Smart Cards market was valued at US$ 7.25 Bn in 2014 and is expected to reach US$ 14.17 Bn by 2023, expanding at a CAGR of 7.4% from 2016 to 2023.

Albany, NY -- (SBWire) -- 02/20/2019 --Recent advancements in technology have made smart cards more secure with respect to users data. The demand for smart cards is increasing remarkably due to their rising use for making transactions. Furthermore, using smartcards is considered a more convenient method for various services. The growing use of IoT devices and mobile phones has further increased the use of SIM and data chips, which has augmented the demand for smart cards.

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The application of smart cards is widely seen in cell phones, payment transactions, ID verification & access controls. The rising application across various sectors is projected to escalate the demand for this smart cards. The relevance of smart cards is also seen extensively in sectors such as BFSI, healthcare, government, and various other fueling the demand for smart cards. Companies such as MasterCard, Europay, and Visa are also offering various cost-saving techniques to ease and boost the tractions.

The global smart card market is expected to rise at 7.4% of CAGR during the forecast period between 2016 and 2023. In terms of revenue, the market is projected to reach a valuation of US$ 14.1 bn by 2023 progressing from US$ 8.5 bn in 2016.

Higher Usability of Contactless Smart Card to Enable the Market Flourish

The global smart card market is segmented on the basis of component and type of smart cards. Based on type, the global smart card market includes contact, contactless, dual-interface, and hybrid smart cards. Among the type of smart cards, the contactless smart card is expected to rise at healthy CAGR of 11.5% during the course of forecast period between 2016 and 2023. On the other hand, the contact smart card segment is also estimated to grow at a high rate and is projected to reach a valuation of US$ 7.7 bn by the end of 2023.

On the basis of component, the global market for the smart card is bifurcated into memory card-based smart cards and microcontroller based smart cards. As per the report, microcontroller based smart cards is expected to dominate this segment during the forecast tenure.

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Latin America to Lead Market With Rising Implementation of LATAM Smart Cards

On the basis of geography, the global smart card market covers North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Out of the regions, Latin America held the second lowest share in terms of volume and revenue in 2014. Currently Latin America shows over 70% of market presentation by smart card solutions and services, as per Smart Card Alliance Organization. In Latin America, the most implementation of smart cards is witnessed across the aforementioned nations. Thus, due to high usage of smart cards in these countries have made the region lead in the global smart card market. These countries have shown high usage of smart cards and are attracting leading players across the globe.