Smart Card Market in the APAC Region 2015-2019
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.
Smart Card market in the APAC region to grow at a CAGR of 5.6 percent over the period 2014-2019.
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.
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,”.
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“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.”
Covered in this Report
This report covers the present scenario and the growth prospects of the Smart Card market in the APAC region 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:
Contact-based
Contactless
The report consolidates the revenues generated from the following major sectors:
BFSI Sector
Government Sector
Transportation Sector
Smart Card Market in the APAC Region 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the landscape of the Smart Card market in the APAC region and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
To define the market conditions in the next 3-4 years, Our 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.
By 2011, Facebook had convinced several large companies, including Nordstrom and GameStop, to open digital stores on the social media site. Through these stores, the brands would sell products, but consumers would be directed to a dedicated e-commerce site operated by the merchant they were purchasing products from. The initiative proved to be fruitless, however, as merchants saw no significant increase in sales or engagement. The companies participating in the initiative closed their digital stores on Facebook within a year.