Smart Card Market, 2023 by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) - ResearchAndMarkets.com

DUBLIN--()--The "Smart Card Market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The Smart Card Market is Expected to Reach USD 21.57 Billion By 2023 From USD 14.22 Billion in 2018, at a CAGR of 8.7% Between 2018 and 2023.

Use of smart cards in the BFSI sector has also been rising, supported by the transition of magnetic cards to EuroPay, MasterCard, and Visa (EMV) standard (chip and PIN) cards. EMV standards mandate the use of smart cards such as credit/debit/ATM and prepaid cards in financial transactions.

The major factors driving the growth of the smart card market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations. However, factors such as initial costs associated with the deployment of contactless EPOS terminals and increasing adoption of mobile wallets are restraining the growth of the market.

The market for contactless smart card is expected to grow at a high rate during the forecast period. The BFSI sector is expected to witness a high adoption of contactless smart cards in the coming years. Further, the transition of smart cards in the US to EMV standard is driving the growth of the market for contactless smart cards. The market for contactless smart cards has been subsegmented into microprocessors and memory-based smart cards.

The smart card market for software is expected to grow significantly during the forecast period. This market comprises management system software and databases. Increasing demand for data analysis and management is expected to support the growth of the market.

BFSI applications is expected to hold the largest share of the smart card market in 2018. Smart cards are primarily used in BFSI applications to implement Europay, MasterCard, and Visa (EMV) standards across several countries. The demand for smart cards is high in the BFSI sector as many credit/debit card issuers are switching to the EMV standard. Further, signature verification removal in the US is expected to boost the demand for smart cards in the coming years.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Smart Card Market, By Communication

7 Smart Card Market, By Component

8 Smart Card Market, By Application

9 Geographic Analysis

10 Competitive Landscape

11 Company Profiles

  • Beijeng Watchdata Co. Ltd.
  • Bitel Co. Ltd
  • Brilliantts Co., Ltd.
  • CPI Card Group Inc.
  • Cardlogix Corporation
  • Fingerprint Cards AB
  • Fujian Newland Payment Technology Co., Ltd
  • Gemalto N.V.
  • Giesecke & Devrient GmbH
  • HID Global Corporation/Assa Abloy AB
  • Idemia
  • Identiv, Inc.
  • Infineon Technologies AG
  • Ingenico Group Sa
  • Kona I Co., Ltd.
  • NXP Semiconductors N.V.
  • PAX Global Technology Ltd.
  • Rambus Inc.
  • Samsung Electronics Co. Ltd
  • Sony Corporation
  • STMicroelectronics N.V.
  • Valid
  • Verifone Systems Inc.
  • Versasec AB
  • Zwipe As

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Related Topics: Smart Cards

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Smart Cards