Global Smart Cards Market to Attract More Subscribers owing to Introduction of Cost Saving Schemes

Published By : 15 Feb 2016 | Published By : QYRESEARCH

Smart cards of different types are widely used across various industries such as the government, telecommunications, and BFSI. Due to the many benefits they offer, the adoption of smart cards is expected to increase in sectors such as retail, government IDs, and healthcare, in the years to come. With the decreasing prices of SIM cards and tariff rates, the number of mobile subscribers is expected to increase in the next few years. 

The introduction of high-end SIMs, technological advancements, and falling prices are expected to offer potential growth opportunities for the global smart cards market. Smart cards offer security, convenience, ease of use, and speed. Availability of various types of smart cards is a boost for the global smart cards market. 

Smart Cards that would be in Demand in Coming Years

  • Contact Smart Cards-These are powered by the readers and are used in low-end SIM cards, especially in the telecommunication industry
  • Contactless Smart Cards-These are self-powered devices that offer enhanced security
  • Hybrid Smart Cards-They comprise of more than one chip and are multifunction smart cards used for numerous applications
  • Dual-Interface Smart Cards-Dual-interface smart cards are a combination of contact-based smart cards and contactless smart cards. Due-interface smart cards are widely used in government applications and banking applications

Growing demand for reliable and secure payment transactions across the BFSI and the retail industry, growing cost-saving schemes, and rising number of mobile phone subscribers across the globe are some of the factors expected to propel the global smart cards market in the coming few years. 

Going forward, the initial high cost required to migrate to smart card compatible readers is expected to affect the adoption of smart cards. However, factors such as the introduction of high-end SIMs with respect to NFC capacity and LTE providers, and the untapped market across the developing nations would create growth opportunities for the global smart cards market. 

Going forward, the declining cost of SIM cards and the decreasing tariff rates in the telecommunication industry are two of the major factors expected to fuel the development of the global smart cards market. With many new players entering the global market, the varieties and features of smart cards are expected to increase, thus inviting more mobile phone subscribers.

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