Contactless Smart Card Market to See 30% CAGR to 2019

Image

The growing need to diminish identity duplication and forgery cases has resulted in remarkable growth in the Global Contactless Smart Card Market, a new report from ReportsnReports.com found. 

The report covers the present scenario and the growth prospects of the Global Contactless Smart Card market for the period 2015-2019. To calculate the market size, the report considers revenue generated from the sales of contactless smart cards. The report also covers the global shipment details of contactless smart cards.

A smart card is a pocket-sized card, made of plastic, which is embedded with integrated circuits or microchips. It is used for authentication, identification, data storage, and application processing.

Smart cards are classified into two types: contact-based and contactless. Contactless smart cards are embedded with integrated circuits that process and store data and communicate with a terminal via radio frequencies. These cards are used by employing a radio frequency between the card and the reader that needs no physical insertion of the card. Therefore, contactless smart cards have faster applications and are user-friendly. Contactless smart cards are widely accepted and used by major sectors such as BFSI, Government, Transportation, Healthcare, and Defense.

According to the latest report, the number of fraud and forgery cases has increased as technology progresses. Contactless smart cards can provide a one-stop solution to the issue, as these cards are accessed with the help of a PIN and are not easy to decode. Because the information is stored on a parent system, this PIN becomes exceptionally difficult to interpret.

Several government organizations are making contactless smart card technology mandatory for passports and driver's licenses, as it reduces the risk of data theft or identity duplication.

Furthermore, the latest report emphasizes the increased adoption of smart cards in developing countries, which is expected to support market growth. Government agencies in countries like India are increasingly adopting these cards for use as driver's licenses, e-passports, identity cards and voter ID.

Many developing countries are also launching twin smart cards, which are a combination of contactless and contact interfaces and are very easy to handle.


To view the full report, click here.

Share this page:

In this section

Tristan Nagler Joins Aurelius Investments

Tristan Nagler joined Aurelius Investments, London, on 2 January 2014 as Managing Director.

READ MORE →

Ride a White Swan

Instead of obsessing on the unpredictable, investors should look to the positive environment they see in front of them.

READ MORE →

Loans: A Tactical Investment Opportunity

More than five years on since the inception of the Insight Loan Fund, its manager Ranbir Singh Lakhpuri believes loans remain both a tactical and strategic investment opportunity for 2014 and beyond.

READ MORE →

Genii Capital Appoints Andrew Ruhan

Genii Capital SA has appointed Andrew Ruhan as Partner. This appointment will enable Genii to strengthen and broaden its reach in the real estate, oil and gas, automotive and financial services sectors.

READ MORE →

Spain’s Largest SICAV Doubles Assets

Spain’s largest SICAV Torrenova, has doubled assets over the past year as European investors seek growth with security in a total return environment.

READ MORE →

H.I.G. Capital Strengthens London Team

H.I.G. Capital has announced that Johannes Huttunen and Johan Pernvi have joined the London team.

READ MORE →