Smart Cards Market to Reach US$ 13.27 Bn by 2022
According to a new market research report published by Credence Research “Smart Cards (By Type – Contact-based Smart Cards, Contactless Smart Cards, Dual-interface Smart Cards and Hybrid Smart Cards) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the global smart cards market was valued at US$ 7,568.5 Mn in 2014 and is estimated to expand with a CAGR of 7.2% from 2015 to 2022.
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Smart cards refer to a pocket-sized device embedded with an integrated circuit (IC) chip. The IC chip on the card can be memory card-based or microcontroller-card based depending upon the function of smart cards. Smart card is used by connecting it to a smart card reader either through direct physical contact or radio frequency (RF) communication. Thus, the operation of smart cards is quite similar to the traditional magnetic strip and bar code cards.
The most significant factor driving the smart cards market growth is the high penetration in the telecommunication sector. Smart cards are widely used as subscriber identity module (SIM) in mobile phones thereby increasing the demand globally. Due to ever-rising penetration of mobile phones worldwide, the smart cards market growth is expected to remain steady throughout the forecast period.
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Another significant factor fueling the smart cards market growth is the better security features as compared to the traditional cards. Smart cards are comparatively difficult to clone and hence cannot be easily misused for any application. These cards are equipped with internal memory storage (larger than magnetic strip cards) which enables to incorporate better security features onto the smart cards. This makes smart cards suitable for use across various applications such as banking, identity cards (ePassport), healthcare and others.
The global smart cards market is consolidated in nature with few international players contributing to more than fifty percent of the total market revenue. Major players in the market include Giesecke & Devrient (G&D) GmbH, Gemalto NV and Oberthur Technologies. Other prominent players in the market comprise Infineon Technologies AG, NXP Semiconductors NV, Atos SE, INSIDE Secure SA, CardLogix Corporation and others.
The smart cards have enjoyed strong penetration across various application sectors such as ID cards, telecommunication and banking services. Thus, the market players are focused upon developing better security features along with minimal cost of the cards. This makes the market technology driven and price competitive.
Development of advanced smart cards solutions with better security and reliability
Smart cards for healthcare applications
Penetration of smart cards in ID cards of nations worldwide
Acquisition and partnerships with smart card manufacturers as well as component manufacturer
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