Smart Cards Market : Global Revenues Driven by Rising Demand for Smart Cards in Telecom Application, PMR Report

Smart Cards Market : Global Revenues Driven by Rising Demand
for Smart Cards in Telecom Application, PMR Report
Persistence Market Research
Smart Cards Market : Global Revenues Driven
by Rising Demand for Smart Cards in
Telecom Application, PMR Report
Persistence Market Research
1
Smart Cards Market : Global Revenues Driven by Rising Demand
for Smart Cards in Telecom Application, PMR Report
Persistence Market Research Released New Market Report on “Smart Cards Market : Global
Revenues Driven by Rising Demand for Smart Cards in Telecom Application, PMR
Report”.
According to the latest market report published by Persistence Market Research, titled Smart
Cards Market : Global Revenues Driven by Rising Demand for Smart Cards in Telecom
Application, PMR Report. Smart cards continue to gain traction in terms of application in sectors
such as telecom, government, and financial services. Global smart card market volume is
expected to surpass 9,715 Mn units in 2016, representing market value of over US$ 8,576.3
Mn.
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Smart card demand is escalating owing to high volume of adoption for government identity
cards. In addition, increasing adoption of EMV chip technology as the global standard for credit
card and debit card payments is projected to boost global sales of smart cards.
Contact cards will continue to be the largest card segment in 2016 as well, representing 64.0%
revenue share of the global market. Contactless card – another key card type segment – is
expected to account for US$ 1,735.0 Mn in 2016, which is an increase of 13.3% over 2015.
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Among all smart card component types, micro-controller cards segment is expected to continue
to account for highest value contribution, representing 71.5% revenue share of the global
market in 2016.
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Smart Cards Market : Global Revenues Driven by Rising Demand
for Smart Cards in Telecom Application, PMR Report
Asia Pacific will continue to lead, with revenue share increasing to 47.9% in 2016. Increasing
adoption of SIMs, EMV cards for banking applications, and increasing adoption of multi-use eIDs for transportation and government sectors is anticipated to fuel growth of the smart card
market in the region over the forecast period.
Gemalto N.V., Giesecke Devrient GmbH, Oberthur Technologies, and Morpho S.A (Safran) are
some of the leaders in the global smart card market. The global smart card market is highly
fragmented, with the top three players accounting for around 59.0% revenue share in 2015.
Leading companies are looking to expand their production capacity, especially in Asia Pacific,
which is one of the major smart card markets. Companies are also focussing on launching new
smart card products for government and transportation applications, in a bid to cater to the
growing demand for smart cards in emerging economies. The escalating demand for SIMs for
telecom application is anticipated to boost growth of the smart card market. Developing
economies are expected to remain key target markets for smart card manufacturers in 2016 and
beyond.
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Long-term outlook: PMR maintains a positive long-term outlook on the global smart card market,
estimating global revenues to surpass US$ 15,050.2 Mn by 2024. In terms of volume, the global
smart card market is anticipated to expand at a CAGR of 9.6% over 2016 - 2024.
Persistence Market Research
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Smart Cards Market : Global Revenues Driven by Rising Demand
for Smart Cards in Telecom Application, PMR Report
Market Bytes:
According to this report analysis, increasing demand for smart cards in telecommunication,
government, and transportation sectors, and for payment applications are key factors fueling
growth of the global smart card market. The global smart card market value is anticipated to
increase from US$ 7,894.2 Mn in 2015 to US$ 15,050.2 Mn by 2024, expanding at a CAGR of
8.4% during the forecast period (2016–2024). Increasing number of online transactions is
raising associated risks of security breach, identity and data theft etc. Smart cards such as EMV
(Europay, MasterCard, and Visa) offer enhanced security and help in limiting security risk
associated with online payments. Growth of the global smart card market is majorly driven by
increasing adoption of cellular subscriber identity module (SIMs) in the telecom industry. Growth
of the global smart card market is also expected to be driven by increased penetration of mobile
phones in emerging economies in the Middle East and Asia Pacific.
One of the major restraints for growth of the smart card market is high cost for migration to
smart cards. Reluctance in adoption of capital-intensive Point of Sale (PoS) terminals is
impacting adoption of smart cards, especially for payment and financial applications. Restraints
for growth of the global smart card market include the presence and development of alternate
payment technologies such as contactless and near field communication (NFC) based devices.
In 2015, among the different card type segments, contact-based card segment is expected to
contribute highest in terms of revenue. The segment was valued at US$ 5,049.7 Mn and is
estimated to reach a market value of US$ 8,124.4 Mn by the end of 2024. The micro-controller
card segment was valued at US$ 5,626.1 Mn in 2015 and expected to expand at CAGR 8.8% to
reach value of US$11,108.0 Mn by 2024 end. In 2015, the telecommunication segment
accounted for 48.7% value share of the overall smart card market in 2015, which is expected to
increase to 53.5% by the end of 2024.
In terms of volume, the Asia Pacific smart card market dominated the overall market in 2015,
and is expected to sustain its dominance over the forecast period. The smart card market in
Asia Pacific is estimated to contribute 49.3% in terms of volume (Mn units) by 2024 end. In
2015, among the different access type, sales of logical access card is expected to reach 10,223
Units by 2024 end exhibiting CAGR of 9.5%.
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Smart Cards Market : Global Revenues Driven by Rising Demand
for Smart Cards in Telecom Application, PMR Report
Key players in the smart card market include NXP Semiconductors N.V., Infineon Technologies
AG, Gemalto N.V., Insidesecure SA, CPI Card Group Inc., Morpho SA, Oberthur Technologies,
Giesecke, and Devrient GmbH Watchdata Technologies among other players.
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