Presently, there is an enormous scope for smart cards in banking and finance industry. The major aim of incorporating smart card technologies is the emergence of tougher security measures against the rising incidences of data theft.
The banking, financial services and insurance (BFSI) and retail sector have demonstrated huge demand for smart cards as a reasonable security measure. The enactment of smart cards can enable the advent of various cost saving techniques for both, the organizations and the vendors that manage the transactions, such as MasterCard, Europay, and Visa.
In turn, this supports the firms and similar ones to improve their market visibility and penetration. This flows in partnership with massively raising the number of smartphone users across the globe and existence of large number of retail apps.
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Market Classification and Overview:
Furthermore, the vast growth opportunities for smart card players will occur in the usage of high-end SIMs in adherence with NFC-enabled devices and LTE providers. The major companies will require to quickly adopt smart card oriented services and software into their core business strategies in order to monitor and better revenue generation.
Geographically, the Global Smart Card Market is divided into regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). The Latin American market has demonstrated vast growth opportunity in smart card implementation, while the Asia-Pacific market is expected to maintain substantial market volume till the forecast period.
The Latin American market commands the second-lowest share in volume and revenue presently. However, as per the Smart Card Alliance Organization, the Latin American market presently commands market penetration of over 70% by smart card solutions and services.
Most implementations of smart cards are done in Latin American countries, namely Mexico, Brazil, and Argentina. These countries therefore demonstrate very high potential in the growth and usage of smart card solutions, making this region highly lucrative for global company players, especially in smart-cards that are contact-based.
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In Asia-Pacific, countries such as South Korea, Hong Kong, Australia, and Japan are the high-end locations for regional and global smart card solutions providers. Also, countries such as China and India, although presently in a burgeoning stage of smart card implementation, are demonstrating huge potential for market penetration owing to the vast economic growth and high population density.
The present applications of smart cards in Asia-Pacific are targeted at the sectors of loyalty, retail, and finance. It is estimated that by the end of forecast period, the smart cards services will penetrate government transactions, low-end applications, and transportation application.
Both, the dual-interface and contactless smart cards, are estimated to preside over as the mainstay in every smart card utilities in the future year. The contactless smart cards command a high rate of usage in major portions of the financial services sector.
These smart cards make use of microcontrollers owing to the bigger reliability and security level that these components can provide. While numerous finance organizations and countries initiates the fast rate of adoption of smart cards, the premium qualities provided by contactless cards and dual-interface cards are being touted by major financial bodies, further propelling the growth in implementation of microcontroller-based smart cards.
The major players included in smart card technologies and services market include Infineon Technologies AG, Giesecke & Devrient (G&D) GmbH, Gemalto NV, and NXP Semiconductors. Furthermore, vast growth opportunities for smart card players will occur in the usage of high-end SIMs in adherence with NFC-enabled devices and LTE providers.
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Market by Type
Contact smart cards
Contactless smart cards
Dual interface smart cards
Hybrid smart cards
Market by Application
Market by Geography
o Rest of Europe
o Rest of Asia-Pacific
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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