Press release
Sales of Powered Smart Cards are forecasted to reach US$ 24.2 billion by 2034
Powered Smart Card Market
Smart cards facilitate safely identifying and verifying the cardholder and any individuals requesting card access. For example, a cardholder can authenticate using contactless biometric information or a PIN code. Additionally, smart cards offer a method for safely storing data on the card and encrypting conversations.
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The powered smart card market is a dynamic sector within the broader smart card industry, characterized by the integration of advanced technologies and features aimed at enhancing security, functionality, and user experience.
Powered smart cards, also known as active smart cards or battery-assisted smart cards, differ from traditional passive smart cards by incorporating an embedded power source, typically a small battery, to enable additional functionalities beyond basic data storage and retrieval.
One of the key drivers propelling the growth of the powered smart card market is the increasing demand for enhanced security solutions across various industries. Powered smart cards offer advanced security features such as encryption, biometric authentication, and secure key storage, making them well-suited for applications requiring stringent security measures, including banking, healthcare, government, and transportation.
Top Companies are:
Watchdata Technologies Ltd.
Infineon Technologies AG
Texas Instruments Incorporated
Wuhan Tianyu Information Industry Co., Ltd.
CPI Card Group
Datang Telecom Technology Co., Ltd.
Browse Full Report: https://www.factmr.com/report/powered-smart-card-market
Market Segmentations:
By Type :
Contactless Cards
Hybrid Cards
Dual-interface Cards
By Application :
Government
Healthcare
Transportation
Telecommunications
Financial Services, Retail, & Loyalty
Pay TV
Energy & Utility
By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
In the banking and financial sector, powered smart cards are widely deployed for secure payment transactions, ATM access, and online banking authentication. These cards provide an added layer of security against fraud and unauthorized access, helping financial institutions safeguard sensitive customer data and prevent identity theft.
In the healthcare industry, powered smart cards are utilized for secure patient identification, electronic health records management, and access control to restricted medical facilities and information. The integration of biometric authentication and encrypted data storage ensures the confidentiality and integrity of patient data, contributing to improved patient care and regulatory compliance.
Government agencies also leverage powered smart cards for various identification and authentication purposes, including national ID cards, e-passports, and secure access to government buildings and services. The advanced security features of these cards help mitigate risks associated with identity fraud and counterfeiting while facilitating seamless and secure interactions between citizens and government entities.
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Furthermore, the powered smart card market is witnessing significant growth in transportation and access control applications. Smart cards equipped with contactless communication technology, such as RFID or NFC, enable convenient and secure access to public transportation systems, parking facilities, and corporate premises, enhancing user convenience and operational efficiency.
Overall, the powered smart card market is experiencing steady growth driven by increasing security concerns, technological advancements, and expanding applications across various industries. As organizations continue to prioritize security and efficiency in their operations, powered smart cards are expected to play a crucial role in meeting these evolving needs and driving innovation in the smart card industry.
Competitive Landscape:
In order to expand their global customer base, businesses are employing various development strategies including collaboration, launching new products, engaging in mergers and acquisitions, forming partnerships, and expanding production capacity. Additionally, businesses are moving beyond traditional smart cards by offering alternatives such as mobile payment applications, which can either complement or replace physical cards. Furthermore, to provide additional value to clients, they are now offering supplementary services such as card customization, card management systems, and data analytics.
A contactless tungsten card was introduced on August 15, 2023, by CPI Card Group Inc., a well-known supplier of credit, debit, and prepaid solutions. Because this card has two interfaces, customers can select between contact and contactless payment options.
Related Reports:
Dual Interface Smart Card Market By Substrate (PVC, Composite, PC Paper, Teslin/ Synthetic Paper), By Embedded Chip (Microprocessors, I2C Straight Memory Cards, Stored Value Memory Cards, Protected Segment Memory Cards), By Application - Global Market Forecast 2020-2030
https://www.factmr.com/report/4962/dual-interface-smart-card-market
Fuel Card Market Analysis by Universal Fuel Cards, Fuel Credit Cards, OnG Corporation Cards, Network Cards, and Over the Road Fuel Cards from 2024 to 2034
https://www.factmr.com/report/265/fuel-card-market
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