Jul 15, 2020
Dual Interface Smart Card Market to Grow 1.8X by 2030; Supply Chain Issues Due to COVID-19-related Restrictions Hampering Market Growth
by Team Fact.MR
The telecommunications industry accounts for a majority share in the dual interface smart card market. Mounting demand for customized and more secured smart cards with automatic updating properties has resulted will create numerous market opportunities for dynamic operating system dual interface smart cards over the forecast period. With more number of retail stores and clubs adopting customer loyalty programs as part of their marketing strategy, the dual interface smart card market will see increasing opportunities over the coming years. Microprocessor-based dual interface smart cards are gaining popularity as a result of the surging e-Commerce and telecom industry.
According to a new Fact.MR study, the dual interface smart card market is poised to progress at a value CAGR of 6%, and is expected to create an absolute $ opportunity of US$ 8 Bn by 2030-end.
Key Takeaways from Dual Interface Smart Card Market Study
- The global dual interface smart card market is expected to create a value opportunity of around US$ 8 Bn during the forecast period, adding 1.8X more value in 2030 as compared to 2020.
- The dynamic application-based operating system smart cards segment will continue to dominate demand, accounting for more than two-third global market share.
- The telecommunications industry, respect to dual interface smart cards, is set to grow at a high rate, facilitated by surging demand for smartphones and advancements in backbone infrastructure to provide network stability.
- The global dual interface smart card market is expected to witness a rise in emerging countries such as India, China, and Brazil, owing to increasing disposable income and mounting demand for automotive products.
- Asia Pacific (APAC) is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 3.9 Bn, and is expected to show prolific expansion over the forecast period.
- The North America dual interface smart card market is poised to expand at a CAGR of 6.5%, creating a value opportunity of US$ 1.7 Bn by 2030.
- The COVID-19 pandemic has led to manufacturing and supply chain issues, besides reduced demand for consumer electronic products, thereby restraining the market from reaching its full potential.
“Advancements in the telecommunication industry will boost demand for dual interface smart cards, as result of increasing sales of SIM cards,” says a Fact.MR analyst.
Key Players to Focus on Product Innovation and Regional Expansion
Prominent players in the dual interface smart card market include American Banknote Corporation, Bartronics India Limited, Cardcom Technology, CardLogix Corporation, CPI Card Group, Eastcompeace Technology Co., Ltd, Giesecke & Devrient (G&D) GmbH, GOLDPAC Group, Hengbao Co. Ltd., IDEMIA, Infineon Technologies AG, Ingenico Group, Inteligensa Group, Kona I Co., Ltd., NXP Semiconductors N.V., Perfect Plastic Printing Corporation, Identiv, Inc., Square, Inc., Thales Group, VALID, VeriFone Systems, Inc., Watchdata, and Wuhan Tianyu Information Industry Co., Ltd. Key players are adopting aggressive growth strategies for establishing their presence in regional and the global market. These players are also focusing on product innovation and capacity expansion to meet increasing demand related to associated application usage.
More Valuable Insights on Dual Interface Smart Card Market
Fact.MR, in its new offering, presents an unbiased analysis of the global dual interface smart card market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the dual interface smart card market on the basis of substrate (PVC, composite, PC paper, teslin/ synthetic paper, and others), embedded chip (microprocessors, I2C straight memory cards, stored value memory cards, protected segment memory cards, and serial data flash), operating system (fixed file structure and dynamic application system), and application (SIM cards and telecommunications, loyalty and stored value, securing digital content & physical assets, e-Commerce, bank issued smart cards, healthcare informatics, embedded medical device control, and enterprise & network security), across five major regions.
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