Smart Card Market to Observe Strong Development of 10.8% CAGR by 2026 | Global Key Players – Beijeng Watchdata, Bitel, Brilliantts, CPI Card Group, Cardlogix Corporation, Fingerprint Cards AB, Fujian Newland Payment Technology, Gemalto N.V

Global Smart Card Market Highlights
The Global Smart Card Market is accounted for $13.00 billion in 2017 and is expected to reach $32.65 billion by 2026 growing at a CAGR of 10.8% during the forecast period. Growing demand for identification cards to avail government facilities, increasing demand from emerging countries and growing demand for secure and reliable payment transactions are the key driving factors for the market growth. However, factors such as lack of standardization, consumer awareness and security related to contactless technology are hindering the market growth.

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A smart card is usually made up of plastic with an integrated circuit chip embedded on it. Smart cards are used to exchange, store, and manipulate data. They offer several advantages to consumers, for instance, they are reusable, perform secure transactions, provide more security, and are more tough & dependable. Smart cards can be used in some sectors such as, telecommunication, transportation, government, retail, financials, and entertainment for conducting financial activities.

Top Players:
Some of the key players profiled in the Smart Card Market include Beijeng Watchdata Co Ltd, Bitel Co Ltd, Brilliantts Co Ltd, CPI Card Group Inc, Cardlogix Corporation, Fingerprint Cards AB, Fujian Newland Payment Technology Co Ltd, Gemalto N.V, Giesecke & Devrient GmbH, HID Global Corporation/Assa Abloy AB, Idemia, Identiv Inc, Infineon Technologies AG, Ingenico Group Sa, Kona I Co Ltd, NXP Semiconductors N.V, PAX Global Technology Ltd, Rambus Inc, Samsung Electronics Co Ltd, Sony Corporation, Stmicroelectronics N.V, Verifone Systems Inc, Valid, Versasec AB and Zwipe As.

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Market Segmentation:
Based on Communication, the Contactless Smart Cards segment accounted for considerable market share during the forecast period. They already hold a high rate of use in main parts of the financial services sector. These smart cards make use of microcontrollers due to the reliability and higher level of security that these components can offer. While many countries and finance organizations begin the acceptance of smart cards, the superior qualities provided by dual-interface cards and contactless cards are being recognized by major financial bodies, further promoting the implementation of microcontroller-based smart cards. Geographically, Asia Pacific market is expected to grow at the highest CAGR during the forecast period. Companies in emerging countries are implementing this cards to make the process of payments and other documentations easy for consumers.

Communications Covered:
• Contact Smart Cards
• Contactless Smart Cards
• Hybrid Smart Cards
• Dual-interface Smart Cards
• Other Communications

Applications Covered:
• Healthcare
• Transportation
• Government
• Telecommunications
• Banking, Financial Services and Insurance (BFSI)
• Hospitality
• Retail
• Other Applications

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This release was published on openPR.