Smart Cards Market: Development Insight and Manufacturers Challenge Competitors

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.

Get Report Details @

https://www.transparencymarketresearch.com/smart-card.html

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.

Download ToC @

https://www.transparencymarketresearch.com/report-toc/844

“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.

Get Sample Report @

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=844

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.

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.

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.”

About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

Contact
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: http://www.transparencymarketresearch.com

This release was published on openPR.