Published By : 23 Mar 2016 | Published By : QYRESEARCH
Smart cards have become an indispensable part of modern lives. The growth of the overall smart card market is mainly being driven by their increasing applications in areas such as telecommunication, ticketing, toll collection, driving licenses, and national and other identification cards.
The types of smart cards sold in this market are contactless smart cards, contact smart cards, hybrid smart cards, and dual-interface smart cards. The components used for making these cards are memory cards and microcontroller. Geographically, this market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
Asia Pacific Emerges as a Leader in the Global Smart Cards Market
In terms of geography, Asia Pacific dominated the overall smart cards market in 2014 due to growing number of mobile subscribers that are using smart cards and SIM cards. Some of players leading the overall smart cards market are Gemalto NV, Oberthur Technologies, and Giesecke & Devrient (G&D) GmbH. These players held a 50% share of the total market in 2014.
Microcontrollers Cards to Remain Popular Choice of Cards
Based on the components, the microcontrollers cards are popularly used due their ability to offer intellectual data processing capabilities and security. Research report suggest that contact smart cards will lose their market share to contactless cards and other types of cards. Contactless smart cards will gain a stronger foothold in the overall smart cards market due to increasing number of applications for accessing access control systems and facilitating secure identity verification for logical and physical access.
Contactless Smart Cards to Dominate Overall Market
The market for contactless smart cards is also expected to pick up pace due to their improved features such as better security and dual interface. Owing to these reasons, these smart cards are being used as ATM or credit or debit cards and e-IDs, which is propelling the overall smartcards market. These cards are also extensively used as transportation IDs amongst other things. According to a research report, contactless smart cards held an 18.6% share in the overall smart cards market in 2014. In the period between 2016 and 2023 this market is expected to rise a CAGR of 11.5%