Smart Card Market segmentation, industry reports, market trends, and market outlook are now available from Adroit Market Research.
[UKPRwire, Tue Apr 23 2019] Adroit Market Research launched a study titled “Global Smart Card Market Size by Type (Contact, Contactless, Dual Interface and Hybrid), By Application (Payment & Banking, Government & Healthcare, Telecommunication and Device Manufacturing), By Region and Forecast 2018 to 2025”. The global smart card market research report contains 18 tables and 46 figures. The study also covers various driving & restraining factors including future opportunities. Market estimates and forecast for various types and applications have been covered in the report along with and detailed profiles of key players.
The global smart card market size is expected to reach a value of USD 29.35 billion by 2025. The volume of this market is also expected to increase to 31.75 billion units. Key factors driving the growth of this industry are technological advancements such as contactless cards, increased speed of transaction time, the higher capacity of chip cards to store data, standardization of cards by regulatory authorities and improved security.
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Well established companies such as Gemalto, Giesecke & Devrient and CPI Card Group are launching new products to increase their market share to sustain at the global level. For instance, in January 2018, Gemalto launched biometric EMV card for both contact and contactless cards. The biometric smart card makes a transaction of payment faster and more authentic. Improvement in security services and technological advancements are expected to boost the global smart card market further.
Regional segmentation and analysis of this industry clearly indicate that Asia Pacific dominated the global smart card market by acquiring 54.0% of the total volume share in 2017 and is expected to do so over the forecast period. China and India are also majorly contributing to the growth of this market. India is witnessing high demand for smart cards in various sectors such as government & healthcare, payment & banking and telecommunication. Declining prices of SIM cards and increasing penetration of smartphones in the market are major factors driving the demand for smart cards in the telecom industry.
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Contact-based smart cards dominated the overall market by contributing 77.0% of the volume share in 2017 and is expected to maintain this position over the forecast period. Contact cards make transaction seamless and secured due to features like PIN authentication required by embedded integrated circuit chips during transactions. This is popularizing the concept of contact cards all across the globe.
Globally, the smart card industry has limited well-established players. These companies are acquiring regionally established companies to increase their presence in the market. For instance, in May 2017, Oberthur Technologies, a global leader in embedded secure elements announced the acquisition of Safran Identity & Security also known as Morpho S.A.S. This acquisition is expected to improve the needs of major industries such as Telecom, Financial services, Security, and Identity. Major players in the market are Perfect Plastic Printing, Oberthur Technologies, Gemalto, Giesecke & Devrient, CPI Card Group, Valid, Goldpac Group Ltd, MCT Cards & Technology Pvt. Ltd and dz card.
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Key Segments of the Global Smart Card Market