Global Contactless Smart Card Market Opportunities and Forecast 2023-2030

Contactless Smart Card Market Overview

Smart cards are pocket-sized cards made of plastic, which might be embedded with silicon chip or integrated circuits then method and store knowledge. Sensible cards area unit used for individual authentication and identification, payments, as a transit ticket, and for approved access among secured premises. Varieties of sensible cards area unit contact-based sensible cards and contactless sensible cards. Contactless revolving credits perform on radio frequency technology for communication between sensible cards and sensible card reader, whereas contact-based sensible cards got to are available in contact with the cardboard reader to perform.
 
Primary factors driving growth of the worldwide contactless revolving credit market area unit increasing incidence of forgery and duplication of identity due to technological advancements within the recent past. Additionally, these cards area unit PIN protected and tough to rewrite due to that, they'll be used for contactless payments. Increasing adoption in sectors like BSFI, retail, transportation, cordial reception, and government is additional boosting demand for contactless sensible cards. Additionally, governments in many developed countries area unit creating this technology obligatory for passport and drivers licenses. Moreover, use of contactless revolving credits for transit application to supply convenient payment possibility is predicted to additional fuel growth of the worldwide contactless smart card market.

The covid-19 Impact on Contactless Smart Card Market:

Like several different industries, COVID-19 badly knocked the electronic and semiconductor Industry. This new event has compact nearly 230 countries in exactly a couple of weeks, leading to the forced conclusion of producing and transportation activities at intervals and across the countries. This has directly affected the expansion of the sector. It's calculable that COVID-19 to depart over USD thirty billion impacts on the physics and semiconductor Industry. The arena is majorly affected thanks to transport restrictions on major physics and semiconductor staple suppliers. However, the rising want for semiconductors in many industries can supply fast market recovery over the longer-term amount.
 
Contactless Smart Card Market Segment Overview



Based on component, the market is bifurcated into Hardware, smart Cards, Readers, Software, and Services. The smart card is anticipated to account for the largest market share. The factors are often attributed, since it's doable to organize a complete smart card system with good cards and readers, using application software.
 
Based on Communication, The market is divided into Contact and Contactless. The contact segment is expected to grow at the best CAGR within the forecast period, because of its lower value of contact-based cards.
 
Based on Application, The market is bifurcated into Banking, financial Services, and Insurance (BFSI), Government and healthcare, Transportation, Retail, and Others. The BFSI is anticipated to carry the most important market revenue. The factors are often attributable for the utilization of BFSI in banking and money institutions which provide advantages like personal data protection and data dealings wiped out a secure manner.
 
Market Analysis, Insights and Forecast – By Component
·       Hardware
·       Smart Cards
·       Readers
·       Software
·       Services
 
Market Analysis, Insights and Forecast – By Communication
·       Contact
·       Contactless
 
Market Analysis, Insights and Forecast – By Application
·       Banking, financial Services, and Insurance (BFSI)
·       Government and tending
·       Transportation
·       Retail
·       Others
 
Contactless Smart Card Market Regional Overview

Region-wise, in terms of regions In 2020, the Europe charge account credit reader market accounted for more than twenty fifth revenue share and can grow steady on account of high demand for smart card readers for access management in company organizations and transit. The company organizations within the region are assignment these good cards to employees to deploy an automatic employee’s identification and attendance system.  

Contactless Smart Card Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Contactless Smart Card Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Contactless Smart Card are highlighted below.

·        In 2020, Mastercard collaborated with IDEMIA and MatchMove to launch a fingerprint biometric card in Asia to enhance the safety and security of contactless payments. The F.CODE simple card ensures intuitive and seamless expertise of biometric authentication to a sensible card. Firms are addressing the dynamical client demands of quick and secure transactions. They are capitalizing on the growing biometric system market to launch solutions that more reduce the effort of getting into PINs and ensure accurate cardholder identification.

Contactless Smart Card Market, Key Players

·       Cardcom Technology
·       CardLogix Corporation
·       CPI Card Group
·       Infineon Technologies AG
·       Verifone Inc.
·       Giesecke & Devrient (G&D) GmbH
·       Bartronics India Limited
·       Ingenico
·       NXP Semiconductors NV
·       Square, Inc.

Frequently Asked Questions (FAQ) :

Q1. What is the total CAGR expected to be recorded for the Contactless Smart Card market during the forecast period?

Q2. Which segment is projected to hold the largest share in the Contactless Smart Card Market?

Q3. What are the driving factors for the Contactless Smart Card market?

Q4. Which Segments are covered in the Contactless Smart Card market report?

Q5. Which are the prominent players offering Contactless Smart Card?