Smart Card Market – It’s Opportunities and Challenges

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MarketsandMarkets Presents

Smart Card Market Its Opportunities and
Challenges Smart Card Market by Communication
(Contact and Contactless), Component (Hardware,
Software, and Services), Application (BFSI,
Government and Healthcare, Transportation,
Retail, and Others) and Geography - Global
Forecast to 2023 https//www.marketsandmarkets.c
om/Market-Reports/smart-card-285.html
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The smart card market was valued at USD 13.18
billion in 2017 and is expected to reach USD
21.57 billion by 2023, at a CAGR of 8.7 during
the forecast period. Smart Card Market by
Component, the software segment is expected to
grow at the highest growth rate during the
forecast period The smart card market for
software was valued at USD 1,891.9 million in
2017 and is expected to reach USD 3,604.2 million
by 2023, at the highest CAGR of 11.5 between
2018 and 2023. Using relevant software, it is
possible to configure an entire smart card system
with smart cards and readers. Considering this,
it is expected that the market for software would
grow at the highest CAGR during the forecast
period. Browse 68 market data Tables and 42
Figures spread through 144 Pages and in-depth TOC
on "Smart Card Market  - Global Forecast to 2023"
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Smart Card Market by Application, BFSI accounted
for the largest share during the forecast period
BFSI applications accounted for the largest
share of 44.8 the smart card market in 2017. The
market for BFSI applications was valued at USD
5,912.3 million in 2017 and is expected to reach
USD 8,850.1 million by 2023, at a CAGR of 6.9
between 2017 and 2023. The market for
transportation applications is expected to grow
at the highest CAGR of 11.7 during the forecast
period. Ask PDF Brochure https//www.marketsandm
arkets.com/pdfdownloadNew.asp?id285 Smart Card
Market in Asia Pacific to account for the largest
market size during the forecast period. Asia
Pacific is expected to hold the largest market
size in the smart card market during the forecast
period. Asia Pacific is the largest and
fastest-growing market because of the fact that
several countries in the region are likely to
adopt smart card solutions owing to the
increasing demand specifically in the
transportation, BFSI, retail, government, and
healthcare sectors.
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Market Dynamics Smart Card Market Opportunity
Blockchain technology enhancing security
features Blockchain can be used to generate and
store cryptographic keys in smart cards this
would help users authenticate financial
transactions by swiping smart cards. A smart card
acts as a vault where the cryptographic key can
be stored. When the smart card is connected to
the Internet via a POS reader, the key stored in
the card can be matched with the key stored in
the online library, and the authentication of the
user would be done. This would help banks and
other ecosystem players secure and authenticate
user identity in an improved way, thereby
reducing cyber theft practices. In 2016, SETL and
Metro Bank demonstrated a blockchain-enabled
contactless smart card system to help users
utilize cash transaction for shopping
applications. Request Free Sample
Pages https//www.marketsandmarkets.com/requestsa
mpleNew.asp?id285 Challenge Security related
to contactless technology Interrupted operations,
service denials, covert transactions, and
communication links and dual modes are a few
security issues facing the contactless smart card
market, potentially restricting market growth.
The NFC technology and the development of
applications to store credit card information
could result in privacy issuestheft, regulatory
compliance, etc. Failure to protect decrypted
data at the contactless payment gateway increases
the vulnerability of PSP databases to intruder
attacks, potentially resulting in large payment
data compromise. These factors have prompted the
governments of several countries to cap maximum
limit of contactless payment.
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