-- The Asia Pacific smart card market will witness high growth over the forecast timeline owing to the increasing demand in developing countries such as India, China, and Thailand, promoting the adoption of smart cards in transportation, retail, government, and BFSI healthcare sectors. Furthermore, the favorable regulatory environment regarding cashless economies is promoting the usage of digital and smart card payments. For instance, Reserve Bank of India (RBI) has mandated central banking institution to issue smart debit cards replacing magnetic strip cards from 2013. Several countries are implementing smart cards to make the process of payments and documentation easy for consumers. Moreover, with the rise in the number of subway trains in China, the market for smart cards is expected to grow significantly.
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Smart Card Market is expected to exceed USD 65 billion by 2025. The rise in privacy & data security concerns in financial transactions will drive the industry growth over the forecast timespan. Banks and financial institutions have been highly experiencing cyber-attacks and data security breaches. For instance, in September 2017, Equifax Inc., a consumer credit reporting agency based in the U.S., suffered a data breach that exposed the personal information of around 147 million users. This has led companies to focus on adopting portable & secure data storage processes for protecting the information of users. The sector is increasingly shifting toward smart cards for safeguarding the private information of individuals from hacking and unwanted intrusion. Moreover, the integration of biometric technologies into smart cards is helping identity frauds in monetary transactions.
Contactless smart cards are expected to witness high growth in the market. These cards employ radio frequency between cards and a reader, eliminating the need for physical insertion. Increased convenience and tamper-resistance features of cards (through PIN codes) have augmented their adoption by government organizations for addressing security issues, thereby propelling the contactless smart card market growth. In addition, the technology helps enhance convenience and security in financial transactions.
In 2018, the microprocessor smart card market accounted for the majority of the industry share. These cards include a small microchip that processes and stores electronic data while securing data, assets, and identity. They are widely adopted in the banking & telecommunication sector for data transaction. In addition, these cards are being implemented in solutions, such as Public Key Infrastructure (PKI), access control, e-passport, and multi-applications, to address the issues of security through their cryptographic capabilities.
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The increasing number of cashless transactions in emerging economies will positively impact the smart card market growth. According to Credit Suisse Group AG, a Swiss-based investment bank, the digital transactions in India are estimated to reach USD 1 trillion by 2023. The increased adoption of smartphones coupled with government initiatives is encouraging several economies to adopt digital & smart card payments. Smart cards offer convenience to users in monetary transactions by eliminating the need to carry cash or a checkbook. With such a rise in digital & cashless economies, the market is expected to witness a considerable growth in the coming years.
Key players operating in the smart card market include Verifone, Square, Inc., SCM Microsystems, NXP Semiconductors NV, Ingenico, Infineon Technologies AG, Hypercom, Giesecke & Devrient (G&D) GmbH, Gemalto NV, CardLogix, Cardcom, and Bartronics, among others. These players are introducing differentiated and innovative technologies to sustain in a highly competitive market. The growing demand for industry-specific solutions will encourage organizations to expand across countries with high economic developments and digital advancements.
Table of Content:
Chapter 1. Methodology And Scope
Chapter 2. Executive Summary
Chapter 3 Smart Card Industry Insights
Chapter 4 Smart Card Market, By Solution
Chapter 5 Smart Card Market, By Application
Chapter 6 Smart Card Market, By Region
Chapter 7 Smart Card Market Company Profiles
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Global IC Card/Smart Card Market Insights, Forecast to 2025
This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis. A smart card, chip card, or integrated circuit card (ICC), is any pocket-sized card that has embedded integrated circuits. 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.
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