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Smart Cards Market Is Projected To Reach $15.4 Billion By 2025: Grand View Research, Inc.

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Smart Cards Market Is Projected To Reach $15.4 Billion By 2025: Grand View Research, Inc.

September 14
16:21 2019
Smart Cards Market Is Projected To Reach $15.4 Billion By 2025: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The growing adoption of Internet-of-Things (IoT) and advancements in micro-embedded electronics are anticipated to promote the smart cards market growth.

The global smart cards market is predicted to reach USD 15.4 billion by 2025, according to a new study by Grand View Research, Inc. The increasing demand for the product, across various applications, such as payment transactions, cell phones, ID verification & access controls, is presumed to favor the market growth over the forecast period. Smart cards are used in several applications including the retail, healthcare, government, and hospitality sectors, promoting the market demand over the forecast period by providing effective data storage, efficient payment transactions, and faster processing time.

                 U.S. smart cards market, by application, 2015 (%)

U.S. smart cards market, by application, 2015 (%)

The increasing use of smart cards in the telecommunication and BFSI segments is expected to drive the market over the next nine years. Their implementation in retail applications enables secure transactions and provides new opportunities to the market.

Smart cards are extensively used to enable secure payment transactions and to promote cashless payments, thereby, enabling cost savings for payment merchants and offering convenience to the consumers. The use of mobile phones and IoT devices has further promoted the use of SIM & data chips thereby driving the demand for the product. These devices are increasingly used in retail applications to enable faster transactions and reduce the checkout time. These advantages are enabling growth of the industry at a significant rate, over the next nine years.

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Key Takeaways from the report:

  • The telecommunication application segment dominated the overall market in 2015 and accounted for over 46% of the market in the same year

  • The contact cards segment was a key segment in 2015 and accounted for over 65% of the overall industry revenue

  • Contact cards provide ease of transactions, owing to their low costs and low handling-charges. Contactless cards are also expected to grow, significantly, due to the elimination of physical card insertion and better security.

  • The microcontroller-based segment accounted for over 70% of the overall smart cards market in 2015

  • The Asia Pacific region is expected to significantly contribute to the industry growth and accounted for over 45% of the global industry revenue in 2015

  • The key industry participants include American Express Company, Atos SE, CPI Card Group, Gemalto NV, Giesecke & Devrient (G&D) GmbH, Infineon Technologies AG, Inside Secure SA, NXP Semiconductors NV, and Texas Instruments, Inc.

Grand View Research has segmented the global smart cards market based on type, component, application and region:

Smart Cards Type Outlook (Revenue, USD Million; 2014 – 2025)

  • Contact cards

  • Contactless cards

  • Multi-component cards

Smart Cards Component Outlook (Revenue, USD Million; 2014 – 2025)

  • Memory-based

  • Microcontroller-based

Smart Cards Application Outlook (Revenue, USD Million; 2014 – 2025)

  • BFSI

  • Government

  • Telecommunications

  • Retail

  • Healthcare

  • Hospitality

  • Others

Smart Cards Regional Outlook (Revenue, USD Million; 2014 – 2025)

  • North America

  • Europe

    • Russia

  • Asia Pacific

  • Rest of the world

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States

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