Easy accessibility and affordability of devices are now something everyone is looking for when it comes to interacting with different platforms. Contactless smart cards are providing just that. By operating via near field communication (NFC), it connects two different platforms and gives effortless access to its users. The quick transfer of data delivers ample back up for its performance. The global contactless smart card market is eyeing for a quantum leap with a stellar CAGR of 18% during the forecast period (2017-2027), reveals Market Research Future (MRFR) in a well-designed article that has enwrapped all market angles to deliver a comprehensive study of the forthcoming years. The major feature that drives its market ahead is its convenience and security while performing a transaction. Stored identity of the user in such cards are tamper proof and at the same point of time, protects the user from a wide array of data leaking possibilities. User id, passwords are of no importance, and the cards are cost-effective. The market is also gaining popularity in sync with trends such as cashless payment gaining traction in healthcare, retail, BFSI, and hospitality sectors.
However, an imposter with a suitable reader at a distance can copy the information stored in the cards. Losing it also increases the risk of account data transfer. These hurdles can impede the growth rate. But, its pros are so many that it would regain its credibility in no time.
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NEXT Biometrics has leaped forward where they are now going to include fingerprint to contactless smart cards to increase its security and protect customer information. Visa is also introducing a card where, by tapping only people can transfer their money. Its rising popularity is visible from Visa’s estimation during the World Cup Football 2018 where around 54% people have used this method to pay.
The global contactless smart card market can be segmented by type, application, and technology.
By type, the market can be segmented into proximity card & CPU/MPU cards.
Application-wise the market includes BFSI, government, transportation, healthcare, defense, retail, and loyalty among others.
Based on technology, Contactless Smart Card Market Size consists smartcard integrated circuits, memory smart card, microprocessor smart card, and others.
Region-specific segmentation of the market encapsulates North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
Precedence of emerging economies in the APAC and their tendency to adopt the latest technologies to stay at par with the developed countries have made the region the biggest revenue generator. Various sectors such as retail, healthcare, government, and BFSI are inspiring customers to switch to digitalization process which in a way is proving effective for the market growth. Furthermore, the region is getting proper backup from the internet of things and different business models. Europe assumes the second spot and is showing positive growth signs. North America is touted to become one of the key market influencers during the forecast period. The growth can be attributed to the increasing deployment of cloud-based contactless payment technologies in various verticals and the general tendency of the populace to adopt the smart technology.
The competitive market is expanding owing to innovations brought in by various major players. However, the densely packed market can engage more companies as the market has a lot of scopes in terms of product launch.
Some of the key players in the contactless smart card market are ASK (France), Gemalto NV (Netherlands), Giesecke & Devrient (Germany), Morpho (France), Oberthur Technologies (France), Watchdata System (Singapore), Advanced Card Systems (China), CardLogix (U.S.), DataCard Corporation (U.S.), DataCard Corporation (Germany), and others.
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