The report is titled as' ‘Smart Card Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the smart card market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The smart card market is expected to grow at a significant rate in the near future.
The global smart card market is estimated to reach at a value of US$ 11.4 Bn by the end of 2020 and expected to reach at a value of US$ 24.9 Bn by 2028 with a significant CAGR of 10.3%
Smart Card Introduction
Smart cards have evolved expeditiously in the past few years. The smart card is very much alike to a debit/credit card installed with computer chips. The installed integrated circuit chip that is also known as an integrated circuit card or ICC, can either be a self-assertive microcontroller or corresponding intelligence with built-in memory or just a memory chip separately. A smart card gets linked to the reader only when it's straightaway physically engaged or with the help of an outlying contactless radio-frequency interlace. With an installed microcontroller, smart cards have the colloquial potential to pile up massive amounts of data or information, carrying out their specific on-card operations such as- collaborative authentication, encoding and communicating ingeniously with the smart card reader.
The advanced smart card technology synchronizes with the international market standards and principles (ISO/IEC 7816 & ISO/IEC 14443) and is prevailing in a huge number of forms such as- SIMs (subscriber identity modules) occupied in GSM cell phones, USB based tokens, plastic cards, fobs, and many others. Initially put forward in Europe approximately a couple of decades ago, smart cards entered as an accumulating value tool for payphones to slim down the incidences of theft. As other chip-based plastic cards along with smart cards progressed, people discovered fresh ways to make use of them, comprising charge cards for credit buying and for keeping records in lieu of paper. Attributing to which, the smart chip technology or smart card is rapidly becoming run-of-the-mill in the present day’s culture and our daily lives.
Smart Card Market Dynamics
Pretty much everything which can be found in an individual’s wallet has the capacity to be kept and preserved in a smart card, in particular with respect to a driving license, credit cards and bank accounts, and other essential insurance information. Attributing to which, there are predictions that sooner or later all plastic cards will be blended and amalgamated into one all-inclusive, common access card or multi-functional smart card. The employment of smart cards into several different end-use verticals all around the world, including banking, financial services and insurance (BFSI), retail, transportation, and many more worldwide, in order to expedite seamless and secure payment processes, is one of the major factors that is driving the growth of the global smart card market.
In addition, the smart card is a compressed pocket-sized plastic card with an advanced circuit chip embedded in it, comprising huge potential for authentication, application processing, personal identification, and data storage, which further helps in gaining immense traction in the global markets in the present times. Owing to which, the global smart card market is projected to flourish and prosper rapidly in the forthcoming years. By the same token, the smart cards are highly reliable, convenient and secure for users to carry out any transaction in comparison to other machine-readable cards, such as magnetic-stripe and bar-code along with much lower cost for system maintenance.
In addition to that, there is an elevated growth in the usage of contactless interfaces among users worldwide, which is estimated to help accelerate the demand of smart cards in the global markets. All such factors are expected to propel the growth of the global smart card market in the years to come.
In other respects, the e-commerce and retail industry is thriving at an exponential rate in the present times, which is further projected to play a positive role in escalating the demand for smart cards among users at the global level, thereby boosting the growth of the global smart card market in the near future. Other than that, the rapid advancements in micro-embedded electronics and associated technology along with the increasing adoption of the Internet of Things (IoT) across the world are also estimated to give numerous breakthroughs to the growth of the global market of smart cards over the forecast period.
However, few factors like service denials, disrupted operations, communication links, and furtive transactions and dual modes may act as a challenging factor for further growth of the global contactless smart card market, potentially confining future market growth. Furthermore, the expensive cost of installation of EPOS terminals might be affordable for large businesses and merchants but it might be money-exhaustive for small and medium vendors and merchants, which is further likely to restrict the growth of the global smart card industry in the coming years.
Smart Card Market Segmentation
The global smart cards market is segmented on the basis of communication, component, application, and regions. On the basis of communication, the smart card market is segmented into contact and contactless. On the basis of components, the market is categorized into Hardware, Smart Cards, Readers, Software, Services. Further, the smart card market is segmented on the basis of application into Banking, Financial Services, and Insurance (BFSI), Government and Healthcare, Transportation, Retail, and Others (Enterprises, Entertainment, and Education).
The research report classifies the global smart card market based on communication, component, application, and regions.
Smart Card Market Key Players
The global smart card market is dominated by Gemalto N.V, Giesecke & Devrient Gmbh (G+D), Idemia, Infineon Technologies AG, NXP Semiconductors N.V., Sony, Samsung Electronics, HID Global Corporation, STMicroelectronics N.V., Ingenico Group SA, VeriFone Systems Inc., Beijing watchdata Co. Ltd., among others.
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