Smart Cards Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022

Smart Cards Market to Reach US$ 13.27 Bn by 2022

According to a new market research report published by Credence Research “Smart Cards (By Type – Contact-based Smart Cards, Contactless Smart Cards, Dual-interface Smart Cards and Hybrid Smart Cards) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022”, the global smart cards market was valued at US$ 7,568.5 Mn in 2014 and is estimated to expand with a CAGR of 7.2% from 2015 to 2022.

Browse the full report at http://www.credenceresearch.com/report/smart-cards-market

Market Insights

Smart cards refer to a pocket-sized device embedded with an integrated circuit (IC) chip. The IC chip on the card can be memory card-based or microcontroller-card based depending upon the function of smart cards. Smart card is used by connecting it to a smart card reader either through direct physical contact or radio frequency (RF) communication. Thus, the operation of smart cards is quite similar to the traditional magnetic strip and bar code cards.

The most significant factor driving the smart cards market growth is the high penetration in the telecommunication sector. Smart cards are widely used as subscriber identity module (SIM) in mobile phones thereby increasing the demand globally. Due to ever-rising penetration of mobile phones worldwide, the smart cards market growth is expected to remain steady throughout the forecast period.

Another significant factor fueling the smart cards market growth is the better security features as compared to the traditional cards. Smart cards are comparatively difficult to clone and hence cannot be easily misused for any application. These cards are equipped with internal memory storage (larger than magnetic strip cards) which enables to incorporate better security features onto the smart cards. This makes smart cards suitable for use across various applications such as banking, identity cards (ePassport), healthcare and others.

Competitive...