Contactless Smart Card Market Technological Advancement, Development Status and Strategic Assessment
Overview:
The global contactless smart card market is growing continually, witnessing rapid upsurge and developments. Smart cards offer the convenience of systematic, secured payment services. Besides, the market growth attributes to the rising numbers of security measures implemented in contactless smart cards offering increased security than proximity cards.
Contactless smart cards allow users to securely manage the stored data on the card using interactive intelligent card readers. People are increasingly demanding contactless readers, RFID tags, and contactless smart cards due to faster data transfer convenience. With the increasing introduction of mobile apps for tag collection and technological advances, the market is forecasted to witness significant traction in the years to come.
In this regard, Market Research Future (MRFR) asserts that the global Contactless Smart Card Market Share is expected to grow pervasively during the review period (2020-2030). Multifunction cards serve as network system access and store value and other data, allowing these smart cards to garner more popularity, demand, and uptake.Contactless Smart Card Market Research Reports a Global Forecast to have a CAGR of 17.76% and USD 46.84 Billion by the end of 2030.
Additionally, the COVID-19 pandemic is fostering the adoption of smart card technology, promoting contactless transactions. Simultaneously, increasing smart city projects worldwide provide impetus to market growth. Government initiatives for infrastructure development and smart highway projects foster market growth.
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Global Contactless Smart Card Market – Segments
The report is segmented into types, applications, technologies, and regions. The type of segment is sub-segmented into proximity cards and CPU/MPU cards. The application segment is sub-segmented into BFSI, government, transportation, healthcare, defense, retail, loyalty, and others.
The technology segment is sub-segmented into smartcard integrated circuits, memory smart cards, microprocessor smart cards, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and Rest-of-the-World.
Contactless Smart Card Market – Regional Analysis
The Asia Pacific region leads the contactless smart card market due to the broad uptake & implementations of these cards in transportation systems. Besides, the largest market share attributes to the rapid digitization of processes across industries, such as retail, healthcare, government, and BFSI. India, China, Japan, and Singapore are major markets for contactless smart cards.
Moreover, emerging business models and the proliferation of IoT in this region foster the market demand. Europe is the second-largest market for contactless smart cards globally. The market growth is driven by the growing awareness about the contactless smart card benefits and advantages of RFID tags. France, Germany, and the UK account for significant shares in the regional market, with their rapidly growing banking, retail, and hospitality industries.
The North American contactless smart card market witnesses rapid expansion stage, emerging as the fastest-growing market. Factors such as the rapidly growing banking sector and the increasing sales of electronic cash register systems in the region boost the market growth. The US and Canada lead the contactless smart card market in the region.
Contactless Smart Card Market – Competitive Landscape
The market appears well-established and fragmented, with several key players forming a competitive landscape. Mature players incorporate strategies, such as mergers & acquisitions, collaboration, expansion, and product launch to gain a larger competitive share. These players focus on innovations and new product development, fuelling the already intensified market competition. They make substantial investments in R&D to develop a technology with unique design and features on an entirely different level than their competition.
Major Players
Players leading the contactless smart card market include Gemalto NV (Netherlands), ASK (France), Giesecke & Devrient (Germany), Oberthur Technologies (France), Morpho (France), Watchdata System (Singapore), CardLogix (US), Advanced Card Systems (China), DataCard Corporation (US), and DataCard Corporation (Germany), among others.
Industry/Innovation/Related News:
May 19, 2021 ---- Conduent Transportation, a leading business process services and solutions company, announced the successful introduction of contactless payment on Brescia Mobilità’s bus fleet. The new system is an account-based ticketing contactless payment system. Riders in Brescia now have a seamless payment system that connects the city’s entire public transportation network.
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Contactless Smart Card Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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