Contactless Smartcard Market Growing in Response to Demand for More Stringent Security

Contactless Smartcard Market Growing in Response to Demand for More Stringent Security is a new market research publication announced by Reportstack which  is projecting a CAGR of 33.5 percent from 2013-2018 in the Global Contactless Smartcard Market.

Contactless smartcards are mainly used for identification, authentication, data storage, and application processing. They currently make up about 17 percent of the revenue for the global smartcard market, with revenue being mainly derived from government and financial sectors.

The major drivers for growth in this market are security related. Notably, the need to reduce identity theft and fraud and a push to develop tamper-resistant systems.

“The number of frauds and forgeries is increasing with enhancements in technology. As a result, there is an increased need for a difficult to imitate solution. Contactless smart cards help reduce imitation or duplication of identity as the data stored in them can be accessed only by using a code, which is difficult to decipher, as the information is stored in the parent system. Therefore, even when the card is stolen or lost, the chances of data theft or identity duplication are very low,” .

He goes on to say that generally, cards embedded with magnetic tapes only store information about end-users' accounts. These cards can be easily tampered with, resulting in loss of information or data. This also increases the chances of identity theft.  However, contactless smartcards are tamper-free as information stored in them can only be accessed with a pin code that is difficult to decode. This increases the safety of card holders' accounts, providing better security.

To determine the scenario for these vendors in the next 3-4 years, the 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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To view the table of contents and know more details please visit Contactless Smartcard Market Growing in Response to Demand for More Stringent Security.