The payment card industry has introduced the EVM payment card method which has boosted the adoption of smart cards significantly. Increasing focus on security of organizations and user information has transformed smart card market outlook, with the advent of products capable of short-range wireless connectivity and can also be used as a token for multifactor authentication.
Described below are some factors influencing the demand for smart cards over the coming years:
- Increasing applications for hybrid cards
Hybrid cards will witness a steady adoption owing to multifunctional features and several smart applications that will conveniently contribute towards smart card market size. With rapid urbanization, certain countries have increasingly provided mass transportation for public travelling for greater efficiency and lower cost.
Hybrid chips are typically used for such mass transits that demand fast transaction time. Surge in security concerns in association with transactions and personal information will foster the demand for hybrid cards owing to the high level of security possible.
A hybrid card is also useful in accommodating the technology and infrastructure of a legacy system with the addition of e-card technologies in a single card. The product’s easy to use properties along with the high security provision will influence the product demand.
- Surge in use of microprocessors
Rising use of microprocessors in the banking and mobile phone sectors will contribute to the product growth. Microprocessors have their own operating system that is capable of processing data as a reaction at a given situation. The smart card is practical and a powerful tool due to its capability to record and modify information in its own physically protected and non-volatile memory.
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Emerging markets like E-passports, assess control, PKI and other applications wherein the cryptographic abilities addresses the issues of security particularly demand microprocessor cards, expanding smart card industry scope.
- Growing telecommunication sector
Smart cards are secure elements and are widely used in the telecommunications industry around the world. These cards are used in two major applications like the prepaid telephone cards where the valued memory cards are stored as well as the Subscriber Identity Module (SIM), which are microprocessor based smart cards in mobile phones.
Moreover, smart cards are being used with NFC-enabled mobile phones that have incorporated secure elements and are being used for several applications that include ticketing, mobile marketing and other mobile contactless payments. This has tremendously bolstered global smart card market share from sim and telecom segment applications.
The smart card industry has UICCs and SIMs as the highest volume products for revenue and units. More than 100 countries use smart cards after having substituted coins in payphones in order to improve convenience for customers and telecommunication operators.
- Rise in daily consumer purchases
Increasing consumer needs and purchases will stimulate the applications of smart card in the retail & gas sector in the forthcoming years. The card can be used as electronic wallets while the chip has funds in order to pay for purchases like cafeteria food, taxi rides, groceries and laundry services. Bank connections are not required due to the cryptographic protocols that the money exchange between machine and smart cards have.
In an effort to save time and provide easy access of customer service to consumer, the government has been making efforts to use technology. India’s sole supplier of piped natural gas and CNG, Indraprastha Gas Ltd., recently launched prepaid smart cards in order to provide the customer with digital options for payment.
Key market players in the smart card industry like Oberthur, Inteligensa Group, CPI Card Group, American Banknote Corporation, IDEMIA, Perfect Plastic Printing Corporation, Watchdata, HENGBAO and Goldpac Group have introduced advanced smart solutions. Further collaborations and strategic acquisitions will influence the business outlook considerably. Global smart card market size is anticipated to surpass USD 65 billion by 2025.
Author Name : Riya Yadav
Soaring traction for 5G RAN has bolstered radio access network market trend as implementation of 5G RAN will potentially enable transparent connectivity for a new generation of information-driven industries and users. At the time when 5G networks are leveraging the delivery of exceptional services to the conventional mobile subscriber, several previously unconnected industries are incubating ideas which are likely to transform mobile telecommunication’s role.
With 5G network taking the world by storm, next-generation RAN is set to be characterized by throughput focused, highly dense and software-driven nature. Research claims 5G radio access will implement techniques designed to enhance a signal’s ability to reach local user device by keeping undue interference at bay.
Global Market Insights, Inc. predicts radio access network market size to exceed US$ 15 bn by 2025.
Surging internet penetration has led to data incentive applications, thereby allowing telecom operators to enhance their cellular coverage. Government authorities are taking initiatives to expand commercialization of 5G network. Notably in November 2018, US-based Federal Communications Commission (FCC) deployed a 1,550 MHz spectrum to be used by commercial wireless providers for the use of 5G network and regulated interstate communication services.
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Favorable government approach has bolstered radio access network (RAN) market share. According to the Indian Brand Equity Foundation, the Government of India is gearing to invest around US$ 100 bn in a National Telecom Policy 2018 by the end of 2022.
Besides 5G offering sizeable network performance characteristic enhancement, it is likely to enable technologies such as artificial intelligence (AI), internet of things (IoT), and robotic process automation (RPA), namely. At the time when 5G value chain will be instrumental in offering differentiated services to niche market segments, stakeholders are eyeing to propel radio access network market outlook.
China and Japan are all set to underpin radio access network market trend as apparently, they have been the pioneers of 5G network. Nevertheless, unprecedented use of smartphone in India has had positive influence in radio access network market size expansion. As of third quarter of 2017, over 40 mn smartphones were sold in India alone. With soaring smartphone penetration and lower than ever data tariffs, it is safe to anticipate a robust growth rate for APAC radio access network market share during the assessment period 2019-2025.
Leading technology companies are teaming up with other technology companies to introduce innovative radio access solutions. In the first quarter of 2019, a Japanese telecom operator Rakuten joined hands with Intel to introduce a fully virtualized radio access network (RAN) solution. APAC radio access network (RAN) market is slated to expand at a CAGR of over 8% through 2025, according to Global Market Insights, Inc. research report.
Against the backdrop of expanding mobile penetration across developing regions, suburban and rural area segment is expected to witness a CAGR of over 6% during the assessment period. Palpable demand for RAN solutions in suburban and rural regions has augured well for the growth of radio access network market outlook.
Collaborations and partnerships among pertinent companies have risen significantly as they look to gain competitive edge in the industry. Nokia Networks collaborated with Orange to conduct live network trials to substantiate the veracity of upsides of C-RAN in Poland for 5G network in June 2018.
Some of the prominent companies active in radio access network market are Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd., Nokia Networks, Intel Corporation and HP Enterprises, among others.
Sunil Jha : Dhananjay Punekar
Industry participants are making increasing R&D investments and efforts to meet the rising consumer expectations pertaining to performance, reliability and durability of these motors. Manufacturers focusing on launching innovative products using recycled materials to meet the ever-growing demand for outboard engines. This in turn will help manufacturers cut raw material procurement costs and facilitate significant minimization of environmental impact.
2-stroke outboards engines are prominently used in small watercrafts and fishing boats on account of several major advantages including higher operational output and simpler structure as opposed to the 4-stroke versions. In addition, 2-stroke outboard motors are lightweight and compact in design, making them best-suited for application in smaller boats. 2-stroke outboard engines industry size will hold over 40% of the global share in terms of revenue by 2025.
Mounting concerns pertaining to emission of hazardous gases and substances have consequently resulted in development of highly energy-efficient alternatives such as electric fuel type outboard motors. Low-power electric motors are gradually emerging as a potential substitute for gasoline-driven motors and engines. Electric fuel type outboard engines market share will register a healthy 8.5% CAGR over 2019-2025.
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Electric ignition type engines are majorly employed in commercial boats owing to benefits such as easy and hassle-free ignition of motor even in adverse weather conditions. Manufacturers are increasingly incorporating electric ignition type engines in smaller watercrafts and fishing boats due to the aforementioned advantages, which will undeniably expand outboard engines industry scope in the next few years.
High-power outboard engines market is projected to generate revenues in excess of USD 9.5 billion over the projected timeframe. This growth can be mainly attributed to positive application outlook in larger boats and yachts which are facing robust demand worldwide. Manufacturers are aiming to expand and upgrade their existing motor production facilities and making investments to develop high-power motors to keep up with the global demand.
Military represents a key application segment driving global outboard engines industry trends. These engines find widespread use in rescue boats and inflatable boats. Surging demand for outboard motors by the U.S. Coast Guard will further fuel the product demand, bolstering outboard engines market outlook. North America outboard engines market size will witness unprecedented growth in the coming years mainly due to the presence of prominent boat manufacturers along with motor distributors.
An increasing number of people are undertaking recreation and leisure boating activities in the U.S. and Canada which will further propel the regional demand. Robust economic growth coupled with favorable government initiatives to upgrade the boating infrastructure will ensure lucrative opportunities for regional manufacturers.
Author Name : Hrishikesh Kadam
Cluster manufacturers are directing rigorous efforts to develop newer systems to combine infotainment with these panels and enabling the display of electronic information in a single panel by using a system on a chip platform. These chips are known for delivering high-quality displays in 3D and 2D graphics for mid-size cars. Smart vehicles are moving automakers towards information-rich graphical displays, driving automotive digital instrument cluster industry forecast.
12 inch display segment is anticipated to witness over 24% CAGR between 2019-2025. OLED is estimated to gain a high demand among new vehicle display panels as it is extensively used to produce flexible, slim and light displays. Manufacturers are widely utilizing these displays for several vehicle applications such as navigation, internal & external lightening, head-up display, and instrument cluster.
Due to advanced features, car manufacturers are widely adopting OLED as an advanced automotive lighting component which will further stimulate automotive digital instrument cluster market trends. In 2018, LG Display had collaborated with Cadillac, Mercedes, and Tesla for the development of FHD 12.3” curved plastic-based flexible OLEDs. OLED provides new possibilities in lamp and luminaire designs and as panel radiators, they are apt for use as taillight, signal light, or even interior lighting.
As the competitive pressure mounts in the automotive sector, there has been a reduction in electronics and digital system manufacturing costs for passenger vehicles, while bringing new advancements in instrument clusters. Moreover, instrument clusters are evolving rapidly with the addition of color displays and high-display solutions which provide an opportunity to develop greater display panels.
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Many companies and business incubators are looking forward to commencing the installation of several algorithms in the e-cockpit like fisheye detection, around-view mirror (360-degree AVM) rearview monitoring, and Driver Monitoring System (DMS) creating the need for big instrument clusters. In May 2019, Visteon Corporation had announced the introduction of a SmartCore cockpit domain controller in India.
This system formed a key part of the digital & hybrid instrument cluster and infotainment system in TATA Harrier SUVs. Similar moves by manufacturers and companies to adopt the automotive digital instrument cluster could highlight the trend in automotive sector. It is estimated that global automotive digital instrument cluster industry size may be pegged at USD 7 billion by 2025.
Asia Pacific automotive digital instrument cluster industry size is increasing rapidly due to the strong vehicle and component manufacturing sector in emerging economies like Japan, China, and South Korea. Most of the regional governments have been instigating a supportive regulatory framework to enhance the deployment of the digital instrument cluster in automobiles that will fuel the product demand in coming years.
Other Asian countries including South Korea, Japan, and India are also witnessing a robust expansion of the automobile sector due to the low manufacturing costs, consumption of passenger vehicles, and increased export activities in the region. The rising use of digital technology in vehicles for achieving sustainability and better performance will certainly bolster automotive digital instrument cluster market outlook.
Author Name : Deeksha Pant
Rising investments toward construction sector to accelerate off-road tires market outlook over 2019-2025
Ongoing technological advancements in product manufacturing will stimulate off-road tires market trends. New generation tires will boast of enhanced tread patterns and performance attributes and will provide higher durability and heat resistance over the predecessor. Consistently expanding distributor & dealership network across the globe will also foster product penetration over the study timeline.
Furthermore, growing innovations to develop advanced product portfolio featuring self-sealing tires, and Self-Supporting Runflat (SSR) tire systems will positively influence business growth. The implementation of SSR system improves the safety of vehicle as it prevents the damage to side walls of tires in crunch situations. Rising adoption of advanced tire manufacturing techniques among the prominent Industry players including Michelin, Continental AG, and Pirelli will help expanding the consumer base for these specialty tires.
However, consistently changing regional trade policies and fluctuating raw material prices may negatively affect the product demand over the forecast timeframe. Some countries levy high import tariffs on rubber raw materials which should increase the product price, restricting the industry expansion. For instance, in 2018, China increased the import duties on synthetic rubber coming from the U.S., Singapore, and the European Union. Though the current scenario of global trade war may restrain off-road tires market demand, the expansion of production facilities across the globe will help countering this negativity.
Based on raw materials, synthetic rubber segment is projected to substantially grow over 7.5% CAGR through 2025. The growth is attributed to superior heat and abrasion resistance provided by the material during vehicle operations. Moreover, the tires built from synthetic rubber exhibits longer lifecycle owing to lesser wear and tear. The way these products withstand variable temperatures and permit strong hold over slippery surfaces, it will support the segment penetration over the forecast timeframe.
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Considering the tire height, above 45 inches segment is likely to register significant gains due to the increased demand from bigger vehicles such as tractors, harvesters, rock trucks, dozers and excavators. The expansion of construction activities along with the proliferating agriculture sector will drive the segmental demand. Tire manufacturers are consistently involved in new product launches for OTR (off-the-road) applications which should foster revenue generation over the forecast period. For instance, in April 2018, Alliance Tire Group launched new galaxy brand radial tires for OTR vehicles.
The product is utilized for several off road vehicle types such as SUV, UTV, 4WD, HDT, Dirt Bikes & Quad and OTR. Pertaining to rising recreational activities and dirt bike events hosted across the globe, the Dirt Bikes & Quad segment is presumed to witness substantial gains in the off-road tires market. The increasing development of recreational parks and tracks for ATV will escalate the product demand.
Increasing investment to enhance the product attributes will positively impact the market growth. For instance, in April 2016, Speedways Rubber Co. revealed that it will invest around USD 68 million to manufacture tires for quads.
Author Name : Amol Kothekar