Businessinsider: Contactless Smart Card Market

Showing posts with label Contactless Smart Card Market. Show all posts

Wednesday, March 9, 2022

Contactless Smart Card Market Future Growth Study, Market Key Growth Factor Analysis and Competitive Landscape | COVID-19 Effects

Overview:

The global contactless smart card market is growing continually, witnessing rapid upsurge and developments. Smart cards offer the convenience of systematic, secured payment services. Besides, the market growth attributes to the rising numbers of security measures implemented in contactless smart cards offering increased security than proximity cards.

Contactless smart cards allow users to securely manage the stored data on the card using interactive intelligent card readers. People are increasingly demanding contactless readers, RFID tags, and contactless smart cards due to faster data transfer convenience. With the increasing introduction of mobile apps for tag collection and technological advances, the market is forecasted to witness significant traction in the years to come.

In this regard, Market Research Future (MRFR) asserts that the global Contactless Smart Card Market Size is expected to grow pervasively during the review period (2020-2027). Multifunction cards serve as network system access and store value and other data, allowing these smart cards to garner more popularity, demand, and uptake.

Additionally, the COVID-19 pandemic is fostering the adoption of smart card technology, promoting contactless transactions. Simultaneously, increasing smart city projects worldwide provide impetus to market growth. Government initiatives for infrastructure development and smart highway projects foster market growth.

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Global Contactless Smart Card Market – Segments

The report is segmented into types, applications, technologies, and regions. The type of segment is sub-segmented into proximity cards and CPU/MPU cards. The application segment is sub-segmented into BFSI, government, transportation, healthcare, defense, retail, loyalty, and others.

The technology segment is sub-segmented into smartcard integrated circuits, memory smart cards, microprocessor smart cards, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and Rest-of-the-World.

Contactless Smart Card Market – Regional Analysis

The Asia Pacific region leads the contactless smart card market due to the broad uptake & implementations of these cards in transportation systems. Besides, the largest market share attributes to the rapid digitization of processes across industries, such as retail, healthcare, government, and BFSI. India, China, Japan, and Singapore are major markets for contactless smart cards.

Moreover, emerging business models and the proliferation of IoT in this region foster the market demand. Europe is the second-largest market for contactless smart cards globally. The market growth is driven by the growing awareness about the contactless smart card benefits and advantages of RFID tags. France, Germany, and the UK account for significant shares in the regional market, with their rapidly growing banking, retail, and hospitality industries.

The North American contactless smart card market witnesses rapid expansion stage, emerging as the fastest-growing market. Factors such as the rapidly growing banking sector and the increasing sales of electronic cash register systems in the region boost the market growth. The US and Canada lead the contactless smart card market in the region.

Contactless Smart Card Market – Competitive Landscape

The market appears well-established and fragmented, with several key players forming a competitive landscape. Mature players incorporate strategies, such as mergers & acquisitions, collaboration, expansion, and product launch to gain a larger competitive share. These players focus on innovations and new product development, fuelling the already intensified market competition. They make substantial investments in R&D to develop a technology with unique design and features on an entirely different level than their competition.

Major Players

Players leading the contactless smart card market include Gemalto NV (Netherlands), ASK (France), Giesecke & Devrient (Germany), Oberthur Technologies (France), Morpho (France), Watchdata System (Singapore), CardLogix (US), Advanced Card Systems (China), DataCard Corporation (US), and DataCard Corporation (Germany), among others.

Industry/Innovation/Related News:

May 19, 2021 ---- Conduent Transportation, a leading business process services and solutions company, announced the successful introduction of contactless payment on Brescia Mobilità’s bus fleet. The new system is an account-based ticketing contactless payment system. Riders in Brescia now have a seamless payment system that connects the city’s entire public transportation network.

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Contactless Smart Card Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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Monday, February 28, 2022

Contactless Smart Card Market Strategic Assessment, Research, Size, Share and Global Expansion by 2027 | COVID-19 Effects

Industry Insight

Market Research Future takes into version on the impact of the novel COVID-19 pandemic on the global contactless smart card market 2020. It offers a clear assessment of the projected market fluctuations during the forecast period (2017–2027). Various factors are likely to impact the overall dynamics of the contactless smart card with a CAGR of 18% in the same forecasted period.

Outlook of the global contactless smart cards market

Smart cards are pocket-sized cards that contain circuits and can be used for individual identification and authentication by organizations across diverse sectors. The scenario for growth in Contactless Smart Card Industry will be driven by factors such as the elevated convenience of contactless smart cards and the augmented utilization of contactless smart cards by governments to address their rising need for security.

The expanding need for a tamper-resistant system will be the most influential driver for the growth of contactless smart cards market. Smart cards with magnetic strips have the competence to store financial information about end-users. Since contactless smart cards with PIN codes are difficult to corrupt with, they are progressively being adopted to encourage the safety of the card holder’s accounts. Such features have bolstered the market’s valuation highly, mainly in the novel coronavirus pandemic.

At present, people are adopting smart card technology while traveling to save time as well as increase convenience. The smart card technology eliminates the queue system while collecting tickets. Smart cards provide numerous benefits to commuters, which include a reduction in traveling time and improvements in service competence. They also facilitate governments and transport services to collect the travel data of commuters. Owing to the convenience of smart card payments, the usage of these can be extended to areas of the transport market such as washing, car parking, servicing, and fueling. Such uses have been elevated among the sudden coronavirus disease outbreak happened worldwide.

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Segmentation of Market

The global contactless smart card market has been segmented over the segments of type, application, and technology.

In terms of the type segment, the market is further classified into proximity card & CPU/MPU cards.

In terms of the application segment, the market is further classified into government, BFSI, healthcare, transportation, retail, defense, and loyalty, and more like these.

In terms of the technology segment, it is further classified into microprocessor smart card, smart memory card, smartcard integrated circuits, and others.

Regional Outlook

Geographically, Asia Pacific leads the global contactless smart card market. The brisk digitization across industries of healthcare, retail, BFSI, and government has promoted consumers to adopt the products. Promising business models in this region, incorporating IoT, aim to employ these cards for payment processes, subsequently fueling the regional industry expansion.

China has been one of the pioneers in phasing out checks and introducing contactless payments, leading to the overture of digital cards. The study finds that in November 2019, Alipay, China’s leading payment platform, served more than 1.2 billion customers. China’s ID cards attribute an embedded chip and digital encryption that contains personal information such as an individual’s full name in the Chinese gender, characters, date of birth, ethnicity, identification number, domicile, and a color photo.

Europe occupies the second-largest global contactless smart card market.

Top Key Players

Few well-known players in the contactless smart card market are listed as Gemalto NV (Netherlands), ASK (France), Morpho (France), Giesecke & Devrient (Germany), Watchdata System (Singapore), Oberthur Technologies (France), CardLogix (U.S.), Advanced Card Systems (China).