Global Smart Card (Contact and Contactless) Market 2018-2023: Globalization Driving the Adoption of Epassports and Smart Cards in Banking Systems

DUBLIN, June 25, 2018 /PRNewswire/ --

The "Smart Card Market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The smart card market is expected to reach USD 21.57 million by 2023 from USD 14.22 million in 2018, at a CAGR of 8.7% between 2018 and 2023.

The major factors driving the growth of the smart card 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.

Contact 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 smart card 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 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities for Smart Card Market
4.2 Smart Card Market, By Communication Type
4.3 Smart Card Market, By Application
4.4 Smart Card Market, By Component
4.5 Smart Card Market, By Geography

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Identification Cards to Avail Government Facilities
5.2.1.2 Contactless Interfaces to Boost Adoption of Smart Cards
5.2.1.3 Globalization Driving the Adoption of Epassports and Smart Cards in Banking Systems
5.2.2 Restraints
5.2.2.1 High Costs Involved in Deploying Epos Terminals
5.2.2.2 Increasing Adoption of Mobile Wallets Reducing the Demand for Smart Cards
5.2.3 Opportunities
5.2.3.1 Blockchain Technology Enhancing Security Features
5.2.4 Challenges
5.2.4.1 Security Related to Contactless Technology
5.2.4.2 Lack of Standardization and Consumer Awareness
5.3 Value Chain Analysis

6 Smart Card Market, By Communication
6.1 Introduction
6.2 Contact Smart Cards
6.3 Contactless Smart Cards
6.4 Microprocessor-Based Smart Cards
6.5 Memory-Based Smart Cards

7 Smart Card Market, By Component
7.1 Introduction
7.2 Hardware
7.2.1 Smart Cards
7.2.2 Smart Card Readers
7.3 Software
7.4 Services

8 Smart Card Market, By Application
8.1 Introduction
8.2 Banking, Financial Services, and Insurance (BFSI)
8.3 Government and Healthcare
8.4 Transportation
8.5 Retail
8.6 Others

9 Geographic Analysis
9.1 Introduction
9.2 North America
9.3 Europe
9.4 APAC
9.5 RoW

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis
10.3 Competitive Scenario
10.3.1 Product Launches and Developments
10.3.2 10 Most Recent Partnerships, Contracts, Acquisitions, and Agreements

11 Company Profiles
11.1 Key Players
11.1.1 Gemalto N.V.
11.1.2 Giesecke & Devrient GmbH
11.1.3 Idemia
11.1.4 Infineon Technologies AG
11.1.5 NXP Semiconductors N.V.
11.1.6 Sony Corporation
11.1.7 Samsung Electronics Co. Ltd
11.1.8 HID Global Corporation/Assa Abloy AB
11.1.9 Stmicroelectronics N.V.
11.1.10 Ingenico Group Sa
11.1.11 Verifone Systems Inc.
11.1.12 Beijeng Watchdata Co. Ltd.
11.2 Other Key Players
11.2.1 Rambus Inc.
11.2.2 CPI Card Group Inc.
11.2.3 Identiv, Inc.
11.2.4 Kona I Co., Ltd.
11.2.5 Valid
11.2.6 Fingerprint Cards AB
11.2.7 Brilliantts Co., Ltd.
11.2.8 Bitel Co. Ltd
11.2.9 Fujian Newland Payment Technology Co., Ltd
11.2.10 PAX Global Technology Ltd.
11.2.11 Cardlogix Corporation
11.2.12 Zwipe As
11.2.13 Versasec AB

For more information about this report visit https://www.researchandmarkets.com/research/kb9v43/global_smart_card?w=5

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