LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global smart cards market is expected to grow at a CAGR of almost 9% during the forecast period.
This research report titled ‘Global Smart Cards Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global smart card market will grow significantly during the forecast period. The increase in the replacement of magnetic tapes with smart cards contributes to the high demand for smart cards. The market will generate revenues from industries in APAC, North America, South America, Europe, and EMEA. The government, finance, and transport sectors are some of the key adopters of smart cards. The others segment includes the healthcare, telecom, and retail sectors. The technology is relatively new to these industries, and the adoption of these cards will drive market growth.
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Technavio’s ICT research analysts categorize the global smart cards market into the following segments by end-user. They are:
- Telecom
- Government
- BFSI
- Transportation
- Others
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The top three revenue-generating end-user segments of the global smart cards market are discussed below:
Telecom
The growing demand for cellular phone connections drives market growth. The demand for smart cards is directly correlated with the demand for smartphones and tablets as these cards are integrated with the devices. The SIM card itself is a smart card and innovative technologies, such as micro cards and nano cards, will drive the demand for smart cards.
According to Amrita Choudhury, a lead automatic identification system research analyst from Technavio, “Advanced features, such as NFC, require built-in contactless smart cards. Technological advances in the Internet, such as 4G and 5G networks, require advanced SIM cards. The telecom sector is one of the crucial segments of the market and will continue to remain so during the next five years.”
Government
The global smart cards market by the government sector is expected to witness a high growth during the forecast period. An increase in the demand for advanced security in the government sector will drive market growth. Rising number of security breaches and identity thefts has significantly increased the demand for biometrics and authentication.
“Smart cards store large volumes of information that can be accessed only with the help of codes. These codes cannot be easily decoded or forged. High data security offered by the smart cards drives their adoption in the government sector. These cards help reduce identity theft and unauthorized access. Compared with the traditional identity storage cards and booklets, they are more reliable, and this will boost the demand for smart cards in the coming years,” adds Amrita.
BFSI
The global smart cards market by the BFSI sector will exhibit tremendous growth. Rising demand for data security (financial data and transactions) drives market growth. Currently, magnetic tapes are used to store data and information in debit or credit cards. These magnetic tapes can be easily tampered with, which can lead to fraudulent monetary transactions.
The adoption of smart cards in the BFSI sector will exhibit a declining trend during the forecast period because of the mass adoption in the early stages. Despite the declining growth rate, market revenues will increase.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Gemalto
- Giesecke & Devrient
- OT-Morpho
- Watchdata
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