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Market Leader - Smart Card Market

The smart card market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023. The market has been segmented based on communication, component, application, and geography.

Partnerships, contracts, acquisitions, and agreements have been the key strategies adopted by companies to strengthen their businesses and gain a competitive edge in the smart card market. These strategies collectively accounted for a share of 85% of the overall growth strategies adopted by key market players between January 2015 and February 2018. In addition to partnerships, contracts, acquisitions, and agreements, companies in the smart card market have also adopted product launches and developments to enhance their product portfolios and expand their sales and distribution networks. These strategies helped the companies significantly increase their market shares and strengthen their positions in the overall smart card market. These strategies collectively accounted for a share of 15% of the overall growth strategies adopted by key market players between January 2015 and February 2018.

Gemalto N.V. focuses on providing its solutions primarily to the government and banking sectors. It is focused toward organic growth strategies, such as launching innovative products and expanding its customer base. The company focuses on enhancing its product portfolio through R&D and strengthening its market presence acquiring companies and selling its products worldwide. In December 2016, Gemalto acquired 3M’s Identity Management business for USD 850 million. The company also has a good geographic reach. In addition, Gemalto focuses on boosting the adoption of EMV-based banking solutions by targeting developing countries in APAC and the MEA; this will help the company gain more market shares in the coming years.

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IDEMIA France SAS is a leading player in the digital security and identification technology space, with a strong customer base. The company provides its smart card solutions to a wide range of international clients in various industries, including financial services, identity, security, and IoT. The company is widely recognized for its technical excellence in meeting customers’ critical application needs. IDEMIA has invested in production facilities in North America, Europe, the Middle East, and APAC. Its production facilities in the Middle East and APAC are based in India and Dubai. These facilities have helped the company offer timely solutions to various business segments and customers. Also, it drives sustained growth, especially in Latin American and Asia. The company aims to identify and collaborate with third-party vendors that are capable of enhancing its clients’ product offerings. It intends to launch new smart card products and help financial institutions successfully migrate into EMV standard by offering smart cards and related services.

Related Reports:

Smart Card Market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) and Geography - Global Forecast to 2023

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