Smart cards are IC-based cards that accumulate and retrieve information using various computer systems. Smart cards consist of central processing units and memory units. Smart cards primarily act as a cost-effective way to store, manage, and maintain credentials for their users. This makes these products highly convenient for different applications. In addition, the portability of smart cards enables their extensive adoption across different applications.
Currently, smart cards are widely used across sectors such as telecommunications, BFSI, and government. Due to the numerous advantages they offer, smart cards are increasingly used in the healthcare, government IDs (e-passports), and retail sectors. Thus, strong ongoing adoption of smart cards across different sectors is estimated to substantially spur the market’s growth in the coming years.
The global smart card market is segmented on the basis of component and type of smart cards. Based on type, the global smart card market includes contact, contactless, dual-interface, and hybrid smart cards. Among the type of smart cards, the contactless smart card is expected to rise at healthy CAGR of 11.5% during the course of forecast period between 2016 and 2023. On the other hand, the contact smart card segment is also estimated to grow at a high rate and is projected to reach a valuation of US$ 7.7 bn by the end of 2023.
On the basis of component, the global market for the smart card is bifurcated into memory card-based smart cards and microcontroller based smart cards. As per the report, microcontroller based smart cards is expected to dominate this segment during the forecast tenure.
On the basis of geography, the global smart card market covers North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Out of the regions, Latin America held the second lowest share in terms of volume and revenue in 2014. Currently Latin America shows over 70% of market presentation by smart card solutions and services, as per Smart Card Alliance Organization.
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In Latin America, the most implementation of smart cards is witnessed across the aforementioned nations. Thus, due to high usage of smart cards in these countries have made the region lead in the global smart card market. These countries have shown high usage of smart cards and are attracting leading players across the globe.
Developing countries in Asia Pacific such as Japan, Hong Kong, South Africa, and Australia are the chief destinations preferred by the regional and the global smart cards solutions providers. Rapid economic development in India and China is also showing high smart card implementation.
However, they are in a nascent stage of smart card implementation, they will gain traction in coming years due to high population density. In APAC region, application of smart cards is aiming at financial, retail, and loyalty sectors.