NEW YORK --- According to the Persistence Market Research report analysis, increasing demand for smart cards in telecommunication, government, and transportation sectors, and for payment applications are key factors fueling growth of the global smart card market. The global smart card market value is anticipated to increase from US$ 7,894.2 Mn in 2015 to US$ 15,050.2 Mn by 2024, expanding at a CAGR of 8.4% during the forecast period (2016-2024).
Increasing number of online transactions is raising associated risks of security breach, identity and data theft etc. Smart cards such as EMV (Europay, MasterCard, and Visa) offer enhanced security and help in limiting security risk associated with online payments. Growth of the global smart card market is majorly driven by increasing adoption of cellular subscriber identity module (SIMs) in the telecom industry. Growth of the global smart card market is also expected to be driven by increased penetration of mobile phones in emerging economies in the Middle East and Asia Pacific.
One of the major restraints for growth of the smart card market is high cost for migration to smart cards. Reluctance in adoption of capital-intensive Point of Sale (PoS) terminals is impacting adoption of smart cards, especially for payment and financial applications. Restraints for growth of the global smart card market include the presence and development of alternate payment technologies such as contactless and near field communication (NFC) based devices.
In 2015, among the different card type segments, contact-based card segment is expected to contribute highest in terms of revenue. The segment was valued at US$ 5,049.7 Mn and is estimated to reach a market value of US$ 8,124.4 Mn by the end of 2024. The micro-controller card segment was valued at US$ 5,626.1 Mn in 2015 and expected to expand at CAGR 8.8% to reach value of US$11,108.0 Mn by 2024 end. In 2015, the telecommunication segment accounted for 48.7% value share of the overall smart card market in 2015, which is expected to increase to 53.5% by the end of 2024.
In terms of volume, the Asia Pacific smart card market dominated the overall market in 2015, and is expected to sustain its dominance over the forecast period. The smart card market in Asia Pacific is estimated to contribute 49.3% in terms of volume (Mn units) by 2024 end. In 2015, among the different access type, sales of logical access card is expected to reach 10,223 Units by 2024 end exhibiting CAGR of 9.5%.
Key players in the smart card market include NXP Semiconductors N.V., Infineon Technologies AG, Gemalto N.V., Insidesecure SA, CPI Card Group Inc., Morpho SA, Oberthur Technologies, Giesecke, and Devrient GmbH Watchdata Technologies among other players.
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