- The key vendors in the Smart Card Market in Europe 2015-2019 are Gemalto NV, Giesecke & Devrient GmbH, Morpho SA, Oberthur Technologies and Watchdata System Co. Ltd.
London, 17 February 2015: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Smart Card Market in Europe 2015-2019. High adoption of smart cards in e-commerce is one of the major trends in the market. E-commerce functions through debit/credit cards or online transactions. These debit or credit cards are embedded with chipsets that store data, which helps in making secure payments. With the rise in adoption of e-commerce, the demand for smart cards is also expected to increase. The Smart Card market in Europe is expected to grow at a CAGR of 4.5 percent during the period 2014-2019.
Contactless smart cards are preferred to contact-based cards as they are user-friendly and ideal for applications that require fast card interface. The Government, BFSI, Transportation, Healthcare, and Defense sectors are some of the major end-users of smart cards in Europe.
Some of the growing sectors such as Healthcare, Information Security, and Retail are also adopting smart cards, which is supporting the growth of the Smart Card market in Europe. Smart cards are preferred to magnetic tapes as they are tamper-resistant, enable storage, and process information.
“The tamper-resistant nature of smart cards has encouraged many banks to start issuing smart cards instead of the traditional magnetic tape-based debit and credit cards,” says Faisal Ghaus, Vice President of TechNavio Research.
“Banks are also taking initiatives to promote the use of smart cards as this helps them to easily track the use of individual customers.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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