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Report estimates smart card market will grow at a 33.5% CAGR by 2018

Wednesday, April 23, 2014 — 11:44:32 (EDT)

Dallas, April 23, 2014 -- An NFC-enabled device can operate in reader/writer, peer-to-peer or card emulation modes. While making mobile contactless payments, NFC-enabled mobile devices operate in a card emulation mode that appears as a traditional contactless smart card to an external reader. A smart card chip in mobile devices helps store payment information, protects them, and enables secure transactions. Contactless payments and ticketing using NFC-enabled devices allow secure monetary transactions. The increase in the adoption of NFC-based payments is thus supporting the growth of the Global Contactless Smart Cards market.

Analysts forecast the Global Contactless Smart Card market will grow at a CAGR of 33.5 percent during the period 2013-2018. According to the report, the growth of the Global Contactless Smart Cards market is driven by several factors, of which the growing need for a tamper-free system is one of the major drivers. Generally, cards embedded with magnetic tapes only store information about end-users' accounts. These cards can be easily tampered with, resulting in loss of information or data. However, contactless smart cards store information that can only be accessed with a pin code, which is difficult to decode, thereby protecting end-users' data.

Covered in this Report This report covers the present scenario and the growth prospects of the Global Contactless Smart Cards market for the period 2014-2018. To calculate the market size, the report considers revenue generated from sales of contactless smart cards used for government ID, payment, transit, and access control. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors in the Global Contactless Smart Cards market.

Global Contactless Smart Cards Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, the APAC, and the EMEA regions; it also covers the Global Contactless Smart Cards market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

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Key Regions

• Americas
• EMEA
• APAC

Key Vendors

• ASK SA
• Gemalto NV
• Giesecke & Devrient GmbH
• Morpho SA
• Oberthur Technologies

Other Prominent Vendors

• BioEnable Technologies Pvt. Ltd.
• CardLogix Corp.
• DataCard Corp.
• Infineon Technologies AG
• NXP Semiconductors NV
• Sony Corp.
• Watchdata System Co. Ltd.

Key Market Driver

• Need for Tamper-resistant System.

Key Market Challenge

• High Initial Deployment and Replacement Costs.

Key Market Trend

• Increased Adoption of Near Field Communication Payments.

Further, the report states that high initial deployment and replacement cost is one of the major challenges faced by the vendors in the market. Regions such as South America and the APAC region have limited vendor penetration and few local players. As a result, the market is controlled by a small group of vendors, leading to low competition. This low competition is resulting in high initial deployment and replacement costs.

Key Questions Answered in this Report

• What will the market size be in 2018 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?

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About US: Sandlerresearch.org (www.sandlerresearch.org/ ) is an online market research store for research reports on multiple industries. These reports provide market analysis, trends and opportunities and forecast about industries that helps to make a right decision for the business.

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Source: Company press release.