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According to the report, The contactless IC cards include everything from proximity cards for use in public transport to NFC payments through smartphone platforms. The performance differences between amplitude shift (ASK) and phase shift (PSK) modulation have been the subject of much research. It is obvious that faster connections between cards and devices will be prioritized regardless of whether technology eventually takes off. This will be a crucial feature when EMV extends to include contactless cards in order to guarantee that transaction times are as brief as possible. An additional, long-term switch to contactless cards is being sparked by a new push that emphasizes speed and convenience at the point of sale (POS) following the first release of EMV cards. The use of thermal or Drop on Demand (DoD) printing technology significantly increases versatility in the appearance of these new Contactless IC cards by lessening the reliance on embossing. Although magnetic stripes on cards will continue to function for the foreseeable future, machine readability for transaction automation now includes electronic components. is one of the primary growth factors for the market, is what makes this segment of the industry important to its overall growth.
Contactless IC cards have a varied applications in the ever-growing sectors. The increasing number of consumer spending has led to a simpler, more transparent, and efficient form of payment system which compelled the creation of contactless IC Cards. The cards not just made payments possible but also the transport through the metro and other smart public transport is being enhanced by the usage of contactless IC cards. The rapid increase in urbanization has led to smart cities’ creation which in turn upscales the demand for such improved systems of contactless IC cards for varied purposes. The encouraged use of public transport by the government is also a factor contributing to the demand creation of contactless IC cards. is also expected to contribute significantly to the Contactless IC Cards market growth. The presence of players such as Philips (Netherlands), Infineon (Germany), Inside Contactless (France), STMicroelectronics (Switzerland), Atmel (United States), Texas Instruments (United States), Hitachi (Japan), NEC (Japan), Fujitsu (Japan), Samsung (South Korea), Sharp (Japan), Toshiba (Japan) may see astonishing sales in this Market and certainly improve revenue growth.
The Technology, such as Memory Smart Card, is boosting the Contactless IC Cards market. Additionally, the rising demand from SMEs and various industry verticals, and macroeconomic growth are the prime factors driving the growth of the market.
HTF Market Intelligence's Analyst on the Global Contactless IC Cards market identified that the demand is rising in many different parts of the world as "Security and miniaturization are the two areas where smart card technology is developing most swiftly. The most recent generation of smart cards is capable of complete on-chip encryption, which has considerably boosted the security of cards throughout the industry with the international migration to far higher security EMV banking cards. In addition, smart cards are getting smaller and appearing in a wider range of form factors, such as mini-tags and smart wearables. As the smart card is used more frequently as a two-factor credential in conjunction with a phone or biometrics, both of these trends will persist. Because smart cards have so many benefits, industries and businesses that have historically used machine-readable card technologies like magnetic stripes and barcodes are moving more and more towards adopting them, especially for uses that strictly require security and validation.". Furthermore, some recent industry insights like "On 17th February 2023, TrustSEC, a pioneer in information security and smart cards, launched a BIO-SLCOS, a new sophisticated smart cards operating system (OS), in collaboration with Infineon Technologies AG. The OS makes advantage of Infineon's most recent, high-performance SLC38 Secure Element to offer a safe, flexible, and hardware-independent platform that satisfies the comfort, performance, and security demands of the worldwide smart card industry. The solution is best suited for use with government identity, payment, ticketing, and access applications as well as with application providers wishing to improve the security, performance, and functionality of their biometric solution. Payment sensor cards, under an optimistic scenario, meet consumer demand for more convenient and secure biometric authentication in personal payment transactions. By merely placing their finger on the card's sensor and tapping the card at the terminal, biometric cardholders may authenticate their identity in daily life. Especially in the payments industry, TrustSEC is equipped to address the rising demand for biometric smart cards." is constantly making the industry dynamic. One of the challenges that industry facing is "Customers are nevertheless hesitant to use a Contactless IC cards facility despite it being supported by a powerful fraud detection system and several layers of protection. Businesses may be discouraged from implementing and supporting tap-to-pay payments as a result of this circumspect attitude. Lost or stolen contactless cards can be used to make fraudulent purchases since contactless payments don't require a PIN or signature authorization. The NFC tags on smart gadgets may potentially be altered by hackers, allowing the transfer of users' confidential information to an unauthorized device. The limit should be more than enough to handle the majority of daily transactions, although contactless payments cannot be utilized for larger payments."
The report provides an in-depth analysis and forecast about the industry covering the following key features:
Detailed Overview of Contactless IC Cards market will help deliver clients and businesses making strategies.
Influencing factors that thriving demand and latest trend running in the market
What is the market concentration? Is it fragmented or highly concentrated?
What trends, challenges, and barriers will impact the development and sizing of Contactless IC Cards market
SWOT Analysis of profiled players and Porter's five forces & PEST Analysis for deep insights.
What growth momentum or downgrade market may carry during the forecast period?
Which region may tap the highest market share in the coming era?
What focused approach and constraints are holding the Contactless IC Cards market tight?
Which application/end-user category or Product Type [CPU/MPU Cards, Proximity Cards] may seek incremental growth prospects?
What would be the market share of key countries like Germany, the USA, France, China, etc.?
Market Size Estimation
In the market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation processes, to predict and validate the market size of the Contactless IC Cards market and other related sub-markets covered in the study.
o Key & emerging players in the Contactless IC Cards market have been observed through secondary research.
o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes.
o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
The overall Contactless IC Cards market size is calculated using the market estimation process, the Contactless IC Cards market was further split into various segments and sub-segments. To complete the overall market engineering and arrive at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both the demand and supply sides of various applications involved in the study. Along with this, the Global Contactless IC Cards market size has been validated using both top-down and bottom-up approaches.