Card containing integrated circuit chip is known as smart card. Major factor driving growth of the global smart card market is growing use of smartcards for identification is government and commercial facilities. However, low adoption of technology especially in developing economies is a factor that may affect growth of the smart card market.
Worldwide Smart Card Market Performance, Feasibility, Key Players, Consumption Status, Production, Regions, Report 2017-2026
The global smart card market has been segmented on the basis of the component, communication, and region. On the basis of component, the market is segmented into software, hardware, readers, services, and smart cards. Hardware segment holds a major share in terms of revenue and expected maintain its dominance in the near future. Increasing adoption of smartcards in emerging economies is a major factor expected to fuel growth of the hardware segment in the target market.
On the basis of communication, the market is segmented into contactless and contact. Contact segment dominates the global market and is expected to witness significant growth over the forecast period, due to increasing use of contact cards in healthcare, retail, and baking sector.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to dominate the global market in terms of revenue, owing to increasing use of smart cards in government, as well as private sector. Growing financial sector, coupled with increasing use of smart cards in banking sector are factors expected to fuel growth of the smart cards market in Asia Pacific region. Market in North America is expected to witness high growth in the near future, followed by Europe, Latin America, and Middle East and Africa. Increasing adoption of e-wallets among individuals is a challenging factor for the growth of the global smart cards market.
Key players operating in the global smart card market include Gemalto N.V., Giesecke & Devrient GmbH, IDEMIA France SAS, Infineon Technologies AG, NXP Semiconductors N.V., Sony Corporation, Samsung Electronics Co., Ltd., HID Global Corporation, STMicroelectronics N.V., and Ingenico Group SA.