Smart Card Market Demand & Future Scope Including Top Players ABCorp, CPI Card Group, Gemalto, Giesecke+Devrient, Hypercom, Infineon Technologies, Ingenico Group, Square, Valid, Verifone

Global smart card market trends will be primarily driven by ongoing advances in blockchain and biometric technology along with increased focus towards smart city development. Smart city initiatives are enabling private and public organizations to design smart connected solutions to efficiently manage operations and optimize available resources.

Growing initiatives towards smart city development have led to increased demand for digital payments in sectors including government, transportation and retail, among others, creating massive demand for smart cards.

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The Major Key Players in the Smart Card Market Are As Follows:
o ABCorp
o CPI Card Group
o Gemalto
o Giesecke+Devrient
o Hypercom
o Infineon Technologies
o Ingenico Group
o Square
o Valid
o Verifone

Smart cards are secure elements and are widely used in the telecommunications industry around the world. These cards are used in two major applications like the prepaid telephone cards where the valued memory cards are stored as well as the Subscriber Identity Module (SIM), which are microprocessor based smart cards in mobile phones.

Moreover, smart cards are being used with NFC-enabled mobile phones that have incorporated secure elements and are being used for several applications that include ticketing, mobile marketing and other mobile contactless payments. This has tremendously bolstered global smart card market share from sim and telecom segment applications.

The smart card market has UICCs and SIMs as the highest volume products for revenue and units. More than 100 countries use smart cards after having substituted coins in payphones in order to improve convenience for customers and telecommunication operators.

Increasing consumer needs and purchases will stimulate the applications of smart card in the retail & gas sector in the forthcoming years. The card can be used as electronic wallets while the chip has funds in order to pay for purchases like cafeteria food, taxi rides, groceries and laundry services. Bank connections are not required due to the cryptographic protocols that the money exchange between machine and smart cards have.

In an effort to save time and provide easy access of customer service to consumer, the government has been making efforts to use technology. India's sole supplier of piped natural gas and CNG, Indraprastha Gas Ltd., recently launched prepaid smart cards in order to provide the customer with digital options for payment.

Hybrid cards will witness a steady adoption owing to multifunctional features and several smart applications that will conveniently contribute towards smart card market. With rapid urbanization, certain countries have increasingly provided mass transportation for public travelling for greater efficiency and lower cost.

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Key market players in the smart card market like Oberthur, Inteligensa Group, CPI Card Group, American Banknote Corporation, IDEMIA, Perfect Plastic Printing Corporation, Watchdata, HENGBAO and Goldpac Group have introduced advanced smart solutions. Further collaborations and strategic acquisitions will influence the business outlook considerably. Global smart card market is anticipated to surpass USD 65 billion by 2025.

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