SIM Card Market is Expected to Grow at a CAGR of 3.9% from 2017 to 2022, says Esticast Research and Consulting
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As per the report “Sim Cards Market” By Type ( DES, 3DES & AES ), By Application ( Mobiles Phones, Tablet & Wearable Device), Estimation & Forecast, 2016-2024.
In 2016, the AES segment generated the highest revenue share in the global SIM card market. Among major regions, China was the highest revenue generating market accounting nearly 25% of the global market share in 2016.
“Factors such as high dependency on electronic devices, urbanization and increasing trend of social networking are majorly responsible for the hiking demand of SIM cards. However, the emergence of E-SIM might act as a hindrance to the growth of the market”.
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SIM Cards with AES exhibit greater acceptance among end users, holding nearly 1/3rd share of the global market
AES, also called as Advanced Encryption Standard, is an effective solution that is easily implemented in hardware and software, as it provides defensive solutions against various attacks. Moreover, the vulnerability of DES to brute- force attacks is leading to the development and advancement of Advanced Encryption Standard. The flexibility of the algorithm, high security strength, and simplicity of implementation render growth opportunities to this market segment. The AES SIM card market is expected to grow with a CAGR of 8.7% during the forecast period of 2017-2022.
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Mobile phones to emerge out as the most prominent application of SIM cards, followed by tablets
The SIM card market has grown rapidly, owing to increasing mobile communication. According to an estimate, globally, 500 million smart phones are purchased annually. The market is in continuous growth despite the general economic downturn that has affected much of the world and many business sectors globally. However, in the upcoming future, the wearable devices are expected to witness the fastest growth in terms of application of SIM cards and is expected to grow with a CAGR of 10.1% throughout the forecast period of 2017-2022.
Continued advancement of LTE networks to bring a rapid growth of SIM cards in Asia countries such as China and India
The constantly rising demand for advanced technology embedded in smartphones and other electronic devices is driving the demand for SIM cards in the region. China is the major supplier of SIM cards to the telecom industry of India, Pakistan, Singapore and Bangladesh. The U.S. follow China in terms of SIM card market share. However, a recent mandatory registration might cause turbulence in the Chinese market, as the government now mandates citizens to register their SIM cards. The region holds more than 20% of the global SIM card market share. On the other hand, South Korea and Taiwan are expected to grow with a considerable growth rate of 5.3% and 5.4% respectively.
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GLOBAL SIM CARDS MARKET KEY FINDINGS
- The global SIM card market is projected to grow at a CAGR of 3.9% from 2017 to 2022.
- The AES SIM card market is expected to grow with a CAGR of 8.7% during the forecast period of 2017-2022.
- The wearable devices are expected to witness the fastest growth in terms of application of SIM cards and is expected to grow with a CAGR of 10.1% throughout the forecast period of 2017-2022.
- China led the global SIM cared market holding a share of more than 20% in 2016.
Several market giants earning high revenues, such as Gemalto, Morpho, and Giesecke & Devrient are based in Europe. In addition to the presence of SIM card manufacturers, Europe and Asia-Pacific are also the hub for raw materials required to manufacture SIM cards. Product launch and Acquisition have emerged out as the major strategies adopted by the key market players.