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Powered Smart Card Market Expected to Account CAGR of 52% Between 2016 and 2024
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.
The global powered smart card market is segmented on the basis of Type (Contactless Cards, Dual-interface Cards, Hybrid Cards); on the basis of Application (Government Sector, Healthcare Sector, Transportation Sector, Telecommunication Sector, Pay TV Sector, Financial Services, Retail, and Loyalty Sector, and Energy and Utility Sector (Smart Meters for Electricity, Water and Gas)); and on the basis of Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
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In terms of consumption, the Contactless Card segment in the global powered smart card market stood at 1,317.9 Mn units in 2015 and is expected to register a CAGR of 12.6% to reach 3,895.5 Mn units by 2024 end. This segment is expected to witness comparatively higher Y-o-Y growth throughout the forecast period. The Hybrid Cards segment in the global powered smart card market was valued at US$ 472.8 Mn in 2015 and is expected to expand at a CAGR of 8.2% to reach US$ 971.6 Mn by 2024. The Government Sector segment in the global powered smart card market was valued at US$ 412.4 Mn in 2015 and is expected to reach US$ 948.4 Mn by 2024, witnessing a CAGR of 9.7%.
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%.
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