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Major Applications of Contactless Smart Cards

Use of smart cards in the BFSI sector has also been rising, supported by the transition of magnetic cards to EuroPay, MasterCard, and Visa (EMV) standard (chip and PIN) cards. EMV standards mandate the use of smart cards such as credit/debit/ATM and prepaid cards in financial transactions.

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Major Applications of Contactless Smart Cards

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  1. MarketsandMarkets Presents Major Applications of Contactless Smart Cards Smart Card Market by Communication (Contact and Contactless), Component (Hardware, Software, and Services), Application (BFSI, Government and Healthcare, Transportation, Retail, and Others) and Geography - Global Forecast to 2023 https://www.marketsandmarkets.com/Market-Reports/smart-card-285.html

  2. The Smart Card Market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023. Use of smart cards in the BFSI sector has also been rising, supported by the transition of magnetic cards to EuroPay, MasterCard, and Visa (EMV) standard (chip and PIN) cards. EMV standards mandate the use of smart cards such as credit/debit/ATM and prepaid cards in financial transactions. The major factors driving the growth of the smart card market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations. Browse 68 market data Tables and 42 Figures spread through 144 Pages and in-depth TOC on "Smart Card Market  - Global Forecast to 2023"

  3. Contact smart cards to hold the largest market share by 2023 Contact smart cards are expected to hold the largest share of the smart card market throughout the forecast period. Currently, contact smart cards account for more than three-fourth of the smart card market and are widely used in BFSI, government and healthcare, and retail applications. The major applications of contactless smart cards are in BFSI, government and healthcare and transportation applications. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=285 Hardware expected to hold the largest market share by 2023 Hardware is expected to hold the largest share of the smart card market, by component, during the forecast period. Currently, hardware accounts for more than three-fourth of the smart card market, which comprises smart cards and readers. The smart card market for software comprises management system software and databases. Management system software is used to match information of a person with the saved data in a particular database. Consulting, support, and maintenance services play a vital role in implementing smart card systems.

  4. Market for transportation applications to grow at the highest rate during the forecast period The smart card market for transportation applications is expected to grow at the highest CAGR during the forecast period. Smartcards are used for parking fee payment as well as for transit fare payment in the transportation sector. Transit ticketing systems are transforming into open-payment systems owing to the introduction and widespread adoption of debit and credit cards. The transportation sector is operating in compliance with EMV, which is an open-standard specification for smart card payments. EMV-based solutions are deployed in parking infrastructure to avoid fraud and complications. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=285 Asia Pacific to hold the largest share of the smart card market during the forecast period Asia Pacific is expected to hold the largest share of the smart card market during the forecast period owing to the increasing demand specifically in the transportation, BFSI, retail, government, and healthcare sectors. Companies in developing countries such as India, China, Malaysia, and Thailand are implementing smart cards to make the process of payments and other documentations easy for consumers. Smart cards are used to purchase tickets in metros, buses, and ferries, among others, in several countries in APAC.

  5. Key players in this market are Gemalto N.V. (Netherlands), Giesecke & Devrient GmbH (Germany), IDEMIA France SAS (France), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), HID Global Corporation (Sweden), STMicroelectronics NV (Switzerland), Ingenico Group SA (France), VeriFone Systems, Inc. (US), BeijengWatchdata Co. Ltd. (China), Rambus Inc. (US), CPI Card Group Inc. (US). • Recent Developments • In January 2018, Thales Group finalized the financing of its proposed Gemalto acquisition, expected to be completed in the second half of 2018. • In November 2017, Gemalto partnered with the Center for Identity at the University of Texas at Austin for facilitating research on identity management, privacy, and security. • In June 2017, G+D Mobile Security division completed the acquisition of CPS Technologies from IDEMIA (OT-Morpho) to strengthen its business in France by providing bank card personalization and service management center services. CPS Technologies provides delivery and card personalization, identification, transport, and loyalty services.

  6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

  7. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/smart-card-market.asp

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