Published on : Mar 21, 2016
The global smart cards market is one of the fastest developing market in the global technology and media market. Owing to the technological advancements and new varieties, the global market for smart cards is expected to live up to their promises of offering paperless transactions. Gone are the days when toll collection, ticketing, and driver’s license required a lot of documentation. Even for cross-border identification, people had to carry lot of documents in hand. Now, thanks to IC-based technology, all your personal identification information is stored in small cards.
There has been an increasing adoption of IC-based cards for applications such as toll collection, telecommunication, national and cross-border identification, driver’s license, ticketing, and others. Over the past few years, in the fast paced and technology friendly world, the global smart cards market is performing quite well. Going forward, the global smart cards market is expected to register more demand and users due to the declining prices of smart cards and the increasing need to migrate to EMV standards.
Factors Expected to Support Growth of Global Smart Cards Market
- The adoption of smart cards or IC-based cards is expected to increase in the years to come across the retail, telecommunication, financial services, and loyalty sectors.
- The growth of fraudulent activities and security threats have fueled the demand for smart cards in the recent past.
- In the next few years, the demand for secure and expedited transactions is expected to increase.
- The demand for smart cards is expected to increase from the government, healthcare, and transportation sectors in the next few years.
Going forward, the demand for microcontrollers-based and memory-based smart cards is predicted to increase, which will impact the global smart cards market. The increasing variety of smart cards, including contact smart cards, contactless smart cards, dual interface smart cards, hybrid smart cards, and others, is predicted to propel the global smart card market in the near future. Leading players are focusing on introducing new smart cards with new smart features. The demand for contactless smart cards is expected to increase in the years to come, thus predicted to boost global smart cards market.