Selbyville, Delaware, June 23, 2021 (GLOBE NEWSWIRE) –
Global Market Insights Inc. recently added a new report on the Smart Card Market that estimates the market valuation for smart cards will exceed $ 75 billion by 2027. The worldwide increase in residential and non-residential construction will stimulate the growth of the industry. In addition, emerging applications of dry mortar in the commercial and infrastructural sectors are expected to provide the industry with new growth opportunities due to its cost effectiveness and excellent workability.
There is growing adoption of dual interface smart cards with highly secure dual interfaces and greater memory requirements than a standard card. They are embedded in a single chip that can be accessed either through an embedded antenna or contact pads. These smart cards increase security, reduce fraud and allow secure access to the card’s chip with either contactless or contact-based smart card interfaces. Players who focus on innovating their smart card portfolio will fuel market growth. For example, in February 2019 Gemalto NV announced the integration of fingerprint technology to optimize the performance of its dual-interface payment cards. This move helped the company offer bank customers EMV biometric payment cards for secure payment transactions.
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The expanding retail industry will drive demand for advanced payment acceptance techniques as retailers focus on improving customer satisfaction. Small retailers are still increasingly using card readers to ensure customer convenience. Large 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 loyalty. Retailers are increasingly using smart card readers to help them ensure fast transactions. For example, Shopify’s tap-and-chip card was launched in Canada in May 2020, which enables contactless or tap payments for credit and debit cards. This will allow Canadian retailers to offer their customers more payment options by accepting Interac Flash contactless payments, Mastercard, American Express, Visa, Google Pay and Apple Pay.
Government efforts to improve digital infrastructure in the Middle East and Africa will be the most important Smart card market growth. In November 2020, IDEMIA launched the Middle East’s first contactless full metal dual interface payment card. The government in Saudi Arabia is striving for a cashless economy. As of September 2020, 91% of all POS transactions in the region were contactless, while around 266 million transactions worth $ 8 billion were NFC. The increasing penetration of digitization will lead to an increased use of smart cards for various applications, including access control, authentication and financial transactions.
Some Key Findings Of The Smart Card Market Report Are:
- Biometrics is rapidly gaining importance as a reliable payment method for banks and payment service providers to reduce fraud on both traditional and new payment channels. The payments industry in Europe and the US continues to promote payment authentication techniques that enhance traditional methods and improve usability. This factor will fuel the growth of the biometric smart card market.
- Since the outbreak of the pandemic, there has been a high demand for contactless chip cards. More and more consumers are turning to contactless payment methods to prevent the virus from spreading through banknotes.
- Smart ticketing has grown in importance in several developed and developing regions, with digitization becoming more and more pervasive in several industries. Transportation authorities are implementing advanced ticketing technology to ensure fast transactions and streamline operations. Rapid urbanization has strained the existing transport system and encouraged the authorities to improve the infrastructure. This has driven the demand for high quality smart card readers.
- The increasing demand for security and convenience in transactions is driving the growth of the smart card market. NFC is a secure contactless card technology that connects the card to an NFC-enabled reader to complete a transaction. Mobile payment service providers work with payment card networks to ensure a smooth transaction process.
- Digitization in the Asia-Pacific region offers the smart card market strong growth opportunities. Smart cards are increasingly used for user authentication and cashless transactions that ensure user convenience.
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Sub-chapter of the report table of contents (TOC):
Chapter 2 Summary
2.1 Smartcard Industry 360â° overview, 2017-2027
2.1.1 Business Trends
2.1.2 Regional trends
2.1.3 Solution trends
2.1.4 Application trends
Chapter 3 Insights into the Smart Card Industry
3.1 Industry segmentation
3.2 Effects of the coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia-Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 The industrial value chain
3.2.3.1 Research and Development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component Suppliers
3.3.2 Manufacturer
3.3.3 Technology providers
3.3.4 Service providers
3.3.5 Sales channel analysis
3.3.6 Supplier matrix
3.4 Technology and innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.1.1 NFC standard ISO / IEC 14443
3.5.1.2 ISO / IEC 7810: 2003
3.5.1.3 ISO / IEC 7816
3.5.1.4 ISO / IEC 19794
3.5.1.5 Federal Information Processing Standards (FIPS)
3.5.1.6 Electronic Payments Act (EFTA)
3.5.1.7 Data security standard of the payment card industry (PCI DSS)
3.5.1.8 Health Insurance Portability and Accountability Act (HIPAA)
3.5.2 Europe
3.5.2.1 Europay, MasterCard and Visa (EMV)
3.5.2.2 OpenCard framework
3.5.2.3 European Union Data Protection Directive
3.5.2.4 European Telecommunications Standards Institute (ETSI)
3.5.2.5 European Union Agency for Network and Information Security (ENISA)
3.5.2.6 EMC mandate
3.5.2.7 French Data Protection Authority (CNIL)
3.5.3 Asia-Pacific
3.5.3.1 Bureau of Indian Standards (BIS)
3.5.3.2 National Payments Corporation of India (NPCI)
3.5.3.3 Personal Data Protection Act (Act No. 14839) (“PIPA”)
3.5.3.4 Singapore Standard for Smart Card ID (SSID)
3.5.4 Latin America
3.5.4.1 Law No. 12.865/2013
3.5.4.2 Brazilian Basic Law on Data Protection (LGPD), Federal Law No. 13.709 / 2018
3.5.5 MEA
3.5.5.1 Dubai International Financial Center Data Protection Act No. 5
3.5.5.2 Data protection law
3.6 Industry influencers
3.6.1 Growth drivers
3.6.1.1 Ongoing technological progress
3.6.1.2 Increasing acceptance in the banking and financial sector
3.6.1.3 Infrastructure development initiatives stimulate the demand for smart cards
3.6.1.4 Growing demand in the health sector in Europe
3.6.1.5 Increasing investments and developments in the Asia-Pacific region
3.6.2 Pitfalls and challenges in the Industry sector
3.6.2.1 Safety related concerns
3.7 Growth potential analysis
3.8 Porter Analysis
3.8.1 Supplier power
3.8.2 Threat from new entrants
3.8.3 Buyer power
3.8.4 Threat from substitutes
3.9 PESTEL analysis
About global market insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and consulting service provider; Offering Syndicated and Custom Research Reports Along with Growth Advisory Services Our business intelligence and industry research reports provide clients with penetrating insights and actionable market data that is specifically designed and presented to aid strategic decisions. These comprehensive reports have been generated using a proprietary research methodology and are available for key industries such as chemistry, advanced materials, technology, renewable energies and biotechnology.
