Global Smart Card Market Remuneration to Cross USD 65 Billion by 2025
Oct 15, 2019
The increasing number of cashless transactions in emerging economies will positively impact the smart card market growth
Selbyville, United States - October 15, 2019 /MarketersMedia/ —
Global smart card market trends will be primarily driven by ongoing advances in blockchain and biometric technology along with increased focus towards smart city development. Smart city initiatives are enabling private and public organizations to design smart connected solutions to efficiently manage operations and optimize available resources. Growing initiatives towards smart city development have led to increased demand for digital payments in sectors including government, transportation and retail, among others, creating massive demand for smart cards.
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The increasing number of cashless transactions in emerging economies will positively impact the smart card market growth. According to Credit Suisse Group AG, a Swiss-based investment bank, the digital transactions in India are estimated to reach USD 1 trillion by 2023. The increased adoption of smartphones coupled with government initiatives is encouraging several economies to adopt digital & smart card payments. Smart cards offer convenience to users in monetary transactions by eliminating the need to carry cash or a checkbook. With such a rise in digital & cashless economies, the market is expected to witness a considerable growth in the coming years.
Contactless smart cards are expected to witness high growth in the market. These cards employ radio frequency between cards and a reader, eliminating the need for physical insertion. Increased convenience and tamper-resistance features of cards (through PIN codes) have augmented their adoption by government organizations for addressing security issues, thereby propelling the contactless smart card market growth. In addition, the technology helps enhance convenience and security in financial transactions.
In 2018, the microprocessor smart card market accounted for the majority of the industry share. These cards include a small microchip that processes and stores electronic data while securing data, assets, and identity. They are widely adopted in the banking & telecommunication sector for data transaction. In addition, these cards are being implemented in solutions, such as Public Key Infrastructure (PKI), access control, e-passport, and multi-applications, to address the issues of security through their cryptographic capabilities.
France smart card market has performed exceptionally well since the last few years and is expected to progress at a prodigious pace in the ensuing years. This can be attributed to the smart card adoption for the banking and financial sectors in the region. Furthermore, contactless smart card industry has attained appreciable traction across the region.
The domestic payment structure for the French- Groupement Cartes Bancaires- has held a crucial significance towards the management of the payment’s technology in the country.
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In terms of geographical development, Asia Pacific is predicted to evolve as a strong contender in the global smart card market while witnessing high growth over the projected timespan. Some important factors stimulating the regional growth include high adoption of smart cards in transportation, retail, BFSI, and other sectors, and favorable governing reforms promoting the usage if digital and smart card transactions in nations like India, China, and Thailand.
Key players operating in the smart card market include Verifone, Square, Inc., SCM Microsystems, NXP Semiconductors NV, Ingenico, Infineon Technologies AG, Hypercom, Giesecke & Devrient (G&D) GmbH, Gemalto NV, CardLogix, Cardcom, and Bartronics, among others. These players are introducing differentiated and innovative technologies to sustain in a highly competitive market.
Some Points From Table Of Content: -
Chapter 5. Smart Card Market, By Application
5.1. Key trends by application
5.2. SIM & telecom
5.2.1. Market estimates and forecast, 2015 – 2025
5.3. Financial
5.3.1. Market estimates and forecast, 2015 – 2025
5.4. Government & health
5.4.1. Market estimates and forecast, 2015 – 2025
5.5. Retail & gas
5.5.1. Market estimates and forecast, 2015 – 2025
5.6. Access control
5.6.1. Market estimates and forecast, 2015 – 2025
5.7. Transportation
5.7.1. Market estimates and forecast, 2015 – 2025
5.8. Loyalty
5.8.1. Market estimates and forecast, 2015 – 2025
5.9. Others
5.9.1. Market estimates and forecast, 2015 – 2025
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