Selbyville, Delaware, June 23, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the smart card market which estimates the market valuation for smart card will cross US$ 75 billion by 2027. The rising residential and non-residential construction across the globe is set to spur industry growth. Additionally, emerging applications of dry mix mortar in the commercial and infrastructural sectors due to its cost-effectiveness and excellent workability are expected to offer new growth opportunities to the industry.
There is a growing adoption of dual-interfaced smart cards with highly secure dual interfaces and larger memory requirements than a standard card. They are embedded with a single chip that can be accessed either through an embedded antenna or contact pads. These smart cards enhance security, reduce frauds, and enable secure access to the card's chip with either contactless or contact smart card interfaces. Players focusing on innovating their smart card portfolio will boost the market growth. For instance, in February 2019, Gemalto N.V. announced the integration of fingerprint technology to optimize the performance of its dual interface payment cards. This move helped the company to offer biometric EMV payment cards to bank customers for safe & secure payment transactions.
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The expanding retail industry will propel the demand for advanced payment acceptance techniques as retailers focus on enhancing customer satisfaction. Small retailers still are increasingly adopting card readers to ensure customer convenience. Large malls and supermarkets are using integrated systems that enable them to accept a wide range of payment options while also focusing on loyalty programs to ensure customer retention. Retailers are increasingly adopting smart card readers that help them to ensure fast transactions. For instance, in May 2020, Shopify’s tap and chip card that features contactless or tap payments for credit and debit cards was launched in Canada. This enables Canadian retailers to offer customers more options to pay by accepting contactless Interac Flash payments, Mastercard, American Express, Visa, Google Pay, and Apple Pay.
The government efforts targeted at improving the digital infrastructure in the Middle East & Africa will fuel the smart card market growth. In November 2020, IDEMIA launched the Middle East’s first contactless full metal dual interface payment card. The government in Saudi Arabia is making efforts to move toward a cashless economy. In September 2020, 91% of all POS transactions in the region were contactless while around 266 million transactions valued at USD 8 billion were NFC. The growing penetration of digitalization will result in increasing use of smart cards for several applications including access control, authentication, and financial transactions.
Some major findings of the smart card market report are:
- Biometrics is fast gaining traction as a reliable payment method for bank and payment service providers to reduce fraud across both traditional and emerging payment channels. The payment industry in Europe and the U.S. continues to encourage payment authentication techniques that improve on traditional methods and enhance user experience. This factor will fuel the biometric smart card market growth.
- There is a high demand for contactless smart cards since the outbreak of the pandemic. Increasing number of consumers are preferring contactless payment techniques to prevent the spread of the virus through bank notes.
- Smart ticketing has gained traction across several developed and developing regions, with the growing penetration of digitalization across several industry verticals. Transportation authorities are implementing advanced ticketing technology to ensure fast transactions and streamline operations. Rapid urbanization has stressed the existing transportation system, encouraging authorities to upgrade the infrastructure. This has propelled the demand for high-quality smart card readers.
- Increasing demand for security and convenience in transactions is driving the smart card market growth. NFC is a secure contactless card technology in which the card connects with NFC-enabled reader to complete a transaction. Mobile payment service providers are partnering with payment card networks to ensure smooth transaction process.
- The advent of digitalization in Asia Pacific will offer strong growth opportunities to the smart card market. There is an increasing use of smart cards for user authentication and cashless transactions that ensure user convenience.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart card industry 360⁰ synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Solution trends
2.1.4 Application trends
Chapter 3 Smart Card Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Manufacturers
3.3.3 Technology providers
3.3.4 Service providers
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology and innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.1.1 NFC Standard ISO/IEC 14443
3.5.1.2 ISO/IEC 7810:2003
3.5.1.3 ISO/IEC 7816
3.5.1.4 ISO/IEC 19794
3.5.1.5 Federal Information Processing Standards (FIPS)
3.5.1.6 Electronic Fund Transfer Act (EFTA)
3.5.1.7 Payment Card Industry Data Security Standard (PCI DSS)
3.5.1.8 The Health Insurance Portability and Accountability Act (HIPAA)
3.5.2 Europe
3.5.2.1 Europay, MasterCard, and Visa (EMV)
3.5.2.2 OpenCard Framework
3.5.2.3 European Union Data Protection Directive
3.5.2.4 European Telecommunications Standards Institute (ETSI)
3.5.2.5 European Union Agency for Network and Information Security (ENISA)
3.5.2.6 EMC mandate
3.5.2.7 French Data Protection Authority's (CNIL)
3.5.3 Asia Pacific
3.5.3.1 Bureau of Indian Standards (BIS)
3.5.3.2 National Payments Corporation of India (NPCI)
3.5.3.3 Personal Information Protection Act (Act No. 14839) (“PIPA”)
3.5.3.4 Singapore Standard for Smart Card ID (SSID)
3.5.4 Latin America
3.5.4.1 Law Nr. 12,865/2013
3.5.4.2 Brazilian General Data Protection Law (LGPD), Federal Law no. 13,709/2018
3.5.5 MEA
3.5.5.1 Dubai International Financial Centre Data Protection Law No. 5
3.5.5.2 Data Protection Law
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Ongoing technological advancements
3.6.1.2 Growing adoption in the banking and financial sector
3.6.1.3 Infrastructure development initiatives stimulate smart card demand
3.6.1.4 Rising demand in the healthcare sector in Europe
3.6.1.5 Increasing investments and developments in Asia Pacific
3.6.2 Industry pitfalls and challenges
3.6.2.1 Security-related concerns
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Threat of new entrants
3.8.3 Buyer power
3.8.4 Threat of substitutes
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.