Industry Background:
Contactless smart cards are pocket-sized cards that contain integrated circuits and can be used for individual identification and authentication by organizations across various sectors. The prospects for growth in this market will be driven by factors like the high convenience of contactless smart cards and the augmented utilization of contactless smart cards by governments to address their rising need for security. The rising need for a tamper-resistant system will be the key driver for the growth of this market. Contactless smart cards with magnetic strips have the capability to store financial information about end-users. However, these cards can easily be tampered with, which will result in the loss of personal information or data. Since contactless smart cards with PIN codes are difficult to tamper with, they are increasingly being adopted to bolster the safety of the cardholder accounts.This growth is primarily driven by Rising Need For Safety and Security while Digital Transaction or Identification
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Sensor Systems sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Gemalto (Netherlands), Infineon Technologies AG (Germany), Paragon Group Limited (United Kingdom), Morpho (IDEMIA) (France), Oberthur (France), Giesecke & Devrient (Germany), CardLogix Corporation (United States), Advanced Card Systems (ACS) (Hong Kong), Watchdata Technologies (Singapore) and SpringCard (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 4th November 2019, Paragon ID acquired the Thames Technology. This expansion will help the company in the expansion of company's payment activities while strengthening the company's market share in UK's smart card market. With this acquisition company will develop the presence in the retail and banking sector.
Regulatory Insights:
"FIPS, developed by the Computer Security Division within the National Institute of Standards and Technology (NIST). FIPS standards are designed to protect federal assets, including computer and telecommunications systems. The following FIPS standards apply to smart card technology and pertain to digital signature standards, advanced encryption standards, and security requirements for cryptographic modules."
Influencing Trend:
The growing use of Contactless Smart Card in Transportation and Eateries and Adoption of Advanced Features and Benefits
Market Growth Drivers:
Rising Need For Safety and Security while Digital Transaction or Identification and Increasing Demand for Cashless Secured Payments
Challenges:
Regulatory Standards and Norms Regarding Smart Card Technology
Restraints:
Risk of Data Safety Due to Unexpected Technology Failure
Opportunities:
Continuous Research and Development in Smart Card Technology
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Contactless Smart Card Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Contactless Smart Card Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Contactless Smart Card players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Contactless Smart Card Study Sheds Light on
The Contactless Smart Card Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Contactless Smart Card industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Contactless Smart Card industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.