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Smart Cards Market Expected to Reach USD 11.9 Billion in 2020, Globally: Transparency Market Research

Albany, NY, Jan. 28, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Smart Cards Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," the market was valued at USD 6.6 billion in 2013 and is expected to reach USD 11.9 billion by 2020, growing at a CAGR of 9.0% from 2014 to 2020. Asia Pacific was the largest revenue contributor in 2013, accounting for almost 50% of the global smart card market revenue. The growth is mainly driven by increasing adoption of smart cards for applications such as telecommunication, toll collection, ticketing, and driver's license, national and cross border identification cards and others. Asia Pacific is expected to retain its dominant position and is analyzed to be the fastest growing market for smart cards during the forecast period. The Asia Pacific smart cards market is estimated to grow at a CAGR of 10.1% from 2014 to 2020. China, India, South Korea, and Japan are expected to be the major contributors to the market in near term.

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Decreasing price of SIM cards along with the requirements to migrate to EMV standards are fueling adoption of smart cards across the telecommunication and financial services, retail and loyalty sectors. Moreover, with increasing security threats and fraudulent activities, the increase in the demand of highly secure and expedited transaction, communication and identification solutions from several sectors such as telecommunications, healthcare, government, and transportation, is also contributing to the growth of the market.

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Smart cards are classified based on components as memory based smart cards and microcontrollers based smart cards. Memory based smart cards are powered by card reader and are mainly used in low-end and mid-end SIM cards. Microcontrollers based card usage is driven by the added functionality such as security and intellectual data processing capabilities. Based on incorporation of the components, different smart card types are available in the market, which include contact smart cards, contactless smart cards, dual interface smart cards and hybrid smart cards. Of these smart card types, contact smart cards are expected lose market share to contactless and other card types. Contactless smart cards provide a technology platform for adding new applications to access control systems and facilitate more secure identity verification for both physical and logical access. Additional security features provided by contactless and dual interface smart cards is driving their adoption in ATM/credit/debit cards and eIDs, and transportation IDs among others. Contactless smart cards accounted for 16.5% of the total smart cards market revenue in 2013.

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Geographically, Asia Pacific dominated the Global Smart Cards Marketin 2013. This was mainly due increasing number of mobile subscribers which in turn is propelling the growth for SIM cards and in turn smart cards. The global market for smart cards was concentrated with leading players, such as Gemalto NV, Giesecke & Devrient (G&D) GmbH, and Oberthur Technologies, collectively accounted for more than 66.0% of the global market revenue in 2013. Other players competing in the market include Morpho S.A., Eastcompeace Technology Co., Ltd. Watchdata, Datang Telecom Technology & Industry Group, and Wuhan Tianyu Information Industry Co., Ltd.

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The report includes analysis of global smart cards market and provides estimates in terms of revenue (USD Million) from 2012 to 2020. Market estimates are provided for segments, categorized on the basis of types, components, applications and geography. The market has been segmented as follows:

Market Segmentation of Global Smart Cards Market:

Smart Cards Market, by Type

  • Contact Smart Card
  • Contactless Smart Card
  • Hybrid Smart Card
  • Dual-interface Smart Cards

Smart Cards Market, by Components

  • Memory Cards
  • Microcontroller Cards

Smart Cards Market, by Applications

  • High-End Applications
  • Government Sector
  • Healthcare Sector
  • Transportation Sector
  • Telecommunications Sector
  • Pay TV Sector
  • Financial Services, Retail and Loyalty Sector
  • Low-End Applications

Smart Cards Market, By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (Africa, Middle East and Latin America)

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Source:Transparency Market Research