ALBANY, New York, December 14, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observes the global smart
cards market has a highly consolidative vendor landscape. Some of
the companies such as NXP Semiconductors NV, Infineon Technologies
AG, Gemalto NV, and Giesecke & Devrient (G&D) GmbH are
dominating the global smart cards market. These companies are
increasingly taking initiatives such as providing solutions on
consumer preference. Additionally, some of the new entrants such as
Eastcompeace Technology Co. Ltd and Watchdata are taking such
initiatives for product improving products.
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A report from TMR estimates, the global smart cards market
valued at US$8.5 bn in 2016 and is
expected to attain a valuation of US$14.1
bn by 2023-end. The market is expected to expand with a CAGR
of about 7.4% over the forecast period from 2016 to 2023. Based on
the type, the contactless smart cards segment dominated the market
and is expected to remain dominant over the forecast period. This
growth is attributable to the growing demand for using smart cards
and increasing availability of the cards. Based on the region,
Latin America dominated the global
smart cards market by accounting 70% of shares in the overall
market. However, Asia Pacific is
expected to witness the fastest growth over the forecast
period.
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Growing Internet Usage to Propel Growth
The growing trend of using smart cards across industries such as
telecommunication, e-commerce, healthcare, retail is boosting its
adoption and likely to propel the growth of the smart cards market.
Especially, the telecommunication industry is witnessing higher
demand for smart cards, which is further boosting the growth of the
smart cards markets. Additionally, growing penetration of the
mobile phones in emerging economies is benefiting adoption of the
smart cards and likely to propel the growth of the global smart
cards market.
Moreover, the EMV chip on which enhances the security and
provide the protected information. The enhanced level of security
offered by the smart cards is leading to influence positively on
its adoption. This is another factor propelling the growth of the
global smart cards market.
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High Initial Cost Incurred to Restrain Growth
Despite these growth prospects, the high cost incurred initially as
the one-time expense is restraining its adoption and growth of the
market. Additionally, the growing trend of using digital wallets is
affecting negatively on the growth of the smart cards market to
some extent. Furthermore, decreasing cost of microcontroller and
rising usage of contactless cards is expected to offer great growth
opportunities in the smart cards market over the forecast period.
Additionally, growing usage of banking facilities such as near
field communication (NFC), Internet of Things (IoT), net banking,
and other e-commerce features is boosting the adoption of smart
cards. This factor is expected to offer lucrative opportunities
over the forecast period.
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This information is encompassed in the new report by TMR, titled
"Smart Cards Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast, 2016 - 2023."
For the study, the Smart Cards Market has been segmented as
follows:
By Type:
- Contact Smart Cards
- Contactless Smart Cards
- Hybrid Smart Cards
- Dual-interface Smart Cards
By Component:
- Microcontroller Based Smart Cards
- Memory Card-based Smart Cards
By Geography:
- North America
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East &
Africa
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