A smart card, also known as a chip card or integrated circuit card (ICC) is a type of card that's characterized by an embedded computer chip. Most are made of PVC or plastic materials, with common applications being personal identification, data storage, user authentication, and application processing.
Smart cards are becoming increasingly common due to the trend of EMV credit cards and debit cards. These cards feature computer chips as an added level of protection from fraudulent activity.
According to the Global Market Study on Smart Cards: Established Players Are Focusing on Smart Card Products For Telecom Application In Emerging Economies to Gain Better Market Access over Forecast Period 2016 - 2024 report by Persistence Market Research, the global smart cards market is expected to grow at a compound annual growth rate (CAGR) of approximately 9.6% through the forecast period. While smart cards are used in a wide range of different industries, this report predicts strong growth for smart cards in telecommunications, government and financial services.
within this report, you'll find a complete list of drivers and challenges affecting the smart card market. Some of the market drivers cited in this report include a growing volume of government identity cards, as well as increased adoption of EMV chip technology. With credit cards and debit cards now switching to EMV, there's a greater demand for smart card technology.
Of all segments within the smart card industry, however, contact cards are the largest segment, accounting for roughly 64% of the market's total revenue in 2016. However, contactless cards also account for a substantial part of the smart card market. But in terms of value contribution, the report cites micro-controller cards as the greatest revenue of the market at 71.5%.
Some of the key smart cards vendors profiled in this report include Gemalto N.V., Giesecke Devrient GmbH, Oberthur Technologies, and Morpho S.A (Safran). As explained in this report, the top three vendors accounted for roughly 59% of all smart card sales in 2015.
The Global and Chinese Smart Card Industry 2012-2022 Market Research report by Orbis Research is a second comprehensive study of the smart card market. Covering both current and future prospective scenarios through 2022, this report explores the smart card market from all angles.
While this report covers the entire global market for smart cards, it focuses heavily on regions in which smart card products are widely used, such as the Americas, Europe, APC, and AMEA. Furthermore, the report scrutinizes the Chinese market, which is expected to grow rapidly thanks to its bustling manufacturing sector.