Albany, NY -- (ReleaseWire) -- 06/23/2014 -- A smart card is usually a plastic card which contains a memory or microprocessor chip embedded in it, which is capable of storing and transmitting data.
Smart cards market can be classified based on the basis of the interface into contact smart cards, contactless smart cards, and hybrid smart cards. Based on its components, there are two types - memory smart cards and microprocessors. Smart cards have a wide area of application such as in transportation, telecommunication, for making government IDs, in the financial sector and in paid TV services. In addition to these, geographically the market is divided into North America, EMEA, Asia-Pacific, and Rest of the world.
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The global smart card market was valued at USD 4.5 billion in 2011 and is expected to grow at a CAGR of 7.7%. The market is expected to reach USD 7.9 billion by 2018. The telecommunication sector is the largest revenue generator for the smart card market, contributing about 50% of the revenue. Geographically, EMEA is the largest revenue generator for the smart cards market on account of technology competence and demand for secured transactions.
The major driver for the smart card market is its application in the financial sector with the increased global demand for credit cards. Also, rising cases of fraudulent transactions have reduced the use of the magnetic strip for encoding data. The explosive growth in the cell phone market, especially in India and China, has resulted in tremendous growth in the smart card market. The widened 3G penetration has also enhanced the demand for these cards.
Operation and the high cost are restraining the market from growing as it ideally should. Also, awareness about this new technology, which is enabled by the use of a smart card, is less in underdeveloped countries.
The increase in the areas of application plays an important role in globally developing the smart card market. The governments of various countries have started using smart card enabled technology in government ID projects. There are various new technologies like NFC (Near Field Communication) and machine to machine communication which are being used extensively in developing countries, which would support the growth of the smart card market in the future. The enhanced security feature that a smart card offers is a driving force in the development of the market with regards to the financial sector and this is expected to grow with time.
Some of the key players dominating the smart card market are Giesecke and Devrient, Morpho, Oberthur Technologies, Gemalto, and CardLogic Corporation.
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Major geographies analyzed under this research report are:
Rest of the World
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