Global Powered Smart Card Market to Register 52% CAGR by 2024

(Newswire.net — June 20, 2017) New York City, New York — According to the report by Persistence Market Research (PMR), the global powered smart cards market is estimated to reach $6925.8 million market value, registering 52% CAGR by 2024.

Key factors driving the demand for global powered smart cards market

Increasing number of mobile phone subscribers’ worldwide, rise in demand for reliable and secure payment transaction and improved security for residential and commercial buildings are some of the key factors contributing towards the growth of powered smart cards market globally.
However, averseness of shopkeepers and small retailers in adopting PoS contactless system, the high cost of migration to powered smart cards and exploitation of lost or stolen cards are few factors hampering the growth of global powered smart cards market.
If companies issuing smart cards start offering additional services and convergence of powered smart cards can contribute towards growth in global powered smart cards market.

A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/3878

Contactless cards to register 11.2% CAGR by 2024

The report has divided the powered smart card market on basis of application including healthcare, government, telecommunication and transportation, energy and utility, financial services, retail, pay TV and loyalty sectors. In terms of type, the report is segmented into dual-interface cards, contactless cards and hybrid cards. Among all these, contactless cards are anticipated to reach $4069.9 million market value, registering 11.2% CAGR by 2024. On basis of consumption, the government sector is expected to reach 773.0 million units, expanding at 11.2% CAGR by the end of 2024 from 297.4 units in 2015. While the healthcare sector which was valued at $49.1 million is anticipated to reach $114.8 million by 2024, registering 9.8% CAGR.

Asia Pacific to register the highest revenue in the global powered smart card market

Region-wise, Asia Pacific is anticipated to dominate powered smart card market, as it was expected to have the highest market share of around 44.2% by 2016 end. However, Latin America is expected to reach 12.8% CAGR in terms of revenue during 2016-2024. Other regions mentioned in the report include Europe, North America and the Middle East & Africa. 

According to the report, in order to consolidate the position in the market and expand customer base, leading players in the global powered smart card market are focusing on innovative ways. The vendors are also trying to discover various applications for deployment of contactless cards, such as medical institutions and transportations. Leading market players are extensively offering product globally owing to the demand for payment in telecom and government applications. This will significantly contribute towards growth in revenue share for the key players in the global powered smart card market.

View Report Table of Contents, Figures, and Tables @ http://www.persistencemarketresearch.com/market-research/powered-smart-card-market/toc

Some of the key market players profiled in the report include Oberthur Technologies, Giesecke & Devrient GmbH, Safran Identity and Security (Morpho SA), Gemalto NV, Watchdata Technologies Ltd., Eastcompeace Technology Co. Ltd., Wuhan Tianyu Information Industry Co. Ltd., Datang Telecom Technology Co. Ltd., Infineon Technologies AG, Shanghai Huahong Integrated Circuit Co. Ltd., Texas Instruments Incorporated, Samsung and NXP Semiconductors N.V.