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Powered Smart Card Market to Cross 5,640.6 Mn units by 2024
Among regions, the Latin America market is expected to witness comparatively higher Y-o-Y growth throughout the forecast period. The Latin America powered smart card market was valued at US$ 217.5 Mn in 2015 and is projected to reach US$ 660.1 Mn by 2024. Asia Pacific is likely to remain the dominant market in terms of revenue in the global powered smart card market and is expected to witness a CAGR of 10.5%.
In terms of consumption, the global powered smart card market stood at 2,049.1 Mn units in 2015 and is expected to register a volume CAGR of 59.2% to reach 5,640.6 Mn units by 2024 end. In a new report titled “Powered Smart Card Market: Global Industry Analysis & Forecast, 2016–2024”, Persistence Market Research studies the performance of the global powered smart card market over an eight-year forecast period (2016 – 2024) and analyzes the key factors and trends impacting market growth.
Need of secure and reliable payment methods and increasing mobile phone users globally are factors anticipated to drive growth of the global powered smart card market over the forecast period. Improving security in offices and residential buildings and preventing crimes across international borders are other factors likely to push the global powered smart card market demand during the forecast period. However, factors such as high cost of migration to contactless payment systems and technical issues faced by enterprises are major challenges expected to be faced by market players operating in the global powered smart card market during the forecast period.
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Major opportunities for growth in the global powered smart card market lie in the convergence of powered smart cards and additional services that card issuing companies could include as part of their offering.
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Safran Identity and Security (Morpho SA), Oberthur Technologies, Gemalto NV, Giesecke & Devrient GmbH, Eastcompeace Technology Co. Ltd., Watchdata Technologies Ltd., Datang Telecom Technology Co. Ltd., Wuhan Tianyu Information Industry Co. Ltd., Infineon Technologies AG, NXP Semiconductors N.V., Shanghai Huahong Integrated Circuit Co. Ltd., Samsung, and Texas Instruments Incorporated are some of the companies operating in the global powered smart card market. Market players are focusing on innovative ways to expand their customer base and consolidate their position in the market. With extensive presence worldwide and extensive product offerings catering to the demand for payment in government and telecom applications, key players are focused on gaining significant revenue share in the global powered smart card market.
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