Global Smart Card Market in Transportation Sector Overview 2021
Smart cards are flexible plastic cards (usually polyvinyl chloride) with in-built integrated circuit and micro-controller chips. Smart cards are used for different purpose such as authentication, identification, data storage and application processing. Smart cards provide enhanced security and enable easy management. They can be used as e-registration or e-driving license and can be used for payment and ticketing on toll booths, fuel pumps etc. Smart cards are also used to store confidential medical information such as blood type, allergies, and biometric data. These cards contain different integrated circuit for the storage and functioning of data, Smart cards are highly secure. Information that is stored on the chip is very tough to copy or extract unlike the outside storage used on magnetic stripe cards that can be easily copied.
On the back of factors like cost-effective way for storage, east to manage and maintain credentials for their users, ease of use, transaction convenience, and equipment durability are projected to help smart card at a CAGR of >9% during 2016-2021.
By Card Type:-
The major types of smart cards studied in the research conducted are contact smart cards, contactless Smart cards, hybrid smart cards, dual interface smart cards
On the basis of component, the global smart card market is segmented into Microcontroller based smart cards, Memory based smart cards
By End-Use Industry:-
To understand the demand from various sectors, an in-depth research has been conducted upon sectors like telecommunication, government, banking & financial, retail & transport
Geographically, the global smart card market can be segmented in to following regions
Growth drivers and challenges
Increasing demand for smart cards in transportation sectors, payment applications, cost effectiveness and easy management are few of the key factors fueling growth of the global smart card market. Cost-saving schemes for consumer from payments brands such as Visa, MasterCard, and Euro pay are driving the smart card technology innovations and its market. In transportation sector there are so many things that one has to remember such as vehicle registration number, license number etc. Smart cards save user from remembering multiple information. Smart cards technology brings the concept of “Never Carry Change”. In transportation, smart cards could become the next payment mode replacing cash, token, and passes. On rail system, there is reason to believe that smart cards can decrease queues.
Smart cards are cost-effective but their reading system is an expensive affair, High initial deployment and replacement cost, Development of alternate payment contactless technologies and near field communication (NFC) are major restraint for global smart card market in transport sector.
Market Size and Forecast
Global Smart Card market in the Transportation sector is expected to grow at a CAGR of 9.6 percent over the period 2016-2021. Contact-based card segment is expected to contribute highest in terms of revenue; representing 71% revenue shares of the global market in 2016. Future of the smart card market depends, to a large extent, on its compatibility with existing systems.
The smooth integration of smart cards with the current legacy systems makes it a cost effective and strong security tool, which will fuel growth. The need is for large scale adoption of such smart technologies to improve public transportation globally. This will open up large-scale opportunities for the semiconductor industry.
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