Selbyville, Delaware, June 23, 2021 (GLOBE NEWSWIRE) –
Global Market Insights Inc. recently added a new report on Smart Card Market which estimate market value for the smart card will exceed $ 75 billion by 2027. The increase in residential and non-residential construction around the world is expected to drive industry growth. In addition, the emerging applications of dry mortar in the commercial and infrastructure sectors due to its profitability and excellent workability should provide new growth opportunities for the industry.
There is a growing adoption of dual interface smart cards with highly secure dual interfaces and higher memory requirements than a standard card. They are integrated into a single chip accessible via an integrated antenna or contact pads. These smart cards improve security, reduce fraud, and enable secure access to the card’s chip with contactless or contact smart card interfaces. Players who focus on innovating their smart card portfolio will drive the growth of the market. For example, in February 2019, Gemalto NV announced the integration of fingerprint technology to optimize the performance of its dual interface payment cards. The move helped the company bring biometric EMV payment cards to bank customers for safe and secure payment transactions.
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The expansion of the retail industry will drive demand for advanced payment acceptance techniques, with retailers focusing on improving customer satisfaction. Small retailers are still increasingly adopting card readers to ensure the convenience of customers. Large shopping malls and supermarkets use integrated systems that allow them to accept a wide range of payment options while focusing on loyalty programs to ensure customer retention. Retailers are increasingly adopting smart card readers that help them ensure fast transactions. For example, in May 2020, Shopify’s contactless and chip card that offers contactless or contactless payments for credit and debit cards was launched in Canada. This allows Canadian retailers to offer customers more payment options by accepting Interac Contactless Flash, Mastercard, American Express, Visa, Google Pay and Apple Pay payments.
The government’s efforts to improve digital infrastructure in the Middle East and Africa will fuel the smart card market growth. In November 2020, IDEMIA launched the Middle East’s first all-metal dual interface contactless payment card. The Saudi government is making efforts to move towards a cashless economy. As of September 2020, 91% of all point-of-sale transactions in the region were contactless, while around 266 million transactions valued at $ 8 billion were NFC. The increasing penetration of digitization will lead to the increasing use of smart cards for several applications, including access control, authentication and financial transactions.
Some of the key findings of the Smart Card Market report are:
- Biometrics are rapidly gaining ground as a reliable payment method for banks and payment service providers to reduce fraud across traditional and emerging payment channels. The payments industry in Europe and the United States continues to encourage payment authentication techniques that improve traditional methods and improve the user experience. This factor will fuel the growth of the biometric smart card market.
- There has been a strong demand for contactless smart cards since the start of the pandemic. More and more consumers are favoring contactless payment techniques to avoid the spread of the virus through banknotes.
- Smart ticketing has gained ground in several developed and developing regions, with the increasing penetration of digitization in several verticals. Transportation authorities are implementing advanced ticketing technology to ensure fast transactions and streamline operations. Rapid urbanization has strained the existing transport system, prompting authorities to modernize the infrastructure. This has stimulated the demand for high quality smart card readers.
- The growing demand for security and convenience in transactions is driving the growth of smart card market. NFC is a secure contactless card technology in which the card connects to an NFC-enabled reader to complete a transaction. Mobile payment service providers partner with payment card networks to ensure a smooth transaction process.
- The advent of digitization in Asia-Pacific will provide strong growth opportunities for the smart card market. Smart cards are increasingly used for user authentication and cashless transactions that ensure user convenience.
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Partial chapters of the report table of contents (TOC):
Chapter 2 Executive Summary
2.1 360⁰ Synopsis of Smart Card Industry, 2017 – 2027
2.1.1 Trade trends
2.1.2 Regional trends
2.1.3 Trends in solutions
2.1.4 Application trends
Chapter 3 Smart Card Industry Overview
3.1 Industry segmentation
3.2 Impact of the coronavirus pandemic (COVID-19)
3.2.1 Global outlook
3.2.2 Regional perspectives
126.96.36.199 North America
188.8.131.52 Latin America
3.2.3 Industry value chain
184.108.40.206 Research and development
3.2.4 Competitive landscape
220.127.116.11 Distribution network
18.104.22.168 Business growth
3.3 Industry Ecosystem Analysis
3.3.1 Component suppliers
3.3.3 Technology providers
3.3.4 Service providers
3.3.5 Analysis of distribution channels
3.3.6 Matrix of suppliers
3.4 Technology and innovation landscape
3.5 Regulatory landscape
3.5.1 North America
22.214.171.124 NFC ISO / IEC 14443 standard
126.96.36.199 ISO / IEC 7810: 2003
188.8.131.52 ISO / IEC 7816
184.108.40.206 ISO / IEC 19794
220.127.116.11 Federal Information Processing Standards (FIPS)
18.104.22.168 Electronic Funds Transfer Act (EFTA)
22.214.171.124 Payment Card Industry Data Security Standard (PCI DSS)
126.96.36.199 The Health Insurance Portability and Liability Act (HIPAA)
188.8.131.52 Europay, MasterCard and Visa (EMV)
184.108.40.206 OpenCard framework
220.127.116.11 European Union Data Protection Directive
18.104.22.168 European Telecommunications Standards Institute (ETSI)
22.214.171.124 European Union Network and Information Security Agency (ENISA)
126.96.36.199 CEM mandate
188.8.131.52 The CNIL
184.108.40.206 Bureau of Indian Standards (BIS)
220.127.116.11 National Payments Corporation of India (NPCI)
18.104.22.168 Personal Information Protection Act (Law No. 14839) (“PIPA”)
22.214.171.124 Singapore Standard for Smart Card Identification (SSID)
3.5.4 Latin America
126.96.36.199 Law n ° 12.865 / 2013
188.8.131.52 Brazilian General Data Protection Law (LGPD), Federal Law no. 13 709/2018
184.108.40.206 Dubai International Financial Center Data Protection Law No.5
220.127.116.11 Data Protection Act
3.6 Industry impact forces
3.6.1 Growth drivers
18.104.22.168 Technological advances in progress
22.214.171.124 Growing adoption in the banking and financial sector
126.96.36.199 Infrastructure development initiatives stimulate demand for smart cards
188.8.131.52 Growing demand in the healthcare sector in Europe
184.108.40.206 Increase investment and development in Asia-Pacific
3.6.2 Pitfalls and challenges of the industry
220.127.116.11 Safety concerns
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.8.1 Supplier authority
3.8.2 Threat of new entrants
3.8.3 Purchasing power
3.8.4 Threat of substitutes
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.