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Smart Cards Market to Rise due to Rising Security Threats and Soaring Incidence of Fraudulent Activities

Smart Cards Market to Rise due to Rising Security Threats and Soaring Incidence of Fraudulent ActivitiesSmart cards are chip cards that retrieve and accumulate information utilizing a number of computer systems. They comprise memory units as well as central processing units and is a cost-effective solution for managing, storing, and maintaining credentials for users. At present, smart cards are extensively utilized across various sectors such as BFSI, telecommunications, government, etc. Owing to the high number of advantages of smart cards, they are also utilized in government IDs, the retail sector, and healthcare, hence boosting the global smart cards market. On the basis of component, the market for smart cards is segmented into microcontrollers and memory cards. Amongst these, memory chip based smart cards have the least security. On the other hand, microcontroller-based smart cards are utilized for storing credential information and this information is processed within the chip of the card.

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Rising Count of Subscribers of Mobile Phones to Boost Smart Cards Market


The market for smart cards is poised to grow in the coming years owing to factors such the increasing demand for reliable and secure payment transactions in the BFSI and retail industries and the rising count of subscribers of mobile phones globally. In addition, benefits of smart cards such as convenience, security, ease of use, and speed are also boosting the market. Furthermore, rising security threats and the soaring number of fraudulent activities are also having a positive impact on the growth of the market. On the other hand, the soaring initial cost involved in migrating to smart card compatible readers may restrain the growth of the market in a number of nations.


Dual Interface Smart Cards Witness the Highest Adoption in 2014


There are majorly four types of smart cards, namely contactless smart cards, contact-based smart cards, dual-interface smart cards, and hybrid smart cards. Amongst these, on the basis of revenue, the segment of contactless smart cards represented an 18.5% share in the market in 2014. These smart cards present enhanced security in comparison to contact-based smart cards and are self-powered. On the other hand, readers power contact-based smart cards and these types of cards are thus commonly utilized in low-end SIM cards within the telecommunications industry. Dual-interface smart cards are an amalgamation of contactless and contact-based smart cards and have witnessed the highest adoption in 2014. They have experienced extensive adoption in government and banking applications including government IDs and debits or credits. Hybrid cards are used in numerous applications and contain multiple smart cards having no linked interfaces with each other.


Asia Pacific Led the Market with 47.4% Share in 2014


Geographically, the global smart cards market is segmented into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. Amongst these, on the basis of revenue, Asia Pacific led the market and represented a share of 47.4% in the market in 2014. This is due to the rising cellular SIM adoption around the globe. On the other hand, the Middle East and Africa and Latin America regional markets are also predicted to experience lucrative growth in forthcoming years.


Giesecke & Devrient (G&D) GmbH, Gemalto NV, Oberthur Technologies, Ingenico Corp. (Delaware), Atos SE (Societas Europaea), Infineon Technologies AG, and INSIDE Secure, among others, are the prime players operating in the market.

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