Global Smart Card Market Anticipated to Surpass US$14.2 bn by 2023

Market Research Reports Search Engine (MRRSE) has recently added a new market research report to its comprehensive collection of research studies. The research report states that the introduction of high-end SIMs in terms of LTE providers and NFC capabilities is one of the biggest opportunities for the global smart card market players. The research report, titled “Smart Cards Market (Contact, Contactless, Dual-interface and Hybrid - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2023,” further talks about the products on offer in the market along with a detailed competitive landscape analysis of the global smart card market.

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According to the research study, in 2014, the global smart card market was worth US$7.2 bn and is anticipated to reach a value of US$14.2 bn by the end of 2023. The market is projected to exhibit a progressive 7.40% CAGR between 2016 and 2023.

On the basis of type, the global smart card market has been categorized into dual-interface smart cards, hybrid smart cards, contactless smart cards, and contact smart cards. Among these, the contactless smart cards segment offers a platform for the addition of new applications to facilitate enhanced secure identity verification and access control systems. In 2014, the contactless smart card segment held an 18.6% share in the overall market and is projected to exhibit a substantial 11.50% CAGR between 2016 and 2023.

On the basis of geography, the global smart card market has been classified into the Middle East and Africa, Europe, North America, Latin America, and Europe. In 2014, in terms of revenue, the Asia Pacific market dominated the global market, holding a 47.4% share in the overall smart card market, and is expected to exhibit a 7.90% CAGR between 2016 and 2023. The growing adoption of cellular SIM cards in Asia Pacific is the major factor responsible for the rapid growth of the smart card market in Asia Pacific.

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In addition, the rising adoption of e-IDs for transportation and government applications and increased adoption of EMV cards in the banking and finance industry are the other factors driving the Asia Pacific smart card market. Furthermore, the Middle East and Africa and Latin America smart card markets are projected to witness substantial growth in the next few years, owing to the rising adoption of SIM cards and several government initiatives for issuing personal identification cards.

The research report further analyzes the major players operating in the global smart card market, focusing on their profiles, product portfolio, business strategies, and financial overview. The study also provides a SWOT analysis of these players for determining the strengths, weakness, opportunities, and threats faced by them while operating in the global market. Some of the prominent players operating in the global smart card market are INSIDE Secure, Ingenico Corp. (Delaware), Oberthur Technologies, Atos SE (Societas Europaea), Gemalto NV, NXP Semiconductors, Texas Instruments, Inc., Infineon Technologies AG, American Express Co., and Giesecke & Devrient (G&D) GmbH.

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This release was published on openPR.