Radio frequency induction technology is used to transfer data and information in contactless smart cards. The rate of data transfer can differ between 106 kbits/s and 848 kbits/s. Inductors are used to capture the incident Radio Frequency interrogation signal in contactless smart cards, which is rectified and used as the power for the card's electronics. This signal sends to a card reader, which transfers data to a system.
The global contactless smart card market was sized over USD 2.06 billion in 2016. The global contactless smart card market is projected to grow with a CAGR of 35.3% during 2018-2024. User-friendly interface, increased use of electronic purses, need to reduce identity duplication, and demand for tamper-resistant systems remains the key factor driving the growth of global contactless smart card market. Moreover, lack of awareness, high implementation costs, complexity of technology and growing price-based competition are the key factors restraining the growth of this market. Growing adoption of smart cards, increased popularity of e-commerce is likely to bring more opportunities to this market.
The report segments the contactless smart card market by applications. Market segmentation based on application includes government ID, transit, payment and access control. Among the segment, the government ID sector will have largest market share during the forecast period.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2016 – 2024. Asia Pacific was the largest market among the geographies in terms of revenue and unit shipments due to early implementation of contactless smart cards by the Government sector. Furthermore, Asia Pacific is expected to witness slow growth during the forecast period. Following the Asia Pacific region, Europe were also accounted to have a strong hold on global Contactless smart card market. Furthermore, Europe and North America are expected to have a moderate growth rate over the forecast period owing to their serial recovery from the economic slowdown. Moreover, Latin America (covered in ROW region) is expected to grow with the highest CAGR over the forecast period. Brazil is the leading revenue-contributing country in this geography.
The companies covered in the report include DataCard, Advanced Card Systems Ltd, SpringCard, NXP Semiconductors, Secura Key, Infineon Technologies, Sony FeliCa, and CardLogix.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of contactless smart card globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and value chain analysis of contactless smart card.
Moreover, the study highlights current market trends and provides forecast from 2018 to 2024. We also have highlighted future trends in the contactless smart card market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market strategies of the leading players. This report will help manufacturers, suppliers and distributors of the contactless smart card market to understand the present and future trends in this market and formulate their strategies accordingly.
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