- The key vendors in the Smart Cards Market in APAC 2015-2019 are Gemalto NV, Giesecke&Devrient GmbH, Morpho SA, Oberthur Technologies and Watchdata System Co. Ltd.
London, 24 February 2015: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Smart Cards Market in APAC 2015-2019. One of the major trends in APAC is the increased usage of e-purses to eleminate the need for carrying cash. To add to this, heightened e-commerce activity in the APAC region is making consumers aware of its safeguard features and benefits. These developments are encouraging banks to issue smart cards instead of the traditional magnetic tape-based debit and credit cards. The overall market is expected to grow at a CAGR of 5.6 percent during the forecast period of 2014-2019.
Made of plastic, smart cards are being used for security, authentication, identification, data storage, and application processing. Magnetic tapes in debit and credit cards can be tampered with, leading to monetary loss and insecure transactions. Hence, the need for a tamper-resistant information storage system is driving the adoption of smart cards. As the technology used in smart cards improves further, the demand for smart cards is expected to grow over the years.
“As a downside of advances in technology, fraudulent systems have also emerged leading to an increase in the number of cases of fraud and forgery,” says Faisal Ghaus, Vice President of TechNavio Research.
“Therefore, there is an urgent need for a solution that makes it difficult to duplicate date. Data available in smart cards are difficult to decode and are, hence, safe even in the eventuality of a theft or misplacement. Thus, the adoption of smart cards is finding growing relevance, especially in the Government sector.”
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.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
