Global Smart Card Market Scenario Focusing on Improvements Shaping Industry Growth

A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Global Market Study on Smart Card: Contactless Card Segment Anticipated to Gain Significant Market Share over the Forecast Period 2017-2024” which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that the sector for Smart Card Market would rise at a positive CAGR during the period 2017-2024.

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Growing demand for secure and reliable payment transactions across the retail and BFSI industry is boosting the global market for smart cards

Access to the Internet has become convenient and usage has increased substantially due to rising demand for online banking and shopping experience, and access to e-Government services. Due escalating adoption of e-commerce services, online payments have witnessed exponential growth globally. According to Deloitte, the market for mobile payments is expected to reach US$ 617 Bn in terms of transaction value by 2016. Growth is anticipated to be mainly driven by increasing adoption of NFC77 technology in the U.S. and the global consumer market.

Along with increasing online payments, security risk associated with this mode has increased significantly. Smart cards help to enhance security, reduce fraud, and allows utilization of value-added services to the end-user industry including banking, telecommunication, and government.

Europay, MasterCard and Visa (EMV) cards restrict fraud activities and guard insightful payment data stored in the card. EMV chip technologies are becoming the global standards for debit card and credit card payments. Additionally, smart card technology provides a tamper-proof container for biographic and biometric identifiers, and digital identity credentials. Due to such enhanced security measures offered by the smart cards and the convenience associated with them, the global smart card market is growing at a steady pace.

Delivering complete solutions including software and services related to smart cards is enhancing the growth of the global smart card market

Smart card vendors are entering into mergers and acquisitions to increase their market presence. This would also enable the acquirer to gain access to innovative technology to offset price pressures. Moreover, increasing card payment transactions are expected to open up untapped opportunities for the smart card industry. The total value of transactions using card payments was valued at US$ 10 trillion (as of 2013). This accounted for about one-third of all payments worldwide. Conversely, the market for mobile payment is growing at a higher rate than the global payments market. Thus, smart card vendors have tremendous business opportunity to provide SIM-related services and solutions in mobile payments and device management to increase their revenue.

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For instance, in 2013, Standard Chartered Bank wanted a superior facility for both e-Banking and card payment for its customers while ensuring enhanced security and convenience. Gemalto NV offered Standard Chartered Bank an innovative two-in-one card that featured a small LCD display and combined EMV payment with a one-time password and transaction signing for e-Banking.

Convergence of smart cards bringing a huge opportunity for the global smart card market

Currently, the market observes incorporation of payment functionality into various identity credentials such as social security/welfare cards and healthcare and national IDs. However, the market is slowly witnessing a trend of convergence. Moreover, convergence is not limited to the government ID and payments market; it is likely to have convergence of driver's licenses, healthcare cards, national IDs, passports and voter's cards with the payment networks.

Global Smart Card Market Analysis, by Type

Among the product type segments, contactless segment is expected to register highest CAGR during the forecast period. This is attributed to increasing adoption of these cards, particularly in markets such as Europe and Asia for application in banking and payment. The contact card segment is estimated to account for highest value share of nearly 63% in 2017. However, the segment is expected to lose significant market share by 2024 end. Dual-interface card segment is anticipated to register second highest CAGR in terms of value over the forecast period. The hybrid card segment is expected to gain market share by 2024 as compared to 2017.

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