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Smart Cards Market Contact, Contactless, Dual-interface and Hybrid - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2023LONDON, Sept. 26, 2016 /PRNewswire/ -- Smart cards are IC-based cards that accumulate and retrieve information using various computer systems. Smart cards consist of central processing units and memory units. Smart cards primarily act as a cost-effective way to store, manage, and maintain credentials for their users. This makes these products highly convenient for different applications. In addition, the portability of smart cards enables their extensive adoption across different applications. Currently, smart cards are widely used across sectors such as telecommunications, BFSI, and government. Due to the numerous advantages they offer, smart cards are increasingly used in the healthcare, government IDs (e-passports), and retail sectors. Thus, strong ongoing adoption of smart cards across different sectors is estimated to substantially spur the market's growth in the coming years. The smart cards market is expected to see consistent growth in the coming years due to the increasing demand for secure and reliable payment transactions across the retail and BFSI sectors. Moreover, cost-saving schemes for merchants from payments brands such as Visa, MasterCard, and Europay is driving the smart card technology innovations. The decreasing prices of subscriber identification module (SIM) cards and tariff rates are increasing the number of mobile subscribers, and thus further contributing t the growth of the smart cards market. However, factors such as price pressures and technological challenges along with the cost of migrating to smartcard compatible readers affect the adoption of smartcards. Conversely, technological advancements, falling prices, and the introduction of high-end SIMs offer potential opportunities for the growth of the smart cards market. This report studies the current scenario as well as the future market potential for smart cards globally. The market for smart cards has been segmented based on three major parameters: card type, components, and geography. The major types of smart cards used are contact smart cards, contactless smart cards, hybrid smart cards, and dual-interface smart cards. On the basis of components, the smart cards market is segmented into microcontroller-based smart cards and memory-based smart cards. The demand for microcontroller-based smart cards is significantly high owing to the wide adoption of such cards for contactless and dual-interface smart cards. The market size and forecast, in terms of revenue and volume (US$ Mn & Mn units), for each of these segments has been provided for the period from 2013 to 2023, considering 2013 and 2014 as the base years. For 2015, report provides actual data for the first half and estimate for the second half. Also, the report provides market size and forecast in terms of volume (Mn Units) for various segments for the above mentioned period. The report also provides the compounded annual growth rate (CAGR) for each segment of the market for the forecast period 2016 to 2023. The global smart cards market is categorized into the following segments: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/smart-cards-market-contact-contactless-dual-interface-and-hybrid---global-industry-analysis-size-share-growth-trends-and-forecast-2016---2023-300334321.html SOURCE ReportBuyer |