The report forecasts the global contactless smart cards market in banking sector to grow at a CAGR of 33.09% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One trend that is expected to boost market growth is the introduction of hybrid smart cards. Hybrid smart cards are those with a dual-interface, a combination of contactless and contact interfaces, on a single card. Such cards have shared storage and processing of information, thus eliminating the need to carry multiple cards. Hybrid smart card authentication requires smart card middleware, a smart card, a smart card reader, and a smart card PIN. As data and information can be consolidated in one smart card, it provides ease of handling. The availability of hybrid cards will lead to the increased adoption of contactless smart cards, which will support the market growth.
According to the report, a key growth driver is the need to reduce identity duplication. With technological advances, the number of cases of fraud and forgery is increasing. There is a growing need for a solution that will reduce security risks. The cards and payments industry has undergone a digital transformation with the introduction of new payment methods such as EMV chips, PIN cards, and mobile wallets. The data stored on smart cards is difficult to decode. Data and information available in contactless smart cards can be accessed using a PIN. These PINs are extremely difficult to interpret as they are encoded and make the transaction more secure and counterfeiting more difficult.
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- Giesecke & Devrient
- Oberthur Technologies
- American Express
- Bell ID
- HID Global
- Infineon Technologies
- NXP Semiconductors
- Smart Card IT Solutions
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market description
PART 06: Market landscape
PART 07: Product life cycle analysis
PART 08: Geographical segmentation
PART 09: Market attractiveness
PART 10: Advent of NFC-based mobile phones
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Buying criteria
PART 17: Vendor landscape
PART 18: Five forces model
PART 19: Appendix
PART 20: About the Author
For more information visit http://www.researchandmarkets.com/research/sd5wsx/global
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SOURCE Research and Markets