With technological advancements in payment services, smart cards are manufactured to make payment options easier and more convenient. A smart card is usually made up of plastic with an integrated circuit chip embedded on it. Smart cards are used to exchange, store, and manipulate data. They offer several advantages to consumers, for instance, they are reusable, perform secure transactions, provide more security, and are more tough & dependable. Smart cards can be used in several sectors such as, government, telecommunication, retail, financials, transportation, and entertainment for conducting financial activities.
The primary factor driving the smart cards market in several regions and countries, especially in Europe, Japan, China, & Australia, is the adoption of smart ticketing. Nowadays, people are adopting the smart card technology while traveling to save time as well as increase their convenience. The smart card technology eliminates the queue system while collecting tickets. Smart cards provide several benefits to commuters, which include reduction in travelling time and improvements in service efficiency. They also help governments and transport services collect the travel data of commuters. Due to the convenience of smart card payments, their usage can be extended to other areas of the transport market such as car parking, washing, servicing, and fueling.
Revenue generated by the global smart cards market is estimated to exhibit a single-digit CAGR, owing to which it is expected to reach US$ 20,041.7 Mn by 2026. On the basis of access of smart cards, the physical subsegment in the smart cards market is estimated to hold the largest share in 2026 and the logical segment is also expected to exhibit a single digit CAGR. On the basis of components, the microcontroller subsegment in the smart cards market is estimated to hold approximately 84.9% of market share in 2026.
The smart cards market in North America is expected to witness the highest growth in the global market owing to the increasing adoption of digital payment options in several regions, especially Europe, North America, and APAC.
Some popular vendors contributing to the smart cards market are NXP Semiconductors N.V., Infineon Technologies AG, Gemalto N.V., Inside Secure SA, CPI Card Group Inc., Giesecke & Devrient GmbH, WatchData Technologies Ltd., BC Card, IDEMIA, and CardLogix Corporation.
On April 16, 2016, NXP Semiconductors N.V. and HID Global announced a strategic collaboration for developing secure access products for commercial buildings, hotels, and workplaces.
In 2015, Gemalto NV acquired the secure document business of Trub AG, a Switzerland-based company that provides identification solutions, such as high security polycarbonate documents, to governments and banks
Persistence Market Research (PMR) offers an 8-year forecast for the global smart cards market between 2018 and 2026. In terms of value, the smart cards market is expected to register a CAGR of 8.6% during the forecast period. This study demonstrates the market dynamics and trends globally across 7 regions: North America, Latin America, Europe, SEA and Others of Asia Pacific, Japan, China, and MEA, which influence the current nature and future status of the smart cards market over the forecast period.
This research report provides a detailed analysis of the smart cards market and offers insights on the various factors driving the popularity of smart cards and their features. It includes an extensive analysis of key industry drivers, challenges, market trends, and market structure. The market study provides a comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. It segregates the market based on type, end use, access, component, and across different regions worldwide.
The smart cards market is expected to witness moderate revenue growth during the forecast period owing to the increasing adoption of digital payment options, secure & safe transactions, and the enhanced features associated with them.
The smart cards market report starts with an overview of the smart cards market in terms of value. In addition, this section includes the analysis of key trends, drivers, & challenges from the supply, demand, & economy side, which are influencing the smart cards market.
On the basis of type, the smart cards market is segmented into contact, contactless, hybrid, and dual-interface smart cards.
On the basis of end use, the smart cards market is segmented into of government, healthcare, transportation, financial services, retail, & loyalty, entertainment, and energy & utility (smart meters for electricity, water, and gas).
On the basis of access, the smart cards market is segmented into physical and logical subsegments.
On the basis of components, the smart cards market is segmented into microcontroller and memory cards.
A detailed analysis has been provided for every segment in terms of market size analysis for the smart cards market across different regions. The section provides a detailed analysis covering key trends in the smart cards market.
The next section highlights a detailed analysis of the smart cards market across various countries in the region. It provides a market outlook for 2018–2026 and sets the forecast within the context of the smart cards market, including latest technological developments as well as offerings in the market. This study discusses key trends within countries contributing to growth of the market, as well as analyses degrees at which drivers are influencing this market in each region. Key regions and countries assessed in this report include North America (U.S., Canada), Latin America (Brazil, Mexico, and the Rest of Latin America), Europe (Germany, Italy, France, U.K., Spain, Russia, and the Rest of Western Europe), SEA & Others in Asia Pacific (India, Indonesia, Philippines, Thailand, Malaysia, Oceania, and the Rest of SEA & APAC), Japan, China, and MEA (Northern Africa, GCC countries, Turkey, South Africa, and the Rest of MEA). This report evaluates the present scenario and the growth prospects of the smart cards market across various regions worldwide for the period 2018 –2026. We have considered 2017 as the base year and provided data for the remaining 12 months.
To offer an accurate forecast, we have started by sizing the current market, which forms the basis of how the smart cards market will grow in the future. Given the characteristics of the market, we have triangulated the outcome of different types of analysis based on technology trends.
As previously highlighted, the global smart cards market is split into a number of segments. All segments in terms of type, end use, access, component, and different regions are analysed in terms of basis points to understand an individual segment’s relative contribution to market growth. This detailed level of information is important for the identification of various key trends of the global smart cards market.
Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global smart cards market.
In the final section of the report, we include a competitive landscape to provide clients a dashboard view based on categories of providers in the value chain, presence in the smart cards market, and key differentiators. This section is primarily designed to provide clients an objective and detailed comparative assessment of key providers specific to a market segment in the smart cards supply chain, and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on the in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings, and recent developments in the smart cards market. Key competitors covered are NXP Semiconductors N.V., Infineon Technologies AG, Gemalto N.V., Inside Secure SA, CPI Card Group Inc., Giesecke & Devrient GmbH, WatchData Technologies Ltd., BC Card, IDEMIA, and CardLogix Corporation.
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