Jul 13, 2020 6:26 PM ET
iCrowd Newswire – Jul 13, 2020
Market Research Future published a research report on “Smart Card Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
A recently published research report by Market Research Future (MRFR) mentions the global smart cards market to attain considerable growth over the forecast period between 2017 and 2023. The market for smart cards is expanding due to its vast pool of usage across a number of applications, including online authentication devices, mobile phones, portable medical record cards, and payment transactions. From being used as student membership card to driver’s license, smart cards are holding increasing applications for verifying identity, age, and the associated access rights and benefits of any individual.
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Governments across the globe are leveraging the potential of theses smart cards to improve the level of efficiency and transparency. In emerging as well as developed nations, governments are using smart cards for driver’s license and voter IDs. It is also noticed that there is an increasing use of smart cards by the financial payments industry, one which is contributing to the overall growth of the market. The introduction of electronic national ID card schemes across a number of countries is also likely to boost the growth of the market during the forecast period. Lastly, the availability of hybrid smart cards is anticipated to hold great significance in offering lucrative growth opportunities for the global smart card market.
The Key Players in Smart Card Market are – Rambus Inc. (the U.S.), CardLogix Corporation (the U.S.), CPI Card Group Inc. (the U.S.), Identiv, Inc. (the U.S.), VeriFone Systems, Inc. (the U.S.), Gemalto N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), IDEMIA France SAS (France), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), HID Global Corporation (Sweden), STMicroelectronics NV (Switzerland), ZWIPE (Norway), Versasec AB (Sweden), Ingenico Group SA (France), Beijing Watchdata Co. Ltd. (China), , KONA I Co., Ltd. (South Korea), VALID (Brazil), Fingerprint Cards AB (Sweden), BrilliantTS Co. Ltd. (South Korea), Bitel Co. Ltd. (South Korea), Fujian Newland Computer Co., Ltd. (China), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), and PAX Global Technology Ltd. (Hong Kong).
The global Smart Cards Market segmentation is based upon the following key components.
- By application, the market includes healthcare, BFSI, education, government, transportation, retail, entertainment, and enterprises
- By type, the market segments into dual-interface, contact, hybrid, and contactless.
- By component, the market comprises readers, software, hardware, smart cards, and services.
The smart cards market is regionally segmented across the following key regions across the world: North America, Asia Pacific, Europe, and the Rest of the World (RoW).
The global smart cards market is set to gain massive traction in the coming years of the forecast period. A majority of the market growth can be attributed to North America. North America holds the primal position in the global smart cards market with the highest share percentage under its name. The region is expected to hold onto its position in the coming years due to a number of key reasons. The rapid paced adoption of new technologies and the presence of a vast pool of key players in the region significantly supports the market growth of smart cards in this region. It is worth noting that the US Department of Defense uses smart cards in their Common Access Cards, aka CAC, as well as other cards for two or three factor authentication.
The European smart cards market is extremely strong as well and the region has a number of applications for such cards. Moreover, the UK Department of Transport have mandated the use of smart cards. The Asia Pacific region stands third in the global smart card market landscape and is expected to grow over the forecast period due to the fast-paced digitization herein.
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May 15th, 2019, it was announced that the Bangalore Metropolitan Transport Corporation and the Bangalore Metro Rail Corporation Limited (BMRCL) will soon make the introduction of interoperable smart cards that would work for public transport modes like bus and metro in the city.
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