Global Contactless Smart Card Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz, in its upcoming report titled, “Global Contactless Smart Card Market Trends, Applications, Analysis, Growth, and Forecast to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global contactless smart card market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global contactless smart card market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global contactless smart card market is segmented on basis of type, application, and region. The global contactless smart card market was valued at US$ X.X billion in 2016, and is expected to reach US$ XX billion over the forecast period at a double-digit CAGR of XX%.
Smart cards are pocket-sized cards made of plastic, which can be embedded with microchip or integrated circuits and then process and store data. Smart cards are used for individual authentication and identification, payments, as a transit ticket, and for authorized access within secured premises. Types of smart cards are contact-based smart cards and contactless smart cards. Contactless smart cards function on radio frequency technology for communication between smart cards and smart card reader, while contact-based smart cards need to come in contact with the card reader to function.
Primary factors driving growth of the global contactless smart card market are increasing incidence of forgery and duplication of identity owing to technological advancements in the recent past. In addition, these cards are PIN protected and difficult to decode due to which, they can be used for contactless payments. Increasing adoption in sectors such as BSFI, retail, transportation, hospitality, and government is further boosting demand for contactless smart cards. In addition, governments in several developed countries are making this technology mandatory for passport and drivers licenses. Moreover, use of contactless smart cards for transit application to provide convenient payment option is expected to further fuel growth of the global contactless smart card market.
Factors restraining growth of the global contactless smart card market are that they can still be tampered with or stolen, and these lack user mobility (i.e. they can be used only if a smart card reader is available). Privacy concerns related to financial credentials on metal strip and failure rate of contactless smart card is high as they are made of plastic and micro-chips, which is major challenge in the global contactless smart card market currently.
Asia Pacific dominates the market in terms of revenue generation and is expected to further witness significant growth during the forecast period. Demand for contactless smart cards is relatively high in the market in Asia Pacific because of increasing fraud and identity duplication cases in countries in the region. Revenue from the market in Asia Pacific is expected to expand at a CAGR of XX% during the forecast period. Europe is expected to be the second largest market for contactless smart card over the forecast period.
Global Contactless Smart Card Market Segmentation:
Segmentation on the basis of type:
- Proximity Cards
- CPU/MPU cards
Segmentation on the basis of application:
- Banking, financial services and insurance (BFSI)
- Government and corporate IDs
Segmentation on the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Paragon ID
- Gemalto NV
- Giesecke+Devrient Mobile Security GmbH
- IDEMIA Identity & Security
- Oberthur Technologies
- Watchdata Technologies Ltd.
- Advanced Card Systems Ltd.
- CardLogix Corporation
- DataCard Corporation
- Infineon Technologies
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