Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the contactless smart card market provides in-depth
analysis of segments and sub-segments in the global as well as regional
contactless smart card market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional contactless smart
card market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of the global
contactless smart card market. According to the report, the global contactless
smart card market is projected to reach USD 30 Billion by 2027 from USD 16.5
Billion in 2020, growing with a CAGR of 8.7% over the forecast period of
2021-2027.
The smart card industry has
evolved greatly over the past few years due to advancements in technology.
Contactless Smart devices are small devices that have a built-in antenna that
helps in transmission, saving data, and managing it accordingly. Due to this
technology, there is a rise in contactless communication and transmission,
basically, the contact smart card market has shifted to wireless transmission.
The device is password protected which enables it in a safer way for card
reading and data transmission. Contactless Smart Card transmission has edged on
contact-based machine-readable cards for over years. So most customers are
attracted to this technology. Contactless smart cards help in reducing the
queues and hassles in public places that provide better results in revenue
generations for the retailers, as contactless transactions are more convenient
and faster than cash and conventional card transactions. Contactless payment
technologies include Near-Field Communication, Host Card Emulation, and Radio
Frequency Identification, which ensure faster transactions with the
touch-and-go process through it
The rising awareness regarding the
benefits of Contactless Smart Card among consumers is the major driving factor
for the market growth as it is wireless transmission as these devices are
password protected and they enable a safer way of card reading and data
transmission. These smart card functions range from small size to as big as a
smartphone that is embedded in devices made of inflammable material connected
to small-size motherboards called microchips which helps in the contactless
transmission of data. Due to the COVID 19 pandemic, the use of contactless
payments grew quickly especially for payment applications, as it facilitates
safe and secure transactions without physical contact. Contactless smart cards
provide, speed, and convenience, ease to customers. The usage of contactless
smartcards is rapidly increasing across the globe as the transaction process is
comparatively simple and easy to use and more people are attracted to the
technology. Therefore, the rise in the demand for contactless payments is
expected to substantially increase the sales revenue of digital payment
solutions in the future.
Among the regions, Asia Pacific
accounted for the largest share in the global Contactless Smart Card Market.
China has deployed smart in its various sector including the transportation
sector too. Moreover, there has been an increase in awareness of contactless
smart cards among the buyers are the transactions can be done in quick time so
that people don’t need to make queues and hassles for a quick transaction.
However, the European region is also anticipated to grow with the highest rate
in the global Contactless Smart Card Market over the forecast period. Software
and testing IT sector companies, Smart card operating systems, Application
Developers, and many more areas have enhanced in terms of healthcare, corporate
businesses, etc. Soon, the world will witness a revolutionized era of
contactless transfer of data in form of money, media, documents, etc.
The report on global contactless
smart card market covers segments such as by type, and by application. On the
basis of by type, the sub-markets include Proximity Cards, CPU/MPU cards, and
others. On the basis of by application, the sub-markets include BFSI,
Government, Transportation, and Others.
The report provides profiles of
the companies in the market such as CardLogix Corporation, Watchdata, Giesecke
& Devrient GmbH, HID Global Corporation, EastcompeaceTechnology Co. Ltd,
NXP Semiconductor, IDEMIA, ABCorp, CPI Card Group Inc, Gemalto NV, and Morpho.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into 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 DRO analysis of contactless smart card market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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