The global contactless smart card market perceives a rapid upsurge, evolving extensively.
The market growth attributes to the security measures implemented in contactless smart
cards, giving a security advantage over proximity cards. Contactless Smart Card systems
allow users to securely manage the store with the accessible data on the card, interacting
intelligently with a contactless smart card reader. The Emergence of smart card systems has
brought up the convenience of systematic, secured payment services.
People are increasingly demanding for contactless readers, RFID tags, and contactless smart
cards due to faster data transfer convenience. Technological advances in contactless smart
cards escalate market growth, introducing mobile apps for tags collection. According to
Market Research Future (MRFR), the global contactless smart card market is projected to
grow at 18% CAGR throughout the forecast period (2017-2027). Multifunction cards serve as
network system access and store value and other data.
All these convince allow contactless smart cards to garner more popularity, demand, uptake,
and market growth. Additionally, the COVID-19 pandemic is fostering smart card
technology, promoting contactless transactions. Increased “Smart City” projects worldwide
provide impetus to market growth. Simultaneously, government initiatives for infrastructure
development & smart highways projects are fostering market growth.
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Global Contactless Smart Card Market – Segments
The report is segmented into four dynamics;
- By Type : Proximity Card and CPU/MPU Cards.
- By Application: BFSI, Government, Transportation, Healthcare, Defense, Retail, Loyalty, and
others. - By Technology: Smartcard Integrated Circuits, Memory Smart Card, Microprocessor Smart
Card, and others. - By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Contactless Smart Card Market – Regional Analysis
The Asia Pacific region dominates the contactless smart card market. Largest market share
attributes to the broad uptake & implementations of meticulous smart cards in
transportation systems. Besides, the rapid digitization of processes across industries, such as
retail, healthcare, government, and BFSI, create substantial market demand. Countries like
India, China, Japan, & Singapore hold the largest share in the regional market.
Moreover, emerging business models in this region, alongside the proliferation of IoT, foster
the implementation of smart cards for payment processes, fuelling the regional industry
expansion. The APAC contactless smart card market is expected to retain its dominance
throughout the forecast period.
Europe stands second in the global contactless smart card market. The market growth is
driven by awareness about the benefits of a contactless smart card system. Additionally, the rising awareness for the advantages of RFID tags and contactless smart card systems influence regional market growth.
Countries such as France, Germany, and the UK account for the significant growth
contributors due to their rapidly growing banking, retail, and hospitality industries. The
European contactless smart card technology market is anticipated to grow at a faster rate
during the forecast period.
The North America contactless smart card market witnesses rapid expansion stage,
emerging as the fastest-growing market. The region witnesses a rapid expansion stage of
contactless smart card technologies due to the well-established economy. Factors such as
the burgeoning banking sector and the increasing sales of electronic cash register systems
boost the regional market growth.
The US and Canada are major markets for contactless smart card system in the region. The
North American contactless smart card market is expected to grow at an impressive CAGR
during the forecast period.
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Contactless Smart Card Market – Competitive Landscape
The well-established contactless smart card market appears fragmented due to the
presence of several key players. To gain a competitive advantage, players incorporate
strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product
launch. These players focus on innovations and the development of new solutions, fuelling
the already intensified market competition. They make substantial R & D investments in
developing 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.
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