Contactless Smart Card Market Size, Share, Growth Analysis, Demand Forecast, Business Revenue, Industry Trends, Opportunities, and Impact of COVID

The global contactless smart card market is growing continually, witnessing rapid upsurge and developments.  Smart cards offer the convenience of systematic, secured payment services.  Besides, the market growth attributes to the rising numbers of security measures implemented in contactless smart cards offering increased security than proximity cards. 

Contactless smart cards allow users to securely manage the stored data on the card using interactive intelligent card readers. People are increasingly demanding contactless readers, RFID tags, and contactless smart cards due to faster data transfer convenience. With the increasing introduction of mobile apps for tag collection and technological advances, the market is forecasted to witness significant traction in the years to come. 

In this regard, Market Research Future (MRFR) asserts that the global contactless smart card market is expected to grow pervasively during the review period (2020-2027). Multifunction cards serve as network system access and store value and other data, allowing these smart cards to garner more popularity, demand, and uptake.

Segmentation of Market

The global contactless smart card market has been segmented over the segments of type, application, and technology. 

In terms of the type segment, the market is further classified into proximity card & CPU/MPU cards. 

In terms of the application segment, the market is further classified into government, BFSI, healthcare, transportation, retail, defense, and loyalty, and more like these. 

In terms of the technology segment, it is further classified into microprocessor smart card, smart memory card, smartcard integrated circuits, and others.

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Regional Outlook

Geographically, Asia Pacific leads the global contactless smart card market. The brisk digitization across industries of healthcare, retail, BFSI, and government has promoted consumers to adopt the products. Promising business models in this region, incorporating IoT, aim to employ these cards for payment processes, subsequently fueling the regional industry expansion. 

China has been one of the pioneers in phasing out checks and introducing contactless payments, leading to the overture of digital cards. The study finds that in November 2019, Alipay, China’s leading payment platform, served more than 1.2 billion customers. China’s ID cards attribute an embedded chip and digital encryption that contains personal information such as an individual’s full name in the Chinese gender, characters, date of birth, ethnicity, identification number, domicile, and a color photo.

Europe occupies the second-largest global contactless smart card market.

Major Players 

• Players leading the contactless smart card market include:
• Gemalto NV (Netherlands)
• ASK (France)
• Giesecke & Devrient (Germany)
• Oberthur Technologies (France)
• Morpho (France)
• Watchdata System (Singapore)
• CardLogix (US)
• Advanced Card Systems (China)
• DataCard Corporation (US)
• DataCard Corporation (Germany)

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Contactless Smart Card Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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