Pune, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) expects the global contactless smart card market to register a CAGR of 18% from 2019 to 2026 (forecast period). A card comprises an embedded secure microcontroller or equivalent intelligence, internal memory, and an antenna that interconnects with a reader through a mobile radio frequency interface is widely known as a contactless smart card. Contactless smart cards provide the facility to protect and maintain, store and access data on the card. Contactless smart card systems have verified that they are more secure than any machine-readable card, such as magnetic stripe and barcode, as they provide system security for the exchange of data virtually.
Major factors supporting the expansion of the Contactless Smart Card Market cards are the increasing incidence of forgery and identity duplication due to technological advances in the recent past. In addition, these cards are PIN protected and difficult to decipher since they can be used for contactless payments. Increasing approval in sectors like BSFI, retail, transport, hospitality, and the government is further bolstering demand for contactless smart cards. Furthermore, governments in several developed countries are making this technology mandatory for passports and driver licenses. In addition, the use of contactless smart cards for transit applications to provide convenient payment options is predicted to further fuel the growth of the global contactless smart card industry.
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COVID-19 Impact on the Global Contactless Smart Card Market
The COVID-19 pandemic emerged in China and has spread to different countries around the world. The novel coronavirus has had a significant influence on human health and the global economy. The virus spreads when people come into close contact with people with respiratory symptoms of COVID-19. In addition, the virus also spreads through physical contacts, like handshakes with infected people. Governments worldwide have therefore implemented precautionary steps, such as social distancing. Contactless payments are set to increase during the COVID-19 pandemic. They have become the preferred method of payment around the globe, as digital and contactless payment methods are more reliable and require minimal physical interaction that helps prevent the spread of the pandemic. The current COVID-19 pandemic is helping to expand the demand for contactless smart cards by increasing the usage of contactless payments made from a safe distance, ensuring the protection of both the payer and the payee during the payment process. Many customers have begun to prefer contactless transactions since the pandemic. Businesses encourage consumers to pay by contactless cards for the delivery of products at their doorstep to protect their staff and customers while also growing sales during the COVID-19 pandemic.
Before the outbreak of COVID-19, the US lagged in contactless payment methods relative to other countries; however, the whole scenario was changed by the COVID-19 pandemic. The spread of the virus has increased the use of contactless payments in the country due to the proliferation of contactless, point-of-sale devices like mobile wallets and contactless cards. In addition, in the U.K., where the contactless payment system is already common, limits on contactless card payments have been increased to allow consumers to make more payments without any physical contact with the payment terminal or currency. Asia Pacific had the largest market share due to the growing acceptance of contactless smart cards in applications like healthcare retail and BFSI. Banks in different countries have raised the transaction limits for contactless smart card payments to help curb the spread of the virus via PIN pads. Post-pandemic, the market is projected to see substantial growth over the forecast period.
Coronavirus Outbreak and Contactless Smart Card Market:
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Market Segmentation
The global contactless smart card industry is segmented based on type, application, and technology.
On the basis of the type, the global contactless smart card market is classified into proximity card & CPU/MPU cards.
On the basis of the application, the global contactless smart card market is classified into BFSI, government, transportation, healthcare, defense, retail, and loyalty, among others.
On the basis of technology, the global contactless smart card market is classified into smartcard integrated circuits, memory smart card, microprocessor smart card, and others.
Regional Analysis
Region-wise, the global contactless smart card market is segmented into Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
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APAC to lead the global market
The Asia Pacific is leading the global contactless smart card market. Rapid digitization of processes across industries, like retail, healthcare, government, and BFSI, has encouraged consumers to adopt such products. Emerging business models in this region, including IoT, aim to implement these cards for payment processes, thereby fueling the expansion of the regional industry. Europe is the second-largest market for contactless smart cards in the world.
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Competitive Analysis
The global 4K technology industry is extremely fragmented and competitive with the presence of a significant number of international and regional players. Market players are intensely engaged in technological advancement, geographic expansion, and mergers and acquisitions in order to retain their footprint in the global market.
Notable Players in The Global Contactless Smart Card Market Are:
- ASK (France)
- Oberthur Technologies (France)
- Gemalto NV (Netherlands)
- Giesecke & Devrient (Germany)
- Morpho (France)
- Watchdata System (Singapore)
- DataCard Corporation (U.S.)
- Advanced Card Systems (China)
- CardLogix (U.S.)
- DataCard Corporation (Germany)
Browse Adjacent Markets: Networking and Telecommunications Market Research Reports & Consulting.
Industry News
In November 2017, Gemalto collaborated with the Center for Identity at the University of Texas in Austin to promote research on identity management, privacy, and security.
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