Smart Cards Market Forecast Analysis by Manufacturer, Types, Applications and Regions 2020 – 2025
29th Oct 2020 - 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 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. 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. Smart Cards
industry is segmented based on type, component, application, and region.
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Contactless smart card
and contact smart card are the types that could be explored in Smart Cards in
the forecast period. 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. This may be because of its use in retail applications, BFSI, and
government & healthcare applications. 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.
Services, hardware,
software, smart cards, and readers are the components that could be explored in
Smart Cards in the forecast period. Hardware sector accounted for the
substantial market share of Smart Cards and is estimated to lead the overall
market in the coming years. This may be because of rising acceptance of smart
cards by readers in emerging countries. Also, the software sector is estimated
to grow at fastest pace in the coming years. Software sector includes databases
and management system software.
The market may be categorized based on applications like
enterprises, entertainment, and education; banking financial service, and
insurance (BFSI); retail; government and healthcare; transportation; and others
could be explored in the forecast period.
The key players of Smart Card Market are Texas Instruments, Inc., American Express Company, NXP Semiconductors NV, Atos SE, Inside Secure SA, CPI Card Group, Inc., Infineon Technologies AG, and Giesecke & Devrient (G&D) GmbH. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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Smart Cards Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Europe
• Russia
• Asia Pacific
• Rest of the world
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