Press release
Powered Smart Cards Market to Exceed at 59.2% CAGR by 2024
Consumer inclination toward secured transaction is currently driving the market for powered smart cards globally. Growing popularity of smart cards as cost-competitive devices for storage, maintenance, and management of credentials will continue to provide a strong impetus to their demand in the global market. Increasing need for efficient, secure, and reliable payment transactions are anticipated to further escalate the demand. In addition, a growing number of mobile connection subscribers is also expected to fuel the market for smart cards. Leading smart card issuing companies are foreseen to capitalize on extensive growth opportunities by combining powered smart cards and an additional set of services as a service offering.
Higher initial migration costs may hamper the market growth to some extent. Small scale shopkeepers and retailers are still reluctant to adopt contactless PoS systems, which is another key challenge. Moreover, consumers are also reluctant to switch to powered smart cards, as lost or stolen cards can be adversely exploited. This will continue to limit mass penetration over the forecast period.
Based on type, contactless cards segment will attract hefty revenues to the global market. This segment recorded a value of US$ 1.53 Bn in 2015 and will register a market value of US$ 4.06 Bn by the end of 2024. By volume, contactless cards will reach 3,895.5 Mn units by 2024 end, up from 1,317.9 Mn units recorded in 2015. Compared to other segments, including hybrid cards and dual interface cards, contactless cards are estimated to expand at a CAGR of 11.2% over 2016-2024. Hybrid cards segment that was valued at US$ 472.8 Mn in 2015, will reach a value of US$ 971.6 Mn, expanding at a CAGR of 8.2%. Hybrid cards segment will also be a key segment that registered a value of US$ 472.8 Mn in 2015. This segment is expected to expand at a CAGR of 8.2% and attain a value of US$ 971.6 Mn by the end of the forecast period.
By application, the government sector segment is predicted to register the highest consumption of powered smart cards. By value, the market value was US$ 412.4 Mn in 2015, which is foreseen to be US$ US$ 948.4 Mn, recording a CAGR of 9.7%. In terms of volume, this segment consumed 297.4 Mn units in 2015, and will consume 773.0 Mn units by the end of the forecast period. The volume CAGR will be around 11.2%. Healthcare sector segment, which recorded a value of US$ 49.1 Mn in 2015, will expand at a CAGR of 9.8% and reach a value of US$ 114.8 by 2024 end.
With almost 45% of the market value share in 2016, Asia Pacific will continue to dominate the global powered smart cards market at a CAGR of 10.5%. Latin America will however emerge as the most lucrative market for smart card providers. This region is expected to witness the highest CAGR of 12.8% over the forecast period, reaching a value of US$ 660.1 Mn by 2024 end, from US$ 217.5 Mn in 2015.
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Some of the key players competing in the global smart cards market include 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.
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Long-term Outlook: The global powered smart cards market is expected to attain the revenues of US$ 6.9 Bn by the end of the forecast period, 2016-2024. The market will witness a hefty CAGR of 52%.
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