Smart Card Market in Europe 2015-2019
About Smart Card
A smart card is a pocket-sized card, generally made of plastic, and is embedded with integrated circuits, also known as microchips. Smart cards are used for security purposes for authentication, identification, data storage, and application processing. They are widely used in sectors such as BFSI, Government, Transportation, Healthcare, and Defense. These cards are broadly classified into two types: contact-based and contactless. Contact-based smart cards have a contact area of approximately 1 square cm. These cards are used by inserting into a smart card reader. On the other hand, contactless smart cards are used by employing radio frequency between cards and a reader, which needs no physical insertion of the cards. Therefore, contactless smart cards have faster applications and are more user-friendly than contact-based smart cards.
TechNavio's analysts forecast the Smart Card market in Europe to grow at a CAGR of 4.5 percent over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the Smart Card market in Europe for the period 2015-2019. To calculate the market size, the report considers revenue generated from the sales of the following type of smart cards:
TechNavio Announces the Publication of its Research Report – Smart Card Market in Europe 2015-2019
TechNavio recognizes the following companies as the key players in the Smart Card Market in Europe: Gemalto NV, Giesecke & Devrient GmbH, Morpho SA, Oberthur Technologies and Watchdata System Co. Ltd.
Other Prominent Vendors in the market are: AB Note, Arm Holdings, ASK, Atmel, Datacard, Diebold, Infineon Technologies, Ingenico, Inside Contactless and Verifone System.
Commenting on the report, an analyst from TechNavio’s team said: “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.”
According to the report, increasing need to reduce identity duplication is one of the major drivers in this market. The number of cases of fraud and forgery has increased because of advances in technology. Hence, the increase in fraudulent activities is compelling vendors to create a solution that is difficult to duplicate.
Further, the report states that high implementation costs are one of the major challenges in this market. The price of smart cards is based on the microchips used in them. Hence, the price of a smart card increases with the increase in the level of security offered. As smart cards are adopted in large numbers, the total cost of implementation is high.
Gemalto, Giesecke & Devrient, Morpho, Oberthur Technologies, Watchdata System, AB Note, Arm Holdings, AS, Atmel, Datacard, Diebold, Infineon Technologies , Ingenico, Inside Contactless, Verifone System