The dominance of four companies can be seen explicitly in the global smart card market.
NXP Semiconductors NV, Gemalto NV, Infineon Technologies AG, and
Giesecke & Devrient (G&D) GmbH are the leading players, which
hold dominant share in the global smart card market. Some of the new
entrants such as Watchdata and Eastcompeace Technology Co. Ltd. are
making significant efforts to give a tough competition to the existing
players in the market. New players are providing solutions based on
consumer preference.
The global smart card market stood at
US$8.5 bn in 2016. Due to increasing technological changes, the market
is expected to reach US$14.1 bn by the end of 2023. Due to consistent
growth and increasing use of smart cards, this market is estimated to
rise at a CAGR of 7.4% during the forecast tenure between 2016 and 2023.
The significant contribution made by
contactless smart cards will help the market to grow at a healthy rate.
The contactless smart cards is a segment under the types of smart cards
available in the market. On geographical note, Latin America has gained
its momentum in the last few years and shows more than 70% of market
penetration. Asia Pacific is also considered among the prospective
regional destinations for growth in coming years.
High Security Provided by New Smart Cards to Help Market Growth
The use of smart cards is considerably
rising across various industries such as BFSI, telecommunication,
e-commerce, healthcare, and retail. Among these, the telecommunication
sector is likely to exhibit high demand for smart cards. Moreover, the
exponential rise of mobile phone subscribers and increasing penetration
of mobile phones in emerging economies will further benefit the global
smart card market.
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There are number of factors significant
for the growth of smart cards. One of the major factors is high security
provided by the smart cards. The current smart cards have EMV chip on
chip that provides an extra level of security and protects information
of the user. In addition, increasing use of near field communication
(NFC), net banking, internet of things, and e-commerce that have grown
the demand for smart cards at a higher rate across the globe. Thus,
these factors are expected to fuel the demand for smart cards in coming
years.
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