Smart Cards Sales to Top US$ 20,041.7 Mn by 2026|Key Players- NXP Semiconductors NV, Infineon Technologies AG and more

Smart Cards Market 2022

The smart cards market is expected to increase from US$ 10,367.3 Mn in 2018 to US$ 20,041.7 Mn by 2026, expanding at a CAGR of 8.6% in terms of revenue during the forecast period (2018-2026). In this report, the smart cards market is tracked in terms of value and is calibrated to obtain the market revenue estimates.

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Access to the Internet has become easy with the help of smartphones & computers, and its usage has increased substantially due to the increasing demand for online banking & shopping and access to e-Government services. Due to the increasing adoption of e-commerce services and cashless payments, online payments have witnessed significant growth globally. Along with increasing online payments, security risks linked with them also have increased significantly. Smart cards help enhance security, reduce fraud, and enable the utilization of value-added services for end-user industries, which include banking, telecommunication, healthcare, transportation, and governments.

This report also analyzes the impact of Coronavirus COVID-19 on the Smart Cards industry.

The thriving e-commerce and telecommunications sector in Asia-Pacific contributes almost 70% of the demand of the Smart Cards market. The increase in Smart Cards applications for government sector use in India and China is also a major driver of the Asia Pacific Smart Cards market. The North American Smart Cards market is expected to be a relatively less attractive market over the forecast period due to mature demand for new Smart Cards in the region. However, with the migration to the EMV card, the Smart Cards market is expected to grow in North America, albeit at a slow pace. These are some of the relevant findings from the new report released by Persistence Market Research titled  "Smart Cards Market: Global Industry Analysis and Forecast 2017 - 2024". In addition, this research report also contains the various market dynamics that are affecting the growth of the global Smart Cards market in the form of drivers, restraints, opportunities and trends. Such in-depth qualitative data helps to understand this lucrative and large market. 

Key players:

The report  profiled some of the prominent prevalent players in the world like  -  NXP Semiconductors NV, Infineon Technologies AG, Gemalto NV, Inside Secure SA, CPI Card Group Inc., Giesecke & Devrient GmbH, Watchdata Technologies Ltd., BC Card, IDEMIA, CardLogix Corporation and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future prospects of Smart Cards.

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Global Smart Cards market: dynamic

The SIM cards used by the telecommunications industry are Smart Cards based on memory chips. The growing number of cell phones has initiated a strong demand for SIM cards. This growing demand for SIM cards is driving the growth of Smart Cards market as the telecommunication applications largely contribute in terms of revenue to the global Smart Cards market. According to a report published by the International Telecommunication Union, the number of mobile subscriptions worldwide has been estimated at more than 7,000 million. Global mobile subscription is expected to exceed 9,000 million by the end of 2020, which will give the global Smart Cards market a huge boost.

However, reluctance to adopt capital-intensive PoS terminals is hampering the adoption of Smart Cards in merchant stores. According to The New Republic (an American liberal magazine), only 10% of American merchants have switched to new EMV terminals that support contactless and contactless EMV cards as of 2014. Merchants are reluctant to spend money as long as they are 'they are not sure that banks will issue contacts. and contactless Smart Cards. Conversely, banks don't want to spend money on expensive cards until merchants install card readers. These factors may hamper the growth of the global Smart Cards market during the assessment period.

Global Smart Cards Market: Segmentation and Forecast

The global Smart Cards market is segmented on the basis of type, component, end use, access type, and geography.

The dual interface segment is expected to be valued at US $ 1,884.3 million by the end of 2024, and this segment is expected to gain market share by 2024 compared to 2017.

The microcontroller card segment was valued at US $ 6,672.2 million in 2017 and is expected to reach a valuation of US $ 11,108 million by the end of 2024.

Among the product end-use segments, the telecommunications segment is expected to register the highest CAGR during the forecast period. The telecommunications segment was valued at US $ 4,601.2 million in 2017.

Among the access type segments, the physical access cards segment is expected to be the most attractive market in the global Smart Cards market. This segment was valued at US $ 5,429.8 million in 2017.

The European Smart Cards market is expected to lose significant market share by 2024 compared to 2017.  The European Smart Cards market is expected to contribute 21.2% to the global Smart Cards market by 2024 .

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Key questions addressed in this report.

What will the market growth rate be in the future?
What are the key factors driving the global market?
Who are the main manufacturers in the market space?
What are the opportunities and threats facing global industry vendors?
What are the sales, revenue, and price analysis by regions of industry?

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