Smart Cards Market to Represent a Significant Expansion at 8.6% CAGR During 2018-2026

Quality and Compliance Management Solution Market
Quality and Compliance Management Solution Market

The smart cards market is expected to increase from US$ 10,367.3 Mn in 2018 to US$ 20,041.7 Mn by 2026, expanding at a CAGR of 8.6% in terms of revenue during the forecast period (2018-2026). In this report, the smart cards market is tracked in terms of value and is calibrated to obtain the market revenue estimates. Access to the Internet has become easy with the help of smartphones & computers, and its usage has increased substantially due to the increasing demand for online banking & shopping and access to e-Government services. Due to the increasing adoption of e-commerce services and cashless payments, online payments have witnessed significant growth globally. Along with increasing online payments, security risks linked with them also have increased significantly. Smart cards help enhance security, reduce fraud, and enable the utilization of value-added services for end-user industries, which include banking, telecommunication, healthcare, transportation, and governments.

However, multicurrency payment methods and increasing threat of data thefts/hackers/viruses are some of the major challenges that hamper the growth of the smart cards market.

The main issue occurs with embedded chips because all data and passwords are stored in them. Another method of hindering the data on embedded chips is by heating these chips at a high temperature or exposing them to UV light. This helps remove their security lock. In this manner, any person can steal the data of a cardholder, which is a significant concern.

Nowadays, consumers are more focused on using different types of cards, i.e. contact and contactless smart cards. Contact smart cards offer one-touch payment options to consumers, whereas contactless smart cards communicate through NFC or radio-like cell phones. Contactless smart cards are more secure and advanced than contact smart cards. Contactless smart cards consists of small sophisticated computer-type chips located inside the card, which delivers high-level security to protect identity, privacy, and the financial information of consumers.

To understand and assess the demand and opportunities in the smart cards market, the report is categorically split into five major sections: market analysis by type, end use, access, components, and by region. The section market analysis by type comprehensively analyzes the smart cards market on the basis of contact, contactless, hybrid, and dual-interface analysis of the market in terms of value for 2018-2026. The section market analysis by end use analyses the smart cards market on the basis of government, healthcare, transportation, financial services, retail & loyalty, entertainment, and energy & utility (smart meters for electricity, water, and gas) segments. The section market analysis by access analyses the smart cards market on the basis of physical and logical analysis of the market in terms of value for 2018-2026. The section market analysis by component comprehensively analyses the smart cards market on the basis of microcontroller and memory cards.

In 2017, the contact subsegment dominated the smart cards market followed by the contactless segment. Moreover, the contactless segment is projected to expand at the fastest CAGR of 9.6% over the forecast period in the smart cards market in terms of revenue, followed by the hybrid and dual-interface segments.

The section market analysis by end use analyses the smart cards market by different segments and data is provided in terms of value for 2018-2026. The telecommunication subsegment is expected to expand at a significant CAGR of 9.1% in terms of value during the forecast period. In terms of market share, the telecommunication segment also accounted for a major percentage of the revenue share of the overall smart cards market in 2017 and is also expected to dominate the smart cards market throughout the forecast years.

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The section market analysis by region includes an in-depth country level analysis of all global regions, namely North America, Latin America, Europe, SEA & Others of APAC, China, Japan, and Middle East & Africa, as well as countries, and provides market data in terms of value for 2018-2026 for the smart cards market. In 2017, the smart cards market in North America dominated the overall global smart cards market followed by the market in Europe.

Key players reported in this study on the global 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.