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Technavio’s market research analyst predicts the global contactless smart card market in the banking sector to grow at a phenomenal CAGR of more than 33% over the forecast period. Most contactless smart cards are issued with preinstalled data codes for unique identification purposes. This makes it easy for end users to use these cards by swiping it against the card reader. The card reader immediately retrieves the code and sends it to the system to provide the information to end users. Since contactless smart cards provide a user-friendly environment for consumers and are easy to maintain and store, its adoption is envisaged to increase significantly in the coming years.
In this industry research report, the analysts have estimated factors such as the emergence of multi-application smart cards to propel the growth prospects of this market over the predicted period. Rapid technological advancements have led to several vendors, such as Gemalto, providing multi-application smart cards. These smart cards are a combination of contactless and contact interfaces on a single card. Moreover, these cards have shared storage and information processing, preventing the need for individuals to carry multiple cards for different applications. For instance, Blue from American Express is a multi-application smart card that provides additional security while online shopping and ticketing.
During 2015, APAC dominated the global contactless smart card market in the banking sector and is expected to reach more than USD 695 million by 2020. The major revenue contributing areas in the region include China, Japan, South Korea, Malaysia, and Australia. Factors such as the transition of payment cards from magnetic stripe to Europay, MasterCard, and Visa and the increasing acceptance of contactless banking and financial smart cards among end users is envisaged to contribute to the growth of this market in the region.
The contactless smart card market in the banking sector is highly fragmented due to the presence of several regional and international vendors. The competition is expected to intensify with large vendors interested in acquiring small vendors to expand their product portfolio and market shares. The level of competition is expected to intensify further with an increase in solution extensions, technological innovations, and M&A activities.
Key vendors in this market are -
Other prominent vendors in the market are American Express, ARM, Bell ID, CardLogix, DataCard, HID Global, Infineon Technologies, MasterCard, NXP Semiconductors, Smart Card IT Solutions, Visa.
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Contactless smart cards are pocket-sized cards, which are embedded with integrated circuits. These smart cards can be used by organizations across various sectors like BFSI, transportation, government, and healthcare for an individual’s identification and authentication. These cards can also be used for passports, driver's licenses, IDs, and voter IDs.
The report, global contactless smart cards market in the banking sector, is part of Technavio’s ICT research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as automatic identification system, cloud computing, data center, enterprise application, IT security, ITO and BPO, and product lifecycle management. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market description
PART 06: Market landscape
PART 07: Product life cycle analysis
PART 08: Geographical segmentation
PART 09: Market attractiveness
PART 10: Advent of NFC-based mobile phones
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Buying criteria
PART 17: Vendor landscape
PART 18: Five forces model
PART 19: Appendix
PART 20: Explore Technavio
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