Market Highlights
The global contactless smart card market is developing constantly, seeing quick upsurge and advancements. Savvy cards offer the comfort of orderly, got installment administrations. Moreover, the market development credits to the rising quantities of safety efforts carried out in contactless shrewd cards offering expanded security than closeness cards.
Contactless smart card permit clients to safely deal with the put away information on the card utilizing intuitive keen card perusers. Individuals are progressively requesting contactless perusers, RFID labels, and contactless savvy cards because of quicker information move comfort. With the expanding presentation of portable applications for label assortment and innovative advances, the market is anticipated to observe huge footing in the years to come.
In such manner, Market Research Future (MRFR) states that the worldwide contactless shrewd card market is relied upon to develop unavoidably during the survey time frame (2020-2027). Multifunction cards fill in as organization framework access and store esteem and different information, permitting these brilliant cards to gather greater ubiquity, request, and take-up.
Furthermore, the COVID-19 pandemic is encouraging the reception of brilliant card innovation, advancing contactless exchanges. At the same time, expanding savvy city projects overall give driving force to advertise development. Government drives for framework improvement and shrewd parkway projects cultivate market development.
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Segmentation:
The report is segmented into types, applications, technologies, and regions. The type 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: By Type (Proximity Card & CPU/MPU Cards), Application (BFSI, Government, Transportation), Technology (Smartcard Integrated Circuits, Memory Smart Card) - Forecast till 2027
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According to the new market research report by IndustryARC titled “Contactless Payment Market: By Solution (Payment Terminal, Mobile Payment, Transaction & Data Management, Security and Fraud Management); By Service (Professional, Managed); By Payment Mode (Mobile Handsets, Smart Cards); & By Region - Forecast(2018 – 2023) ,” the market will be driven by the convenience in making low value payments and improved service delivery.
North America and Asia Pacific follow suit.
The growth of the contactless payment in North America is due to growing adoption of cloud based contactless technology solutions.Selected Regulatory Analysis Done in the Full Report:The contactless smart cards have a major share in the contactless payment modes.
This segment will have excellent opportunities in the Contactless Payment Market during the forecast period.Selected Driving Factors Mentioned in the Full Report:• Innovations in technologies such as Internet of things boosts the growth of contactless card machines.
• Growing demand for speedy transactions, especially in the retail and transport sector will propel the demand for contactless payment systems.
• Growing awareness of plastic money among the buyers will enhance the growth of contactless payment.Key Players of the Contactless Payment Market:The key players of the Contactless payment market include Gemalto NV, Ingenico Group, and Verifone Systems, Inc..Gemalto offers contactless transactions for customers in the form of contactless cards, mobiles, and wristbands.Related Report:A. FinTech Markethttps://industryarc.com/Report/18381/fintech-market.htmlB.
