Global Smart Cards Market to Grow more than 8% CAGR 2017 to 2021

MarketResearchNest.com adds “Global Smart Cards Market 2017-2021” new report to its research database. The report spread across 82 pages with tables and figures in it.

The research analysts forecast the global smart cards market to grow at a CAGR of 8.84% during the period 2017-2021. Smart cards are pocket-sized plastic cards embedded with integrated circuits (ICs) and are also known as microchips. These are primarily used for security purposes such as authentication and identification. Smart cards are also used for data storage and application processing.

Smart cards are broadly classified into contact-based and contactless cards. Contact-based smart cards have a contact area of approximately 1 square cm and are used by inserting them into a smart card reader. On the other hand, contactless smart cards function with the help of radio frequency, which eliminates the need for any physical insertion into the card reader.

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The publisher recognizes the following companies as the key players in the global smart cards market: Gemalto, Giesecke & Devrient, OT-Morpho, and Watchdata.

Other Prominent Vendors in the market are: ARM, Rambus, CardLogix, DataCard, HID Global, Infineon Technologies, NXP Semiconductors, and Smart Card IT Solutions.

The latest trend gaining momentum in the market is Availability of hybrid smart cards. Hybrid smart cards have dual-interface, which is a combination of contactless and contact interface on a single card. These cards are used for shared storage and processing of information. Hybrid smart cards eliminate the need for multiple cards. Large volumes of data and information can be consolidated in a single card. For instance, HID Global offers Crescendo, a highly secure hybrid smart card technology that converges physical and logical access control using multiple integrated chips in a card. The availability of hybrid cards will increase the adoption of banking and payment smart cards, which will have a positive impact on the global smart cards market.

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According to the report, one of the major drivers for this market is Increasing number of cashless transactions. Smart cards are generally deployed with preinstalled data codes for unique identification. This makes it easy for end-users to use smart cards by swiping the card against the card reader. The card reader immediately analyses the code and send it to the system to provide information about the end-user. Thus, contactless smart cards ease the payment process by providing a user-friendly environment for the end-users.

Further, the report states that one of the major factors hindering the growth of this market is Increase in competition among vendors. The price of smart cards is remarkably high in regions where there are a few vendors. On the other hand, there are price wars in regions where the market is fragmented and comprises numerous vendors. The price wars lead to competitive pricing of the smart cards. The reduced prices adversely affect small-core players and the global smart cards market. Several companies offer low-cost solutions. Though these vendors claim to offer high-quality products, consumers are doubtful of data security, which can adversely affect its adoption during the forecast period.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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