EMV cards: Key market research findings
- APAC dominates the market geographically
- Contact-based EMV cards account for a majority of the market’s revenue
- Key vendors – ABnote, Cardzgroup, CPI Card, Gemalto, Giesecke & Devrient, Morpho, Oberthur Technologies, Perfect Plastic Printing, and Versatile Card Technology
Technavio’s market research analysts predict the global market for EMV cards to grow at a CAGR of around 17% between 2016 and 2020. The growth of this market can be accredited to the rising regulatory intervention in secure payments. Governments in developed countries have imposed regulations for recertification of electronic payment systems that are employed by merchants or retailers and have also made it mandatory for them to have EMV compliance. Owing to these regulations, consumers have been compelled to migrate from their traditional magnetic stripe cards to EMV-enabled cards. During 2015, the global EMV card market was dominated by APAC with a market share of more than 45%. The rising need to secure access to financial data and transactions will fuel the growth of the EMV cards market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the EMV card segments based on the technology.
“The increasing popularity of e-wallet plays a vital role in the growth of this market. An e-wallet or electronic purse is similar to an EMV card. It enables monetary transactions in a manner similar to a credit or debit card and eliminates the need to carry cash. Additionally, it also helps consumers keep their money safe. The adoption of electronic purses is increasing significantly and is expected to support growth in the EMV cards market,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
During 2015, contact-based EMV cards segment accounted for almost 83% of the overall market share to become the key revenue generating segment of the global market. One of the major reasons for this trend is the minimal penetration of contactless smart cards. However, growing awareness about the advanced technology and security offered by contactless smart cards are likely to encourage end-users to increase its adoption.
The key vendors in the global EMV card market include ABnote, Cardzgroup, CPI Card, Gemalto, Giesecke & Devrient, Morpho, Oberthur Technologies, Perfect Plastic Printing, and Versatile Card Technology. Several companies have a significant presence in the EMV cards market. Some pure-play companies are either being acquired or approached for acquisition by larger corporations for their technological expertise in EMV card technology. This trend is expected to continue throughout the forecast period, as large companies are willing to explore significant growth opportunities in the EMV cards market.
A more detailed analysis is available in the Technavio report, Global EMV Cards Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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