Need for secure and reliable payment methods and increasing mobile phone users across the globe are factors anticipated to drive the growth of the global powered smart card market over the forecast period of 2020 to 2030. Improving security in offices and residential buildings and preventing crimes across international borders are other factors likely to push the demand for powered smart card over the coming years. However, factors such as high cost of migration to contactless payment systems and technical issues faced by enterprises are major challenges expected to be faced by market players operating in the powered smart card market during the forecast period.
As per PMR analysis, the global powered smart card market is slated to progress at an impressive CAGR of over 9% through 2030.
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Key Takeaways from Powered Smart Card Market Study
- In terms of consumption, the contactless card segment in the global powered smart card market is expected to witness comparatively higher Y-o-Y growth throughout the forecast period. The hybrid cards segment will also experience decent growth through 2030.
- Under application, the government sector segment in the global powered smart card market is expected to expand at a high CAGR over the coming years.
- Among the regions, North America, Europe, and Asia will be lucrative markets for players operating in the global powered smart card market.
- The spread of COVID-19 across the world has surged the need for using contactless smart cards, thereby boosting the growth of the powered smart card market.
“Strengthening of supply chains, particularly in regions such as Asia Pacific, Europe, and North America will be a priority for players in the powered smart card. Another key focus area will be smart card products for telecom applications,” says a PMR analyst.
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Powered Smart Card Market: Competition Analysis
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 well-known 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. 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.
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Persistence Market Research puts forward an unbiased analysis of the global powered smart card market, providing historical demand data (2015–2019) and forecast statistics for the period of 2020–2030. To understand the opportunities in the powered smart card market space, the market is segmented on the basis of type, application, and region.
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