The global contactless smart card market perceives a rapid upsurge, evolving extensively. The market growth attributes to the security measures implemented in contactless smart cards, giving a security advantage over proximity cards. Contactless smart card systems allow users to securely manage the store with the accessible data on the card, interacting intelligently with a contactless smart card reader. The Emergence of smart card systems has brought up the convenience of systematic, secured payment services.
People are increasingly demanding for contactless readers, RFID tags, and contactless smart cards due to faster data transfer convenience. Technological advances in contactless smart cards escalate market growth, introducing mobile apps for tags collection. According to Market Research Future (MRFR), the global contactless smart card market is projected to grow at 18% CAGR throughout the forecast period (2017-2027). Multifunction cards serve as network system access and store value and other data.
All these convince allow contactless smart cards to garner more popularity, demand, uptake, and market growth. Additionally, the COVID-19 pandemic is fostering smart card technology, promoting contactless transactions. Increased “Smart City” projects worldwide provide impetus to market growth. Simultaneously, government initiatives for infrastructure development & smart highways projects are fostering market growth.
Global Contactless Smart Card Market – Segments
The report is segmented into four dynamics;
By Type : Proximity Card and CPU/MPU Cards.
By Application: BFSI, Government, Transportation, Healthcare, Defense, Retail, Loyalty, and others.
By Technology: Smartcard Integrated Circuits, Memory Smart Card, Microprocessor Smart Card, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Contactless Smart Card Market – Regional Analysis
The Asia Pacific region dominates the contactless smart card market. Largest market share attributes to the broad uptake & implementations of meticulous smart cards in transportation systems. Besides, the rapid digitization of processes across industries, such as retail, healthcare, government, and BFSI, create substantial market demand. Countries like India, China, Japan, & Singapore hold the largest share in the regional market.
Moreover, emerging business models in this region, alongside the proliferation of IoT, foster the implementation of smart cards for payment processes, fuelling the regional industry expansion. The APAC contactless smart card market is expected to retain its dominance throughout the forecast period.
Europe stands second in the global contactless smart card market. The market growth is driven by awareness about the benefits of a contactless smart card system. Additionally, the rising awareness for the advantages of RFID tags and contactless smart card systems influence regional market growth.
Countries such as France, Germany, and the UK account for the significant growth contributors due to their rapidly growing banking, retail, and hospitality industries. The European contactless smart card technology market is anticipated to grow at a faster rate during the forecast period.
The North America contactless smart card market witnesses rapid expansion stage, emerging as the fastest-growing market. The region witnesses a rapid expansion stage of contactless smart card technologies due to the well-established economy. Factors such as the burgeoning banking sector and the increasing sales of electronic cash register systems boost the regional market growth.
The US and Canada are major markets for contactless smart card system in the region. The North American contactless smart card market is expected to grow at an impressive CAGR during the forecast period.
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Contactless Smart Card Market – Competitive Landscape
The well-established contactless smart card market appears fragmented due to the presence of several key players. To gain a competitive advantage, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch. These players focus on innovations and the development of new solutions, fuelling the already intensified market competition. They make substantial R & D investments in developing a technology with unique design and features on an entirely different level than their competition.
Players leading the contactless smart card market include Gemalto NV (Netherlands), ASK (France), Giesecke & Devrient (Germany), Oberthur Technologies (France), Morpho (France), Watchdata System (Singapore), CardLogix (US), Advanced Card Systems (China), DataCard Corporation (US), and DataCard Corporation (Germany), among others.
October 13, 2020 —- Samsung Electronics Australia announced its partnership with eftpos Australia to allow contactless transactions. Digital wallet payments can promote contactless payment using Samsung Pay via the eftpos network. During these COVID-19 challenges, contactless payments are needed most. Samsung Pay users can now choose between payments via eftpos or the Visa network by toggling a setting in their user interface.
The importance of alternative payment methods to cash, such as Tap & Go debit cards, digital wallets linked to mobiles, and using wearable payment technology, has been vital as we deal with the ongoing COVID-19 pandemic. Many bank and savings account providers have been slowly allowing these features for customers.
Samsung Pay is a mobile payment service from Samsung Electronics, allowing its customers to pay with their mobile devices wherever the card is accepted. It is an alternative payment method to cash or card usage.
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