Smart Cards Market - Improved Security Emerges as Most Wanted Smart Card Feature in BFSI and Retail Industry
Leading providers of smart cards technologies and solutions have developed strategies focused on contact, contactless, and dual-interface services, reports Transparency Market Research (TMR) in a new study. The four leading players in this space – Gemalto NV, Infineon Technologies AG, NXP Semiconductors NV, and Giesecke & Devrient (G&D) GmbH – collectively hold major shares in all the keyregions relevant to the use of smart cards and smart card terminals.According to TMR, the smart cards market is highly competitive and has been consistently dominated by the above four players. However, companies are currently vying to maintain modern standards and implement smart card-based services and software as a part of their core business strategies.
Browse The Press Release: http://www.transparencymarketresearch.com/pressrelease/smart-card.htm
On the other side of the growth spectrum are new entrants such as Watchdata and Eastcompeace Technology Co., Ltd. that are improving stiff competition by introducing innovative solutions designed to fit the way users want to conduct transactions today.
Improved Security Emerges as Most Wanted Smart Card Feature in BFSI and Retail Industry
Conventional magnetic strip smart cards are currently extremely vulnerable to data theft threats due to the absence of proper encryption codes between the hacker and a user’s personal financial data. This is easily negated by smart cards, where the EMV chip-on-chip feature adds a high level of security to the user’s data.
Additionally, the advent of NFC, IoT, net banking, and ecommerce have all contributed to the growing preference of smart cards across the world. The use of NFC and IoT is contributing vastly to the more efficient implementation of smart cards, while the booming ecommerce industry is making it imperative for banks to employ stronger security measures against data theft.
EMV chips are rapidly becoming the global standard for user financial access and transactions. They offer a safer way for users to perform all transactions in the modern scenario of possible threats to data and the protective measures that can be taken.
High Adoption Cost Continues to Make Vendors Hesitate from Smart Card Tech
“A large percentage of consumers still use magnetic strip cards for their daily transactions,” states a TMR analyst. “The U.S., for instance, had delayed their nationwide adoption of EMV smart cards, allowing a longer window of time for hackers and fraudsters to gain access to all the information stored in a user’s magnetic strip card.” Currently, about 130 countries are officially implementing the use of smart cards and replacing magnetic strip cards.
The problem that applies especially to traders and banks in developing nations is the high implementation cost associated with smart card technologies. From the perspective of traders and vendors, the high initial cost of installing EMV terminals is not worth it until they receive a confirmation from major banks over the use of smart cards on a large scale. Until then, they will stick to magnetic strip card terminals. At the same time, banks were pushing the responsibility on to the vendors, claiming that they cannot distribute smart cards until there are enough terminals for users.
Most of these complications are being addressed currently, such as shifting the liability of adoption from banks to vendors and lowering the cost of terminals and cards through government incentives and using efficient production means. However, nations from Asia Pacific and Latin America still have large percentages of consumers using magnetic strip cards, still maintaining the risk of theft at a high level.
Contact Smart Cards Will Retain Leading Market Revenue Share
The global smart cards revenue generation is expected to expand at a CAGR of 7.4% within a forecast period from 2016 to 2023. This market is expected to be valued at US$8.5 bn by the end of 2016 and US$14.1 bn by the end of 2023.
Contactless smart cards are expected to expand at a CAGR of 11.5% from 2016 to 2023 in terms of revenue. They form the fastest-growing segment in terms of type. Contact smart cards will still manage to be the top grossing segment for the same forecast period, and is expected to reach US$7.7 bn by 2023.
Make an Enquiry @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=844
The information presented in this review is based on a Transparency Market Research report, titled, “Smart Cards Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023.”
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: www.transparencymarketresearch.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Smart Cards Market - Improved Security Emerges as Most Wanted Smart Card Feature in BFSI and Retail Industry here
News-ID: 696740 • Views: …
More Releases from Transparecny Market Research
HAZMAT Packaging Market Share, Trends, Growth, Forecast By 2027
The global HAZMAT Packaging Market is estimated to flourish at a CAGR of 5.8% from 2024 to 2027.
The overall HAZMAT Packaging industry delivers an in-depth systematic framework and competitive outlook of the HAZMAT Packaging Market from a worldwide perspective. The report starts with a summary of the market, chain structure, and the past as well as current market size. Also, the growth opportunities prevalent in the market in the coming…
Push Pull Closures Market Will Generate New Growth Opportunities by 2027 with To …
The global Push Pull Closures Market is estimated to flourish at a CAGR of 4.8% from 2024 to 2027.
The overall Push Pull Closures industry delivers an in-depth systematic framework and competitive outlook of the Push Pull Closures Market from a worldwide perspective. The report starts with a summary of the market, chain structure, and the past as well as current market size. Also, the growth opportunities prevalent in the market…
PET Preform Machines Market Estimated to Touch USD 14.1 billion at a CAGR of 6.0 …
The global PET Preform Machines Market has been sailing through robust waters, witnessing a valuation of US$ 8.3 Bn 2022. As we set our sights on the horizon, the market is poised to embark on a journey of steady growth, with a projected Compound Annual Growth Rate (CAGR) of 6.0% from 2023 to 2031. By the end of 2031, the industry is expected to anchor at an impressive US$ 14.1…
Flexible Packaging Paper Market Share, Trends, Growth, Forecast By 2029
The global Flexible Packaging Paper Market has been sailing through robust waters, witnessing a valuation of US$ 47.5 Bn 2021. As we set our sights on the horizon, the market is poised to embark on a journey of steady growth, with a projected Compound Annual Growth Rate (CAGR) of 4.1% from 2023 to 2029. By the end of 2029, the industry is expected to anchor at an impressive US$ 65.2…
More Releases for Smart
Smart Cities Market is Expected to Witness CAGR of 17.3% by 2027 with Applicatio …
A smart city is an urban unit or area that uses various types of electronic Internet of Things (IoT) devices to collect data and then use the insights to manage resources, assets, and services effectively. Green building is a growing trend in the global smart cities market. Constructing eco-friendly infrastructure facilities can provide a sustainable environment in the cities. Moreover, governments are focused on constructing energy-efficient buildings, in order…
Global Smart Cities Market by Component (Hardware, Software) by Application (Sma …
Global Smart Cities Market: Overview
The global smart cities market is expected to reach a mark of over USD 3000 billion by 2024, at a CAGR over 21% during the forecast period. Significant growth in next-generation technologies such as artificial intelligence AI, personalized healthcare, sustainable energy generation and robotics are driving the smart cities’ future. Moreover, the increase in residential preference towards the adoption of advanced information and communication technologies ICT…
Survey Report on Smart Kitchen Appliances Market 2018: Smart Refrigerator, Smart …
The report analyzes and presents an overview on "Global Smart Kitchen Appliances Market Professional Survey Report 2018" worldwide.
This report studies Smart Kitchen Appliances in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2013 to 2018, and forecast to 2025.
The study objectives of this report are: To study and forecast the market size of Smart…
IoT Device Management Market Analysis by Application - Smart Manufacturing, Smar …
IoT device management comprises of multiple operating systems and several varieties of communication methods and protocols targeted at conducting smooth functioning of smart devices. The service of IoT device management has become vital for the business sector in recent years due to the rising use of remote operation in a number of industries and the subsequent need to manage the operation of the devices.
The global IoT device management market is…
SMART SHIPS NEED SMART REGISTRIES
The shipping world needs to wake up and embrace the philosophy of smart shipping because it is already here and the downturn in the world economy is not going to last forever, according to Panos Kirnidis, CEO of the Palau International Ship Registry.
“The maritime industry knows that smart ships and smart technology is the way forward and yet there seems to be reluctance on the part of some owners to…
Smart Kitchen Appliances Market : Smart Refrigerators, Smart Dishwashers, Smart …
Albany, New York, July 20, 2017 : Recent research and the current scenario as well as future market potential of "Smart Kitchen Appliances Market (Products - Smart Refrigerators, Smart Dishwashers, Smart Ovens, Smart Cookware and Cooktops, Smart Scales and Thermometers and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022" globally.
Smart kitchen appliances are premium appliances that are designed for comfortable and efficient operation as…