New York, NY -- (SBWIRE) -- 11/07/2017 -- Smart cards are IC based cards that accumulate and retrieve information using various computer systems. Smart cards primarily act as cost-effective devices to store, manage, and maintain credentials for end users. The global powered smart card market was valued at US$ 2,844.5 Mn in 2015 and is expected to register a CAGR of 52% to reach US$ 6,925.8 Mn by 2024.

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Key market dynamics

Growing demand for secure and reliable payment transactions, improved security for offices and residential and commercial buildings, and a rising number of mobile phone connection subscribers worldwide are factors likely to drive the demand for the global powered smart card market. However, high costs of migration to powered smart cards, exploitation of stolen / lost contactless cards, and technical challenges faced by enterprises are some of the restraints expected to hinder the growth of the global powered smart card market over the forecast period. A major challenge faced by global powered smart card market players is the reluctance of small retailers and shopkeepers in adopting contactless PoS systems.

Major opportunities for growth in the global powered smart card market lie in the convergence of powered smart cards and additional services that card issuing companies could include as part of their offering.

Segment analysis

The global powered smart card market is segmented on the basis of Type into Contactless Cards, Dual-interface Cards, and Hybrid Cards; and on the basis of Application into Government Sector, Healthcare Sector, Transportation Sector, Telecommunication Sector, Pay TV Sector, Financial Services, Retail, and Loyalty Sector, and Energy and Utility Sector (Smart Meters for Electricity, Water, and Gas). The Contactless Cards segment in the global powered smart card market was valued at US$ 1,531.7 Mn in 2015 and is expected to expand at a CAGR of 11.2% to reach US$ 4,069.9 Mn by 2024. In terms of consumption, the Government Sector segment in the global powered smart card market stood at 297.4 Mn units in 2015, and is expected to expand at a CAGR of 11.2% to reach 773.0 Mn units by 2024 end. The Healthcare Sector segment in the global powered smart card market was valued at US$ 49.1 Mn in 2015 and is expected to expand at a CAGR of 9.8% to reach US$ 114.8 Mn by 2024.

Regional analysis

The global powered smart card market is segmented on the basis of region into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In terms of revenue, the Latin America market is anticipated to register the highest CAGR of 12.8% during the forecast period. The market in Asia Pacific is estimated to account for the highest market share of 44.2% by the end of 2016 and is expected to remain the dominant market in terms of revenue in the global powered smart card market.

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Key market players

Safran Identity and Security (Morpho SA), Oberthur Technologies, Gemalto NV, Giesecke & Devrient GmbH, Eastcompeace Technology Co. Ltd., Watchdata Technologies Ltd., Datang Telecom Technology Co. Ltd., Wuhan Tianyu Information Industry Co. Ltd., Infineon Technologies AG, NXP Semiconductors N.V., Shanghai Huahong Integrated Circuit Co. Ltd., Samsung, and Texas Instruments Incorporated are some of the companies operating in the global powered smart card market. Market players are focusing on innovative ways to expand their customer base and consolidate their position in the market. Powered smart card vendors are exploring various applications where contactless cards can be deployed – such as in transportation and medical institutions. With extensive presence worldwide and extensive product offerings catering to the demand for payment in government and telecom applications, key players are focused on gaining significant revenue share in the global powered smart card market.