A smart card, also known by the name of chip card, is a device that comprises an embedded microprocessor. The embedded chip in the smart card is used to store information in a digital format. Smart cards have a unique capability to carry out their own on-card roles such as mutual authentication and encryption, store large amounts of data, and interact with a smart card reader. Smart card technology follows the international standards and is available in several forms, such as key fobs, USB-based tokens, plastic cards, watches, and subscriber identification modules that are used in GSM mobile phones.
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In the near future, the smart card will be used for several other purposes such as:
In 2014, the global market for smart cards was worth US$7.2 bn and is projected to reach US$14.2 bn by the end of 2023. The rising adoption of smart cards in diverse industries is expected to fuel the growth of the market in the next few years. Thus, the global smart card market is anticipated to register a healthy 7.40% CAGR between 2016 and 2023.
Rising Adoption in BFSI and Retail Industries to Drive Global Smart Card Market
The increasing number of mobile phone subscribers across the globe is the major factor boosting the demand for smart cards in the global market. In addition, cost saving schemes for merchants from payment brands including MasterCard, Visa, and Europay, and the increasing demand for reliable and secure payment transactions across the BFSI and retail industries are some of the other factors that are estimated to fuel the growth of the global smart card market in the coming years.
On the other hand, the initial cost to migrate to smart card compatible readers is one of the factors that have affected the adoption rate of smart cards and is estimated to hamper the growth of the market in the near future.
Asia Pacific Smart Card Market to Register 7.90% CAGR between 2016 and 2023
On the geographical front, the Asia Pacific smart card market dominated the overall market, holding a 47.4% share in the global market in 2014. This region is estimated to remain in the leading position in the next few years, owing to the increasing adoption of smart cards in the telecommunication industry. Furthermore, the Middle East and Africa and Latin America are also projected to register high growth rates, thanks to several initiatives by multiple governments for issuing personal identification cards.
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The presence of a large number of market players has resulted in healthy competition among the players operating in the global smart card market. The global market for smart cards is led by Oberthur Technologies, Giesecke & Devrient (G&D) GmbH, and Gemalto NV. Several other players are taking efforts and formulating new strategies to gain the competitive advantage in the market.