This market research report includes a detailed segmentation of the global banking and financial smart cards market by technology (contact-based smart cards and contactless smart cards) and key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this market research are Gemalto, Giesecke & Devrient, Morpho and Oberthur Technologies.
Technavio’s market research analysts estimate the global banking and financial smart cards market, to grow at a CAGR of 10% by 2020. Smart cards are gaining traction in the BFSI sector because of the increase in security attacks. Smart cards offer improved security for mobile and online banking, and have emerged as a suitable solution in terms of security and cost. APAC is the largest revenue-contributing region in the banking and financial smart cards market, accounting for 37% of the overall market share. Developments in technology, like e-commerce activities in the region, are encouraging banks to issue smart cards in place of the traditional magnetic tape-based credit and debit cards.
The new market research report from Technavio provides a breakdown and analysis of the banking and financial smart cards segments by technology.
“The latest trend gaining prominence in this market is the emergence of hybrid smart cards. These cards have a dual-interface, which is a combination of contactless and contact interfaces, on a single card. Also, these cards have shared storage and processing of information, which eliminates the need to carry multiple cards. As data and information can be consolidated in one smart card, it provides ease of handling to users,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research
The contactless smart card segment is the fastest-growing segment in the banking and financial smart cards market. These use of these cards is rising in the BFSI sector as they are technologically advanced and have the capability to store a large volume of data and information. They deliver the highest levels of security to protect an individual’s identity, privacy, and financial information. The contactless smart cards have a lifetime of 10 years compared to contact-based smart cards, which have a lifetime of up to five years.
Global unit shipment of contact-based banking and financial smart cards 2015-2020 (billions of units)
Source: Technavio, 2016
The leading vendors in the global banking and financial smart cards market are Gemalto, Giesecke & Devrient, Morpho and Oberthur Technologies. The market is fragmented with the presence of many small regional vendors and large multinational vendors. Competition in the market is expected to intensify during the forecast period, owing to increase in product and service extensions, technological innovations, and mergers and acquisitions. Vendors with better technical and financial resources can develop products with features such as authentication, encryption, secure communications, and strong device security.
A more detailed analysis is available in the Technavio report, Global Banking and Financial Smart Cards Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
