Growing Demand for Contactless Transactions to Augment Adoption of IC Cards

ALBANY, New York, October 05, 2016: Market Research Hub (MRH) has added a new report to its research reports repository. The report is titled, “Global IC card Market Research Report 2021.” The report is a source of data and statistics associated with the growth of the global IC card market. It offers a comprehensive overview of the growth trajectory of the market along with the predominant trends.

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The report also delves into the dynamics that are likely to drive or inhibit the growth of the global IC card market. It segments the global IC card market on the basis of application, type, and region. The study also provides information about the projected volume and revenue growth of the global IC card market along with the strategies and product description of the key players operating in the market. According to the study, the rising popularity of contactless transactions through smart cards is the primary factor driving the growth of the global IC card market.

The study states that owing to the growing number of near field communication (NFC) transactions, vendors of IC cards are integrating NFC compatibility in Europay, MasterCard, and Visa (EMV) cards. The demand for contactless transactions through NFC technique is increasing significantly as compared to cash payments NFC transactions are almost 25% faster. To make contactless payments, manufacturers of IC cards are collaborating with mobile applications of Visa payWave, SmartPass, Vodafone, Apple Pay, Android Pay, and Samsung Pay.

The report further finds that due to benefits such as fast and easy transactions, convenience, efficiency, and decreased waiting time that IC cards offer, the growth of the market is expected to be considerably high over the forthcoming years. The growth of the global IC card market can be attributed to the implementation of electronic cards such as e-voter ID cards, e-driving licenses, and e-passports by numerous countries. It enables additional security enhancements and helps countries to prevent security breaches.

Based on type, the research report segments the global IC card market into contact, contactless, and dual interface. On the basis of application, the global IC card market is classified into banking, telecommunications, toll system, parking management, medical insurance, and public transport. The study states that the growing penetration of smartphones, tablets and, wearable devices are likely to enhance the application of IC cards in these sectors.

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Geographically, the global IC card market is segmented into Southeast Asia, India, Japan, Europe, China, and North America. The high implementation rate of smarts cards in the m-commerce and e-commerce sectors of Southeast Asia and developing economies such as India and China is expected to boost the demand for IC cards in these regions. The leading players operating in the global IC card market are ATMEL, American Express Company, Atos SE, Gemalto NV, Giesecke & Devrient (G&D) GmbH, and INSIDE Secure among others.

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This release was published on openPR.