According to a new report, published by KBV research, The Global Contactless Smart Cards Market size is expected to reach $17.7 billion by 2031, rising at a market growth of 8.3% CAGR during the forecast period.
One of the significant innovations in contactless smart cards is integrating biometric authentication methods such as fingerprint recognition or facial recognition. This feature enhances security measures and ensures that exclusively authorized individuals can utilize the functionalities of the card. Advanced encryption techniques and dynamic data authentication methods have been developed to enhance the security of contactless smart cards.
Fraudsters find it very difficult to duplicate or intercept card data due to these techniques, which produce distinct transaction codes for every payment. Dual-interface contactless smart cards feature contactless and contact-based interfaces, allowing them to be used in a wider range of scenarios. These cards can be tapped for contactless transactions or inserted into card readers for chip-based transactions, providing flexibility and interoperability.
The Security & Access Control segment is experiencing a CAGR of 9.1% during (2024 - 2031). Contactless smart cards provide both physical and logical access control capabilities. They can grant access to buildings, offices, data centers, and other physical facilities and authenticate users for digital systems, networks, and applications. This dual functionality makes contactless smart cards versatile for organizations seeking comprehensive access control solutions.
The MPU Microprocessor segment is leading the Global Contactless Smart Cards Market by Type in 2023; thereby, achieving a market value of $10.9 billion by 2031. MPU-based contactless smart cards can support multiple applications simultaneously, making them highly versatile and cost-effective solutions. The advanced processing power and memory capacity of MPU microprocessors allow for seamless integration of diverse applications such as payment transactions, access control, public transportation, healthcare, and loyalty programs on a single card.
The Retail segment is showcasing a CAGR of 7.6% during (2024 - 2031). Contactless smart cards offer an improved customer experience at the point of sale. Contactless smart cards offer an improved customer experience at the point of sale. With faster transaction times and reduced checkout queues, customers can complete their purchases more efficiently, leading to higher satisfaction levels and increased loyalty to retailers that offer contactless payment options. Contactless smart cards eliminate the need to swipe or insert cards into payment terminals, reducing friction at checkout and streamlining the payment process for customers and cashiers. This improved efficiency benefits retailers by increasing transaction throughput and reducing wait times, ultimately driving higher sales volumes.
Full Report: https://www.kbvresearch.com/contactless-smart-cards-market/
The Asia Pacific region dominated the Global Contactless Smart Cards Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $6.6 billion by 2031. The North America region is poised to grow a CAGR of 7.6% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 7.8% during (2024 - 2031).
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