[144 Pages Report] The smart card market
was valued at USD 13.18 billion in 2017 and is expected to reach USD
21.57 billion by 2023, at a CAGR of 8.7% during the forecast period.
The
major factors driving the growth of this market include increasing use
of online payment methods enabling consumers to make secure and reliable
payments. In line with this, the use of contactless smart cards has
gained remarkable consideration as electronic payment methods are
rapidly replacing cash and carry operations.
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smart cards are expected to hold the largest share of the smart card
market in 2018. These cards are widely used in BFSI, government and
healthcare, and retail applications. On the other hand, contactless
smart cards are used in BFSI, government and healthcare, and
transportation application.
Hardware
is expected to hold the largest share of the smart card market in 2023
due to the increasing adoption of smart cards and readers in developing
economies. The market for software is expected to grow at the highest
rate during the forecast period. The market for software comprises
management system software and databases. Management system software is
used to match information of a person with the saved data in a
particular database. Increasing demand for data analysis and management
is expected to support the growth of the smart card market for software.
The
smart card market in Asia Pacific is expected to witness a high growth
in the near future owing to the increasing demand in developing
countries such as India, China, Malaysia, and Thailand, which are
increasingly implementing smart cards in the transportation, BFSI,
retail, government, and healthcare sectors. Companies in these countries
are implementing smart cards to make the process of payments and other
documentations easy for consumers. Singapore is emerging as a hub for
contactless payments in APAC. These transactions account for more than
half of all card-based transactions in the country. Smart cards have
huge potential in China and India, among others, as consumer spending is
increasing in these countries.
The
growing popularity of mobile or digital wallets among millennials is
expected to reduce the demand for smart cards for banking applications.
However, with increase in income and adoption of proper banking systems
in developing countries, the effect of this restraint is expected to
weaken over the coming years.
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Major
players in the smart card market include Gemalto N.V. (Netherlands),
Giesecke & Devrient GmbH (Germany), IDEMIA France SAS(France),
Infineon Technologies AG (Germany), NXP Semiconductors N.V.
(Netherlands), Sony Corporation (Japan), Samsung Electronics Co., Ltd.
(South Korea), HID Global Corporation (Sweden), STMicroelectronics NV
(Switzerland), Ingenico Group SA (France), VeriFone Systems, Inc. (US),
Beijeng Watchdata Co. Ltd. (China), Rambus Inc. (US), CPI Card Group
Inc. (US), Identiv, Inc. (US), KONA I Co., Ltd. (South Korea).
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