • Eastcompeace Technology Co. Ltd.
  • Watchdata Technologies Ltd.
  • Datang Telecom Technology Co. Ltd.
  • Wuhan Tianyu Information Industry Co. Ltd.
  • Infineon Technologies AG
  • NXP Semiconductors N.V.
  • Shanghai Huahong Integrated Circuit Co. Ltd.
  • Samsung
  • Texas Instruments Incorporated
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