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Powered Smart Cards Market Segmented By Contactless Cards, Dual-interface Cards, and Hybrid Cards Types in Government Sector, Healthcare Sector, Transportation Sector, Telecommunication Sector, Pay TV Sector, Financial Services, Retail, and Loyalty Sector, and Energy and Utility Sector
Smart cards are IC-based cards that accumulate and retrieve information using various computer systems. Smart cards primarily act as cost-effective devices to store, manage, and maintain credentials for end users. Microcontroller-based powered smart cards facilitate intelligent communication and have on-card dynamic data processing abilities.
Demand for microcontroller-based powered smart cards is primarily driven by added security over memory-based smart cards. Microcontroller embedded powered smart cards utilize a card operating system (COS) similar to the Disk Operating Systems (DOS) in a computer.
Increasing adoption of microcontroller-based powered smart cards in the banking and financial sectors (EMV cards) in Asia Pacific and the U.S. is expected to drive the expansion of the global powered smart card market size over the forecast period of 2020 to 2030.
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Growing demand for secure and reliable payment transactions, improved security for offices and residential and commercial buildings, and rising number of mobile phone connection subscribers, worldwide, are factors likely to drive the growth of the global powered smart card market.
However, high costs of migration to powered smart cards, exploitation of stolen / lost contactless cards, and technical challenges faced by enterprises are some of the restraints expected to hinder the growth of the global powered smart card market over the coming years.
A major challenge faced by global powered smart card market players is the reluctance of small retailers and shopkeepers in adopting contactless PoS systems.
Major opportunities for growth in the global powered smart card market lie in the convergence of powered smart cards and additional services that card issuing companies could include as part of their offering.
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Get a Customized VersionThe global powered smart card market is segmented on the basis of region into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In terms of revenue, the markets in Asia Pacific and Europe are anticipated to register the highest CAGRs during the forecast period.
North America holds the largest powered smart card market share, and this trend will continue over the next ten years too. Europe and Asia Pacific will manage to increase their respective shares in the global powered smart card market space by 2030.
The COVID-19 outbreak has disrupted all economies and most sectors across the world. Trade and movement restrictions, lockdowns, and manufacturing disruptions have thrown most sectors off track. However, the pandemic has turned into an opportunity for the global powered smart card market.
The virus outbreak has accelerated the use of contactless payments, so as to facilitate social distancing and combat the spread. Thus, revenue generated by contactless smart cards will expand at a high rate in the future, due to increasing adoption of contactless smart cards across the globe.
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The global powered smart card market is projected to expand at an impressive CAGR of over 9% from 2020 to 2030, with the market size growing around 2.5X over the next ten years. Market players can look to North America, where the market will retain its dominance through to 2030. However, Europe and South Asia & Pacific are regions that will also offer numerous lucrative opportunities for stakeholders who are looking to increase their market share and profits in the powered smart card market space over the coming years.
PMR’s research study on the global powered smart card market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the powered smart card market has been offered on the basis of type, application, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
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The research study on the powered smart card market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the powered smart card market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.
