Powered Smart Card Market In-Depth Analysis by Size, Share, Trend, Forecast and Growth

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Feb 14, 2020 (Heraldkeepers) — A smart card or chip card is an IC-based card, which accumulates and retrieves information using various computer systems. Smart cards are cost-effective device to store, manage, and maintain credentials for end users. Many smart cards include a pattern of metal contacts to electrically connect to the internal chip. Smart cards typically find applications in mobile phones, identification cards, computer security, healthcare, public transit, and schools. There are different types of smart cards used available in the market namely contactless smart cards, dual smart cards, and hybrid smart cards. Contact less smart cards are self-powered devices, offering enhanced security over contact smart cards. Furthermore, dual smart cards are a combination of contact and contactless smart cards, while hybrid cards are multifunction cards.

The global powered smart card market was estimated to account for US$ 4,406.1 Mn in terms of value by the end of 2019

Market Dynamics- Driver

Increasing demand for secure and reliable payment transaction platforms across BFSI and retail sectors is expected to drive growth of the global powered smart cards market during the forecast period

Internet access has become convenient and usage has increased the sustainability due to increasing demand for online banking & shopping experience and rising access to e-government services. Increasing adoption of e-commerce services has increased the frequency of online payments globally in the recent past. According to Coherent Markets Insights Analysis, mobile payments are expected to reach US$ 617 Bn in terms of transaction value by 2016 end. Growth is anticipated to be mainly driven by increasing adoption of NFC77 technology in the U.S. and the global consumer market. Moreover, security risks associated with online payment options have increased the demand for secured payment options. Powered smart cards can enhance security, reduce fraud, and allow utilization of value-added services to consumers. Therefore, these factors are expected to boost growth of the global powered smart card market during the forecast period.

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Growing mobile phone connection subscribers around the globe are expected to propel the global powered smart card market growth over the forecast period

SIM cards used in the telecommunication industry are smart cards that are based on memory chips. Growing penetration of smartphones worldwide has increased the demand for SIM cards. This, in turn, is expected to propel the global powered smart card market over the forecast period, as the telecom industry majorly contributes in terms of service. Moreover, SIM cards enabled with NFC technology and supporting contactless payments are rapidly gaining global traction. For instance, in March 2015, Vodafone announced that its customers will be able to perform contactless payments, which will require a Vodafone NFC-enabled SIM card and be supported by various Android devices.

Asia Pacific region dominated the global powered smart card market in 2019, accounting for 44.7% share in terms of value, followed by Europe, and Middle East and Africa respectively

Market Trends

Convergence of power smart cards

Currently, there are different types of payment functionality available in the market that are linked to various identity credentials such as social security/welfare cards and healthcare and national IDs. However, there is steady trend of convergence in the market. The trend is not limited to the government ID and payment applications though convergence of driver’s licenses, healthcare cards, national IDs, passports, and voter’s cards with the payment networks is expected to take place in the near future.

Additional offerings such as software solutions and services

Currently, the market is dominated by some of the key players such as Gemalto NV, Giesecke & Devrient, Oberthur Technologies, and Morpho S.A. Increasing completion from local or regional players has led to decrease in powered smart card prices. Moreover, highly competitive market environment and advent of smart wearable devices powered by smart cards vendors are expected to shift their focus on providing additional software solutions and services related to powered smart cards in order to expand their consumer base and gain competitive advantage in the market.

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Competitive Section

Key players operating in the global powered smart card market are Watchdata Technologies Ltd., Texas Instruments Incorporated, Safran Identity and Security (Morpho SA), Samsung, Oberthur Technologies, Shanghai Huahong Integrated Circuit Co., Ltd., Wuhan Tianyu Information Industry Co., Ltd., Gemalto NV, NXP Semiconductors N.V., Giesecke & Devrient GmbH, Infineon Technologies AG, Eastcompeace Technology Co., Ltd., and Datang Telecom Technology Co., Ltd.

Key Developments

Key companies in the market are focused on partnerships and collaborations, in order to gain competitive edge in the market. For instance, in June 2017, Safran Identity and Security partnered with IDEX to commercialize the first mass deployable biometric smart card.

Major market players are involved in partnerships and collaborations, in order to enhance their market presence. For instance, in June 2016, Gemalto NV entered into a multi-year partnership with Bank of Aland Plc, a Scandinavian bank, to supply the latter with bio-sourced contactless cards made from corn-based PLA material. This is done to support ‘The Baltic Sea Project’, an environmental initiative started by the bank.

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