Analysis of Dual Interface Smart Card Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global dual interface smart card market is expected to witness tremendous growth, owing to high technological advancements in the fields of semiconductors and telecommunications. Dual interface smart cards find application in industries such as telecommunication, BFSI, retail marketing, and numerous others.
The advancing the semiconductor industry and focus towards innovation have given a boost to already increasing popularity of dual interface smart cards. Contactless smart cards with enabled Wi-Fi module transaction are among the best examples of innovation with respect to these cards. Furthermore, increasing focus on digital transactions, backed by numerous offers and gifts, has also resulted in creating numerous growth opportunities for the dual interface smart card market in the recent past.
Dual interface smart cards with embedded semiconductor chips help in the transmission of data with more security by 128 or 64 bit encryption technology, depending on the type of application and semiconductor chip used. Increasing demand for smartphones is expected to drive the expansion of the dual interface smart card market size during the forecast period (2020-2030).
Technological advancements in the healthcare industry and increasing automation in this industry are expected to further propel market growth. The launch of Next Generation Networks (NGNs) and implementation of Internet of Thing (IoT) will aid market growth, as an aftereffect of increasing demand for numerous applications such as assets biotechnology, smart cities, smart grids, smart stadiums, and connected cars.
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Composite substrate designed dual interface smart cards offer strong lamination over printed material. In addition, composite substrate smart cards are extremely durable and water-resistant. These properties have made composite smart cards as the best choice for office and RFID tags in offices and toll booths. Furthermore, PVC substrate smart cards offer the benefit of adding a variety of UV coatings, depending on the desired level of finishing.
Polycarbonate smart cards are among the best choices for debit and credit cards, as well as loyalty cards. The PVC substrate smart cards segment is expected to create a value opportunity of US$ 925 Mn by 2030, and is poised to expand at a CAGR of 6% over 2020-2030.
Dual interface smart cards with dynamic application operating systems find application in SIM cards, credit & debit cards, and loyalty cards. These operating systems help in automatic updating of data without the requirement of any additional programming. Furthermore, these operating systems also provide security to the data stored with the help of encryption technology.
However, fixed file structure card operating systems find application in the office and healthcare segments. These operating systems for smart cards are very effective for analyzing biometric and component details while in contact with the reader. File structure operating system-based smart cards are expected to experience a growth rate of 5.5% over the forecast period.
Shift from legacy networks to Long Term Evolution (LTE) networks has resulted in increasing data usage across the globe. The amount of data that is produced in a day is 2.5 quintillion bytes, which is higher than the last three decades. Emergence of big data and its applications such as business intelligence and search pattern reorganization has enabled demand for QoS in the telecom market.
These advancements have created mounting demand for SIMs (Subscriber Identity Modules), which will eventually open up numerous growth opportunities for the dual interface smart card market. Furthermore, adoption of loyalty programs as part of the marketing strategy of stores to provide incentives to their customers has created ascending demand for dual interface smart cards. The loyalty and store value segment is expected to progress at a CAGR of 6.5% over the forecast period.
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East Asia is seen as the most lucrative region in the global dual interface smart card market, backed by high growth in the consumer electronics industry as well as increasing demand for loyalty cards. Regional trends and regulatory policies play an important role in the development of dual interface smart card and semiconductor markets with respect to data privacy and encryption technology.
Favorable regulatory compliances and sustained demand from the telecommunications, BFSI, e-Commerce, and retail marketing sectors for smart cards in developing economies such as India and China are creating numerous opportunities in the region. Furthermore, Europe is expected to hold the second-largest global dual interface smart card market share, due to the technically-advanced semiconductor industry and advancing standard of living.
Prominent players in the dual interface smart card landscape are focusing on the expansion of their product lines to meet the rising demand associated with different applications and segments. In addition to product portfolio expansion, key players are also investing large amounts of money for research & development activities in order to provide cards with more memory capability and high levels of data encryption.
Besides this, key players are also entering into long-term collaborations with end-use industries and raw material suppliers to establish their presence in regional as well as the global market. For instance, INDEX Biometrics SA launched TrustedBioTM in order to reduce biometric smart card cost with improved performance and security.
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The outbreak of COVID-19 is impacting the growth of the global dual interface smart card market, as an aftereffect of nation-wide lockdowns and disrupted supply chains. Priority for essential services and goods during these period has resulted in reduced demand for consumer electronic products such as smart phones, smart watches, and other smart wearable devices.
China and the U.S. are major consumers of dual interface smart cards, backed by the booming telecom industry and increasing demand for IoT applications. Imposition of lockdowns across major regions has hampered the demand for dual interface smart cards across the world.
“Dynamic application operating system-based dual interface smart card are expected to gain traction, backed by their auto upgrade features with respect to telecom industry applications”.
Fact.MR has published an exclusive forecast report for the dual interface smart card market for the period of 2020 and 2030. The foremost objective of this report on the dual interface smart card market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements. The study also addresses the key dynamics that are expected to diversify the sales and future prominence of the dual interface smart card market.
The report on the dual interface smart card market begins with an executive overview, in which product definition has been provided. The report further proceeds with the taxonomy of the dual interface smart card market, elaborating on key segments.
The report also outlines visionary insights on the dynamics of the dual interface smart card market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for dual interface smart cards. Supply chain analysis and pricing analysis of the market along with the difference between dual interface smart cards used as per application has also been included in the report to help readers clearly understand the product framework map of the global dual interface smart card market.
Fact.MR has studied the dual interface smart card market with detailed segmentation on the basis of substrate, embedded chip, operating system, application, and region.
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The dual interface smart card market to expand at a value CAGR of 6%.
The dynamic application-based operating system smart cards segment to dominate the market demand.
Prominent players in the market include American Banknote Corporation, Bartronics India Limited, Cardcom Technology, CardLogix Corporation, CPI Card Group and others.
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