The global smart cards market is predicted to
reach USD 15.4 billion by 2025, according to a new study by Grand View Research,
Inc. The increasing demand for the product, across various applications, such
as payment transactions, cell phones, ID verification & access controls, is
presumed to favor the market growth over the forecast period. Smart cards are
used in several applications including the retail, healthcare, government, and
hospitality sectors, promoting the market demand over the forecast period by
providing effective data storage, efficient payment transactions, and faster
processing time.
The increasing use of smart cards
in the telecommunication and BFSI segments is expected to drive the market over
the next nine years. Their implementation in retail applications enables secure
transactions and provides new opportunities to the market.
Smart cards are extensively used
to enable secure payment transactions and to promote cashless payments,
thereby, enabling cost savings for payment merchants and offering convenience
to the consumers. The use of mobile phones and IoT devices has further promoted
the use of SIM & data chips thereby driving the demand for the product.
These devices are increasingly used in retail applications to enable faster
transactions and reduce the checkout time. These advantages are enabling growth
of the industry at a significant rate, over the next nine years.
Browse full research report on Smart Cards Market: http://www.grandviewresearch.com/industry-analysis/smart-card-industry
Further key findings from the study suggest:
- The telecommunication application segment dominated
the overall market in 2015 and accounted for over 46% of the market in the
same year
- The contact cards segment was a key segment in 2015
and accounted for over 65% of the overall industry revenue
- Contact cards provide ease of transactions, owing to
their low costs and low handling-charges. Contactless cards are also
expected to grow, significantly, due to the elimination of physical card
insertion and better security.
- The microcontroller-based segment accounted for over
70% of the overall smart cards market in 2015
- The Asia Pacific region is expected to significantly
contribute to the industry growth and accounted for over 45% of the global
industry revenue in 2015
- The key industry participants include American
Express Company, Atos SE, CPI Card Group, Gemalto NV, Giesecke &
Devrient (G&D) GmbH, Infineon Technologies AG, Inside Secure SA, NXP
Semiconductors NV, and Texas Instruments, Inc.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global smart cards
market based on type, component, application and region:
Smart Cards Type Outlook (Revenue, USD Million; 2014 -
2025)
- Contact
cards
- Contactless
cards
- Multi-component
cards
Smart Cards Component Outlook (Revenue, USD Million; 2014
- 2025)
- Memory-based
- Microcontroller-based
Smart Cards Application Outlook (Revenue, USD Million;
2014 - 2025)
- BFSI
- Government
- Telecommunications
- Retail
- Healthcare
- Hospitality
- Others
Smart Cards Regional Outlook (Revenue, USD Million; 2014
- 2025)
- North
America
- Europe
- Russia
- Asia
Pacific
- Rest
of the world
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-smart-card-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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