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 (2017 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. Thus, these benefits are observed as potential drivers of the contactless smart card market. The growing popularity of contactless smart cards is noted across different sectors, as they can effectively identify, store, and authenticate data. Their compactness allows better portability. These are identified as additional drivers of the global contactless smart cards market. The infiltration of RFID tags is observed to serve as a potential factor causing the market to surge.
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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.
In Asia Pacific, the growing adoption of contactless smart cards by the BFSI sector is expected to driver the its regional market growth at a rapid pace. The adoption of modern technologies is likely to influence the regional contactless smart card market. Application of IoT and blockchain technologies are observed to disrupting the market. Moreover, government initiatives for implementing smart cards is expected to benefit the APAC Contactless Smart Card Market Share. In North America, upgradations in the RFID technology is likely to surge the regional market growth. It is also observed that the IT sector is showing high rate of contactless smart cards. It is identified as potential driver for the US market. The high concentration of prominent market players in Europe is likely to spur the regional market growth. The presence of firm technological base is expected to boost the EU contactless smart card market in the evaluation years.
Opal Card, a contactless fare collection system used in Sydney in public transport service, to trial contactless payment. Key players are making effort to expand their product portfolio and innovate contactless readers. This is observed to create several growth opportunities for the market to generate substantial revenue. Thus, it is safe to conclude that the future of the global contactless hold lucrative opportunities and appears bright.
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.
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