Today, contactless technology has become a major part of most people’s daily lives. When high validation speed, secure systems and high throughput are required, contactless technology is a must. One such technology is a contactless smart card, which includes an internal memory, small antenna and a fixed smart card secure microcontroller and is connected to a reader through a contactless RF interface. Contactless smart card has the capability to perform on-card functions, securely store, access and manage data on the card and interact perceptively with a contactless smart card reader.
Globally, adoption of contactless smart card technology has improved intensely in the last five years owing to the convenience and speed of RFID cards in the identification, education, transportation, and retail sectors. Additionally, a contactless smart card is used in the application that requires secure transactions, protect personal information, such as corporate and government identification cards, financial payment cards, transit fare payment cards, and visas & electronic passports.
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Contactless Smart Card Market: Market Dynamics
Growing demand for reliable and secure payment options across several end-user industries is anticipated to be a prime factor that will drive the growth of the contactless smart bank card market over the forecast period. Moreover, contactless smart cards reduce fraud, enhance security and allow utilization of value-added services by consumers. This is also anticipated to surge the demand for contactless smart cards in the coming years. Additionally, growing demand for tamper-resistant cards will also give traction to the contactless smart card market during the forecast period. That apart, ever-growing end-use industries, such as banking, transportation, retail, healthcare, etc., both in emerging and developed economies, will further drive the growth of the contactless smart card market over the forecast period.
Limited acceptance of capital intensive PoS (Point of Scale) terminals is hampering the adoption of contactless smart cards at merchant stores. It is estimated that only 10% of the U.S. merchants have upgraded to new EMV terminals supporting contactless and contact EMV cards. Additionally, growing price-based competition and high implementation cost are the other factors anticipated to restrain the growth of the contactless smart card market during the forecast period. Moreover, lack of commercialization in emerging economies is another factor expected to hamper the growth of the contactless smart card market in the coming years.
Growing adoption of smart cards by consumers and increased popularity of e-commerce will create significant opportunities for the contactless smart card manufacturers in the coming years.
Contactless Smart Card Market: Segmentation
The global contactless smart card market can be segmented on the basis of type, frequency and end-users.
On the basis of type, the global contactless smart card market can be segmented as:
- Memory Based Cards
- Proximity Cards
On the basis of frequency, the global contactless smart card market can be segmented as:
- Low Frequency Cards
- High Frequency Cards
- Ultra High Frequency Cards
On the basis of end-user, the global contactless smart card market can be segmented as:
- Retail & loyalty
- Energy & Utility
Contactless Smart Card Market: Regional Outlook
The growth of the global contactless smart card market is directly dependent on growing demand from end-user sectors. Over the forecast period, significant growth in demand for contactless smart cards, especially from Asia Pacific region, is expected. Increasing applications of contactless smart cards for government applications in India and China is another key driver in the Asia Pacific contactless smart card market. The market in North America is estimated to witness significant growth over the forecast period owing to the growing presence of a large number of established contactless smart card players. The market in Europe is anticipated to witness remarkable growth in the contactless smart card market over the forecast period.
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Contactless Smart Card Market: Market Participants
Some of the market participants identified across the value chain of the global contactless smart card market are Advanced Card Systems, ASK, CardLogix, Cardzgroup, DataCard Corporation, Gemalto NV, Giesecke & Devrient, Morpho, Oberthur Technologies, Paragon Group Limited and Watchdata System, among others.