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Contactless Smart Cards Market Expected to Reach $21 Billion by 2032—Allied Market Research

 
2022
Contactless Smart Cards Market

Report Code : A12968

quote The contactless smart cards have gained dominance in the market for several compelling reasons, with an emphasis on convenience and speed. These cards enable users to make payments swiftly by simply tapping or waving them near a contactless reader, eliminating the need for inserting or swiping a card and entering a PIN. This streamlined process appeals to consumers seeking quick and hassle-free transactions, driving adoption, quote

Pradeep Ravi - Lead Analyst
BFSI at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Contactless Smart Cards Market, By Type (Memory, MPU Microprocessor), By Functionality (Transaction, Security And Access Control), By Industry Vertical (BFSI, Retail, Healthcare, Hospitality, Transportation And Logistics, Media And Entertainment, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". The contactless smart cards market was valued at $9.4 billion in 2022, and is estimated to reach $21 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.

A growing number of contactless smart cards are employed for a variety of purposes, including access control, payment, public transport, and others. The user experience is made simpler by this convergence. Certain contactless smart cards are combining biometric identification techniques, such as fingerprint or face recognition, to increase security. In order to increase security in the contactless smart card market, including the adoption of dynamic data authentication and encryption, contactless payment cards are frequently targeted by fraud.

Moreover, wearable gadgets such as fitness trackers and smartwatches are incorporating contactless technology to make it easier for users to pay for things and enter places. Many contactless smart card technologies are now connected with mobile wallets, making it simpler for customers to manage and use their cards via smartphones. Contactless technology is adopted by Internet of Things (IoT) for a variety of applications, including connected automotive systems and smart home access control. In addition, the use of recyclable or biodegradable materials has become more important in making contactless smart cards more environmentally friendly. Furthermore, in the healthcare industry, contactless cards are used for patient identification, access control, and safekeeping of medical records

Furthermore, major players in the contactless smart cards market have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in May 2021, IDEMIA partnered with NXP Semiconductors and established white label alliance (WLA) to provide smart card and online payment companies with an independent contactless payment standard. WLA establishes and maintains an open and complete payment standard that provides ready-to-deploy dual interface payment solutions for contact & contactless payment cards, mobile devices, and payment terminal acceptance. WLA, which is based on the EMV standard, helps the transition to contactless solutions while also ensuring interoperability across various system suppliers. In addition, in November 2022, IDEMIA launched its 6gram real card to provide mixi translucent contactless payment cards in Japan. Moreover, contactless smart cards are likely to provide customers with a visually appealing and effective payment option by combining transparency and contactless payment technology. This invention demonstrates IDEMIA's dedication to providing cutting-edge payment card solutions in the Japanese market in collaboration with Real Card. Therefore, these are some of the major contactless smart cards market trends.

By type, the MPU microprocessor segment was the largest revenue contributor in the contactless smart cards market in 2022. This is attributed to the fact that MPU microprocessors offer robust processing capabilities, enabling them to handle complex tasks and applications efficiently. This processing power allows for faster transaction times and smoother user experiences in contactless smart card applications.

Meanwhile, the memory segment is predicted to be the fastest-growing segment in the contactless smart cards market during the forecast period. This is due to the fact that memory-based contactless smart cards are less expensive than their microprocessor-based equivalents. Owing to their low cost, they are a popular choice for applications that do not require extensive processing capabilities, lowering overall implementation costs. Furthermore, memory-based cards offer faster transaction speeds, as they store data locally and do not require complex processing, making them ideal for scenarios where quick interactions are crucial, such as transit systems and ticketing.

By region, the contactless smart cards market size was dominated by Asia-Pacific in 2022 and is expected to maintain this trend during the forecast period. This is attributed to the fact that the Asia-Pacific region is home to some of the world's most populated nations, including China and India. Contactless smart cards, which are used for a variety of purposes, including transportation, payments, and access control, have a huge market due to the absolute quantity of the population.

The COVID-19 pandemic had positive impact on the contactless smart cards industry. The pandemic accelerated the use of contactless payment technologies as consumers and companies prioritized safety and sanitation, limiting the use of cash and traditional payment cards. The touchless aspect of contactless smart cards became a fundamental advantage, driving rising demand for these cards in a variety of industries, including retail, transportation, and healthcare. As a result, the contactless smart cards market expanded significantly, and contactless smart cards emerged as a favored choice for secure and convenient transactions during the pandemic, demonstrating their positive impact in these trying times.

Key Findings of the Study

  • By type, the MPU microprocessor segment led the contactless smart cards market share in terms of revenue in 2022.
  • By functionality, the transaction segment accounted for the highest contactless smart cards market growth in 2022.
  • By industry vertical, the BFSI segment accounted for the highest contactless smart cards market analysis in 2022.
  • By region, Asia-Pacific generated the highest revenue in the contactless smart cards market in 2022.

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quote Contactless Smart Cards Market by Type (Memory, MPU Microprocessor), by Functionality (Transaction, Security and Access control), by Industry Vertical (BFSI, Retail, Healthcare, Hospitality, Transportation and Logistics, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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