Worldwide, systems that are enhanced and equipped with smart cards are deployed across several key application areas including banking, healthcare, transportation, and entertainment. All these application segments and other market segments can benefit from the advanced features and security that smart cards provide. The major focus of this article is to provide the scope of the study including the market overview of the smart card technology, its types, platforms, standards, various applications, and provide a global market scenario of this industry through regional analysis.

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Brief Introduction to Smart Cards Market

A smart card is a type of chip card or an IC based card that stores, transacts and retrieves data using different computer systems. Smart cards are handy and helpful because of their portability and ability to process the stored data within the card chip across various applications. This factor enables their extensive utilization as a cost-effective way to manage, store, and maintain credentials for end-users.

Another added functionality such as convenience, security, speed, and ease of use offered by smart cards are driving high growth in terms of adoption and revenue in the global market for smart cards. According to the current market research studies on smart card technology, the overall market is expected to see consistent growth in the coming years. This growth will be due to the reliable payment transactions using smart cards, as well as due to the increasing demand for security and speed in payment transactions across BFSI industry, and other retail industries.

Segmentations of the Smart Card Market

The market for smart cards has been segmented based on market, by type, by components, and by applications. On the basis of types, the smart cards market is segmented as contact smart cards, contactless smart cards, hybrid smart cards and dual-interface smart cards.

Required for all phone systems stated under the GSM standard, the most significant application of smart card technology, whereby various types of smart cards are implemented is in Subscriber Identity Modules (SIM). Especially the contact smart cards are generally used in the low-end SIM cards and powered by the reader in the telecommunication industry.

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On the other hand, contactless smart cards offer high-security and are self-powered devices as compared to contact smart cards. Dual-interface smart cards are a unique combination of contact and contactless smart cards. Due to its high ability and expected reliability, dual-interface smart cards are widely adopted for use in government and banking application segments such as government IDs and credit/debit. Hybrid cards are multifunctional cards containing more than one smart card chip within it. These types of cards are used in applications where increasing security threats and fraudulent activities are seemingly high.

Memory Cards and Microcontroller Cards are the two major types of components in the smart cards market. Smart cards based on microcontroller are used for storing credential information within the card's chip and hence, the market for microcontroller-based smart cards will continue to expand and dominate as compared to the memory chip-based smart cards.

Considering the market in terms of application segments, the overall market is divided into high-end and low-end applications. The high-end applications dominated the smart cards market by accounting for maximum share of total market revenue in 2013. Growth in the adoption of Visa (EMV) smart cards, Europay, and MasterCard cards are constantly fueling the market growth globally. Also, some of the low-end applications such as electronic devices and deployment into smart meters are anticipated to witness promising growth in the near future.

Regions Actively Utilizing Smart Cards

The smart card proliferation is high in developed economies of North America, Asia, and Europe. In 2013, Asia Pacific was accounted as the largest market with over 47.2% revenue share of the total smart cards market in the world. Presence of sophisticated healthcare, banking, and transportation facilities is expected to positively fuel growth into this region, as well as many other developing regions across the globe.

The Rest of the World market is anticipated to witness promising growth, followed by Latin America and the Middle Eastern countries too.

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