Global Banking Smart Card Market is valued approximately at USD 4.99 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 12.50% over the forecast period 2019-2026.
A banking smart card is any pocket-sized card that has embedded with microprocessor chip or memory chip. This banking smart card is a novel technology which has been introduced to the banking industry in order to minimize fraudulent activity and thus, enhance safety when it comes to banking. This banking smart card is a medium via which clients would be capable to ensure the protection of their assets. The banking smart card technology aids in zero error functioning and is frequently more convenient for the consumer to use. Increasing number of frauds in banking & financial sector coupled with surging trend of cashless transactions are the major factors responsible for high CAGR of the market over the forecast period.
For instance, according to the survey of Financial Fraud UK report in 2016, the financial fraud losses across payment cards, remote banking and cheques resulted in approximately USD 857.6 million, an increase of 2% as compared to 2015. Moreover, the growing requirement for secure authentication and verification technology to conquer the security threats in the banking sector is a prime factor boosting the demand for smart cards around the world. In addition, constant developments in technology penetration along with growing digital channels such as online banking & mobile banking is another factor driving the demand for banking smart card all over the world. However, lack of awareness of the smart card technology, the high cost to initially implement this technology and security concern among users are few factors anticipated to limiting the growth of global Banking Smart Card market during the forecast period.
The regional analysis of global Banking Smart Card market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region in terms of revenue and market share owing to rise in trend of cashless transaction among individuals living in this region. However, Asia-Pacific is expected to exhibit at high growth rate / CAGR over the forecast period of 2019-2026 owing to rising number of fraudulent activities in banking sector across the countries of this region.
Major market player included in this report are:
- NXP Semiconductors NV
- Giesecke & Devrient (G&D) GmbH
- Texas Instruments, Inc.
- SCM Microsystems
- Oberthur Technologies SA
- Infineon Technologies AG
- Atos SE
- INSIDE Secure SA
- American Express Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
- Magnetic Stripe Card
- Chip Card
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2016, 2017
- Base year – 2018
- Forecast period – 2019 to 2026
Target Audience of the Global Banking Smart Card Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers