Dec 14, 2018   SOURCE: PR NewsWire

Smart Cards Market to Expand With a CAGR of 7.4% Due to Growing Uptake of Internet Banking Features, Says TMR

ALBANY, New York, December 14, 2018 /PRNewswire/ --

Transparency Market Research (TMR) observes the global smart cards market [https://www.transparencymarketresearch.com/smart-card.html ] has a highly consolidative vendor landscape. Some of the companies such as NXP Semiconductors NV, Infineon Technologies AG, Gemalto NV, and Giesecke & Devrient (G&D) GmbH are dominating the global smart cards market. These companies are increasingly taking initiatives such as providing solutions on consumer preference. Additionally, some of the new entrants such as Eastcompeace Technology Co. Ltd and Watchdata are taking such initiatives for product improving products.

(Logo:https://mma.prnewswire.com/media/664869/Transparency_Market_Research_Logo.jpg )

A report from TMR estimates, the global smart cards market valued at US$8.5 bn in 2016 and is expected to attain a valuation of US$14.1 bn by 2023-end. The market is expected to expand with a CAGR of about 7.4% over the forecast period from 2016 to 2023. Based on the type, the contactless smart cards segment dominated the market and is expected to remain dominant over the forecast period. This growth is attributable to the growing demand for using smart cards and increasing availability of the cards. Based on the region, Latin America dominated the global smart cards market by accounting 70% of shares in the overall market. However, Asia Pacific is expected to witness the fastest growth over the forecast period.

Get PDF Brochure for Research Insights at: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=844

Growing Internet Usage to Propel Growth 

The growing trend of using smart cards across industries such as telecommunication, e-commerce, healthcare, retail is boosting its adoption and likely to propel the growth of the smart cards market. Especially, the telecommunication industry is witnessing higher demand for smart cards, which is further boosting the growth of the smart cards markets. Additionally, growing penetration of the mobile phones in emerging economies is benefiting adoption of the smart cards and likely to propel the growth of the global smart cards market.  

Moreover, the EMV chip on which enhances the security and provide the protected information. The enhanced level of security offered by the smart cards is leading to influence positively on its adoption. This is another factor propelling the growth of the global smart cards market.

Request a Sample of Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=844

High Initial Cost Incurred to Restrain Growth

Despite these growth prospects, the high cost incurred initially as the one-time expense is restraining its adoption and growth of the market. Additionally, the growing trend of using digital wallets is affecting negatively on the growth of the smart cards market to some extent. Furthermore, decreasing cost of microcontroller and rising usage of contactless cards is expected to offer great growth opportunities in the smart cards market over the forecast period. Additionally, growing usage of banking facilities such as near field communication (NFC), Internet of Things (IoT), net banking, and other e-commerce features is boosting the adoption of smart cards. This factor is expected to offer lucrative opportunities over the forecast period.

Request For Discount On This Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=844

This information is encompassed in the new report by TMR, titled "Smart Cards Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2023."

For the study, the Smart Cards Market has been segmented as follows:

By Type:  

        
        - Contact Smart Cards
        - Contactless Smart Cards
        - Hybrid Smart Cards
        - Dual-interface Smart Cards

By Component:  

        
        - Microcontroller Based Smart Cards
        - Memory Card-based Smart Cards

By Geography:  

        
        - North America
             - U.S.
             - Canada
        - Europe
             - U.K.
             - Germany
             - France
             - Spain
             - Italy
             - Rest of Europe
        - Asia Pacific
             - China
             - Japan
             - Australia
             - India
             - Rest of Asia Pacific
        - Latin America
             - Brazil
             - Mexico
             - Rest of Latin America
        - Middle East & Africa
             - South Africa
             - Saudi Arabia
             - Rest of Middle East & Africa

Browse More Consumer Goods & Services Market Research Reports [https://www.transparencymarketresearch.com/consumer-goods-market-reports-7.html ]

Popular Research Reports by TMR:  

        
        - Smart Oven
          Market: https://www.transparencymarketresearch.com/smart-oven-market.html
        - Smart Toys
          Market:  https://www.transparencymarketresearch.com/smart-toys-market.html  
        - Smart Kitchen Appliances
          Market:  https://www.transparencymarketresearch.com/smart-kitchen-appliances-market.html
           

About Us 

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision. 

        

        Contact 

        Mr. Rohit Bhisey 
        Transparency Market Research 
        State Tower, 
        90 State Street, 
        Suite 700, 
        Albany NY - 12207 
        United States 
        Tel: +1-518-618-1030 
        USA - Canada Toll Free: 866-552-3453 
        Email: sales@transparencymarketresearch.com

 

Website: https://www.transparencymarketresearch.com Research Blog: http://www.editiontruth.com 


    Photo: 
    https://mma.prnewswire.com/media/664869/Transparency_Market_Research_Logo.jpg

SOURCE Transparency Market Research