The Global Contactless Smart Cards Market 2016-2020 is a new research report added to SandlerResearch.org. With advances in technology, a number of vendors, such as Gemalto, are providing multi-application smart cards. These smart cards that reduce the use of multiple cards for different applications are a combination of contactless and contact interfaces on a single card. They prevent the need for individuals to carry multiple cards for different applications since these cards have shared storage and information processing. For example, Blue from American Express provides extra security while online shopping and ticketing.
Complete report on contactless smart cards market spread across 56 pages, analyzing 5 major companies and provides 28 data exhibits is now available at http://www.sandlerresearch.org/global-contactless-smart-cards-market-2016-2020.html
The analysts forecast global contactless smart cards market to grow at a CAGR of 32.94% during the period 2016-2020. According to the report, smart cards with magnetic tapes store financial information about end-users. However, these cards can be easily tampered with, resulting in loss of information or data. This also increases the chances of identity theft. Contactless smart cards with PIN codes are difficult to tamper with. This increases the safety of card holders' accounts, providing better security.
In this market research, analysts have estimated the government ID sector to be the largest market segment during the estimated period. The growing need for contactless smart cards in government organizations for individual identification and authentication will result in this market segment’s impressive CAGR of over 30% until 2020.
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In terms of geography, the APAC region will be the biggest market for contactless smart cards during the forecast period. In APAC, the countries are at high risk of terrorism and fraud. Consequently, the demand for contactless smart cards will increase steadily over the forecast period. Moreover, factors like the high adoption of contactless smart cards for NFC and transit payments will also aid in the strong growth of this market in APAC until the end of the forecast period.
The global contactless smart cards market is fragmented due to the presence of many multinational vendors and small regional players. The large providers in this market often acquire small vendors to expand their product portfolio and market share. However, to gain maximum market traction, the vendors have to distinguish their product and service offerings through a clear and unique selling proposition.
Key players in the Global Contactless Smart Cards Market: Gemalto, Giesecke & Devrient, Oberthur Technologies, Safran, and Watchdata. Other Prominent Vendors in the market are: Advanced Card Systems, CardLogix, DataCard, Infineon Technologies, NXP Semiconductors, Secura Key, Sony FeliCa, and SpringCard.
Further, the report states that high initial deployment and replacement cost is a major challenge for contactless smart card end-users.
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