Key Players Includes in Contactless Smart Card Market:
MRFR listed some potential vendors of the contactless smart card market. They are; Gemalto NV (Netherlands), ASK (France), Morpho (France), Giesecke & Devrient (Germany), Watchdata System (Singapore), Oberthur Technologies (France), DataCard Corporation (Germany), CardLogix (U.S.), Advanced Card Systems (China), DataCard Corporation (U.S.) and others. Strategic deals that are adopted by these well-established players can work in favor of the market. In addition, investment made by these companies in research and development for launching innovations is expected to benefit the market.
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Contactless smart card systems are being widely used in various applications such as physical security, tracking, payment systems, and many more. The usage of RFID systems has grown quickly over the last decade and is rapidly becoming a common part of everyday life. The aim of contactless smart card technology is to provide low cost “no-touch” communication, which can create an authenticated, and optionally, the encrypted channel of communication between the card reader and the nearest smartcard.
Contactless smart cards propose a high degree of flexibility in business transactions that is expected to cause its market to thrive at about 18% CAGR in the forecast period (2020 to 2027). As per MRFR analysis, the benefit of better security and minimal human intervention offered by contactless smart cards is likely to cause an escalation in its market value by the end of the forecast period. Contactless smart card system contains tamper-resistant properties, such as secure crypto processors and human-readable features, that provide a high degree of security, along with easy accessibility.
Contactless smart cards use radio frequency identification (RFID) technology to wirelessly communicate with a card reader. A copper or aluminum antenna is connected to an integrated circuit (chip) and then securely laminated inside plastic card body under high heat and pressure. Contactless smart cards range from simple memory cards with low security and non-volatile memory structure up to high-security crypto-processor cards and Java / Native operating system (OS) cards.
The contactless smart card market’s segmental analysis is based on application, type, and technology. By type, the market is sectioned into proximity card and CPU or MPU cards. The application-based segment consists of transportation, BFSI, government, retail, healthcare, defense, loyalty, and others. BFSI and government sectors are high end-users of contactless smart cards. These sectors need to rely on feasible and robust data storage and accessing system. Thus, likely to contribute to the expansion of the market. By technology, the market segments are: memory smart card, microprocessor smart card, smartcard integrated circuits, and others. Microprocessor smart card offers greater reliability over contactless smart cards and are available at affordable price. These advantages of microprocessor smart card are expected to contribute of the progress of the global contactless smart card market.
Asia Pacific region is leading the global contactless smart card market due to the increasing number of forgery cases and duplicate identity cases. For instance, in Indonesia smart card IDs are rolled out to millions of government workers, pointing the way forward to future closed systems that offer identification and payment authentication. The technology is provided by HID Global and its deployment of those cards has come at a lower cost than similar projects, according to the company and the Indonesian agency overseeing the effort.
The contactless smart cards market is growing in Europe and North America. IDEX, a leading developer of advanced fingerprint solutions for mass markets, launched a ground-breaking flexible, low power fingerprint sensor ready to be used in contactless cards operating with standard NFC terminals. The sensor has state of the art power management which supports biometric card operation without a battery. The sensor is specifically designed for proven standard mass production processes. North America is expected to emerge as one of the key regional markets over the forecast period. The growth is mainly attributed to the increasing deployment of cloud-based contactless payment technologies in various verticals such as transportation. Europe is expected to be another major region for contactless payments owing to the growing number of smart card rollouts.
Table of Content:
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Contactless Smart Card Market
5 Industry Overview of Global Contactless Smart Card Market
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
6 Market Trends
6.2 Growth Trends
6.3 Impact Analysis
Continued. . .
List of Table:
Table 1 Global Contactless Smart Card Market: By Region, 2017-2023
Table 2 North America Contactless Smart Card Market: By Country, 2017-2023
Table 3 Europe Contactless Smart Card Market: By Country, 2017-2023
Table 4 Asia-Pacific Contactless Smart Card Market: By Country, 2017-2023
Table 5 Middle East & Africa Contactless Smart Card Market: By Country, 2017-2023
Continued. . .
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