According to the latest market study released by Technavio, the globalsmart cards market is expected to grow at a CAGR of almost 9% during the forecast period.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170822005989/en/
Technavio has published a new report on the global smart cards market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Smart Cards Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global smart card market will grow significantly during the forecast period. The increase in the replacement of magnetic tapes with smart cards contributes to the high demand for smart cards. The market will generate revenues from industries in APAC, North America, South America, Europe, and EMEA. The government, finance, and transport sectors are some of the key adopters of smart cards. The others segment includes the healthcare, telecom, and retail sectors. The technology is relatively new to these industries, and the adoption of these cards will drive market growth.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free
Technavio's ICTresearch analysts categorize the global smart cards market into the following segments by end-user. They are:
- Telecom
- Government
- BFSI
- Transportation
- Others
Looking for more information on this market? Request a free sample report
Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
The top three revenue-generating end-user segments of the global smart cards market are discussed below:
Telecom
The growing demand for cellular phone connections drives market growth. The demand for smart cards is directly correlated with the demand for smartphones and tablets as these cards are integrated with the devices. The SIM card itself is a smart card and innovative technologies, such as micro cards and nano cards, will drive the demand for smart cards.
According to Amrita Choudhury, a lead automatic identification systemresearch analyst from Technavio, "Advanced features, such as NFC, require built-in contactless smart cards. Technological advances in the Internet, such as 4G and 5G networks, require advanced SIM cards. The telecom sector is one of the crucial segments of the market and will continue to remain so during the next five years."
Government
The global smart cards market by the government sector is expected to witness a high growth during the forecast period. An increase in the demand for advanced security in the government sector will drive market growth. Rising number of security breaches and identity thefts has significantly increased the demand for biometrics and authentication.
"Smart cards store large volumes of information that can be accessed only with the help of codes. These codes cannot be easily decoded or forged. High data security offered by the smart cards drives their adoption in the government sector. These cards help reduce identity theft and unauthorized access. Compared with the traditional identity storage cards and booklets, they are more reliable, and this will boost the demand for smart cardsin the coming years," adds Amrita.
BFSI
The global smart cards market by the BFSI sector will exhibit tremendous growth. Rising demand for data security (financial data and transactions) drives market growth. Currently, magnetic tapes are used to store data and information in debit or credit cards. These magnetic tapes can be easily tampered with, which can lead to fraudulent monetary transactions.
The adoption of smart cards in the BFSI sector will exhibit a declining trend during the forecast period because of the mass adoption in the early stages. Despite the declining growth rate, market revenues will increase.
The top vendors highlighted by Technavio's research analysts in this report are:
- Gemalto
- Giesecke Devrient
- OT-Morpho
- Watchdata
Browse Related Reports:
- Global Iris Recognition in Access Control Market 2016-2020
- Global Fingerprint Module Market 2016-2020
- Global Fingerprint Biometrics in the VAR Market 2016-2020
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170822005989/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com