Published By : 25 Jan 2016 | Published By : QYRESEARCH
The increasing use of contact smart cards in the Asia Pacific region and the European region is predicted to propel the global smart cards market in the next five years. Leading players in the global smart cards market, focus on making varieties of smart cards that offer functionalities such as convenience, security, ease of use, and speed.
The global smart cards market comprises of:
The demand for contact-based smart cards is expected to be the highest across all regions in the years to come. Smart cards are cost-effective devices that store, maintain, and manage credentials of end-users. The market for contact-based smart cards is predicted to experience a rapid growth in the coming few years due to the increasing number of cost-effective schemes for the merchants from various payment brands including Europay, MasterCard, and Visa. Factors such as technological challenges and price pressure are predicted to hamper the growth of the global smart cards market in the coming few years.
Memory based smart cards and microcontroller based smart cards are in more demand than the traditional ones. Low-end applications and high-end applications are two of the primary applications of smart cards. Telecommunication, financial services, transportation, healthcare, and government are some of the sub-segments of the high-end applications.
As contact-based smart cards are basically powered by the reader and are used in low-end SIM cards, especially in the telecommunication industry, they are in more demand than other types of smart cards. High reliability and performance are two of the features driving the demand for contact-based smart cards in the global smart cards market. A drop in the tariff rates coupled with decreasing prices of SIM cards are two of the key drivers of the global smart cards market.
Where is the global smart cards market heading?
Going forward, the increasing application of electronic national identity in many countries is expected to contribute towards the growth of the global smart cards market. The untapped market and technological advancements in the smart cards will accelerate the growth of the global smart cards market in the near future.