November 2018: Adroit Market Research launched a study titled, “Global Smart Card Market Size 2017 By Type (Contact, Contactless, Dual Interface and Hybrid), By Application (Payment & Banking, Government & Healthcare, Telecommunication, Device Manufacturing, Others), By Region and Forecast 2018 to 2025”. The study covers the global smart card market value and volume for a period ranging between 2015 to 2025, where 2015 to 2017 imply the actual annual consumption with forecast between 2018 and 2025. The global smart card market report also includes qualitative insights of the market such as drivers, restrains, value chain, and porters five force analysis. The value chain has been analyzed in detail covering key stages.
The global smart card market size is projected to reach USD 29.35 billion by 2025. The global size of this market is also expected to grow by 31.75 billion units. Owing to advancement in technology such as hybrid and contactless cards, standardization by regulatory authorities, reduction in transaction time, higher storage capacity of smart cards, and improved security.
The major companies such as Giesecke & Devrient, Gemalto, and Oberthur Technologies are launching new products to increase their market share global smart card industry and sustain at global level. For instance, In February 2017, Giesecke & Devrient at MWC 2017 launched comprehensive wearable solutions. Also Giesecke & Devrient in collaboration with CaixaBank distributed wearable wristbands which can be used for making contactless payments in Barcelona and worldwide. The aim of this was to create awareness about smart wearables which can be used to make contactless payments.
Regional analysis of this industry clearly shows that Asia Pacific dominated the smart card market share by acquiring 54.0% of the global volume size in 2017 and is expected to maintain its dominance in the coming years. Additionally, India and China are majorly contributing to this region. As a result of growing demand for smart cards in various sectors such as, payment & banking, government & healthcare and telecommunication are expected to boost the smart card market share over the forecast period. Easy availability of SIM cards and increasing demand for smart phones are major factors driving the demand for smart cards in the telecom industry.
Contact based smart cards occupied 77.0% of the global smart card volume size in 2017 and it is expected to maintain its dominance in the coming years. Use of this cards makes transaction processes very easy and secured owing to features such as PIN authentication required by chip cards during transactions.
Globally, the smart card industry is consolidated with limited well known players. These companies are collaborating and partnering with domestically established companies to increase their presence and launch new products in the market. For instance, In August 2018, Valid announced its partnership with orchestrator a global IoT service provider. This partnership aims to deliver cellular connectivity service based on eSIM technology which will ease the connectivity and subscription management easy for the orchestrator. This strategic step is expected to improve the needs of major industries such as financial services, telecom, identity and security. Major players in the market are Oberthur Technologies, Giesecke & Devrient, Gemalto, CPI Card Group, Valid, Perfect Plastic Printing, MCT Cards & Technology Pvt. Ltd Goldpac Group Ltd, and dz card.
Key segments of the global smart card market
Type Overview, 2015-2025 (USD million) (Million units)
- Dual Interface
Application Overview, 2015-2025 (USD million) (Million units)
- Payment & Banking
- Government & Healthcare
- Device Manufacturing
Regional Overview, 2015-2025 (USD million) (Million units)
- North America
- United Kingdom
- Asia Pacific
- Rest of the World