The payment card industry has introduced the EVM payment card method which has boosted the adoption of smart cards significantly. Increasing focus on security of organizations and user information has transformed smart card market outlook, with the advent of products capable of short-range wireless connectivity and can also be used as a token for multifactor authentication.
Described below are some factors influencing the demand for smart cards over the coming years:
- Increasing applications for hybrid cards
Hybrid cards will witness a steady adoption owing to multifunctional features and several smart applications that will conveniently contribute towards smart card market size. With rapid urbanization, certain countries have increasingly provided mass transportation for public travelling for greater efficiency and lower cost.
Hybrid chips are typically used for such mass transits that demand fast transaction time. Surge in security concerns in association with transactions and personal information will foster the demand for hybrid cards owing to the high level of security possible.
A hybrid card is also useful in accommodating the technology and infrastructure of a legacy system with the addition of e-card technologies in a single card. The product’s easy to use properties along with the high security provision will influence the product demand.
- Surge in use of microprocessors
Rising use of microprocessors in the banking and mobile phone sectors will contribute to the product growth. Microprocessors have their own operating system that is capable of processing data as a reaction at a given situation. The smart card is practical and a powerful tool due to its capability to record and modify information in its own physically protected and non-volatile memory.
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Emerging markets like E-passports, assess control, PKI and other applications wherein the cryptographic abilities addresses the issues of security particularly demand microprocessor cards, expanding smart card industry scope.
- Growing telecommunication sector
Smart cards are secure elements and are widely used in the telecommunications industry around the world. These cards are used in two major applications like the prepaid telephone cards where the valued memory cards are stored as well as the Subscriber Identity Module (SIM), which are microprocessor based smart cards in mobile phones.
Moreover, smart cards are being used with NFC-enabled mobile phones that have incorporated secure elements and are being used for several applications that include ticketing, mobile marketing and other mobile contactless payments. This has tremendously bolstered global smart card market share from sim and telecom segment applications.
The smart card industry has UICCs and SIMs as the highest volume products for revenue and units. More than 100 countries use smart cards after having substituted coins in payphones in order to improve convenience for customers and telecommunication operators.
- Rise in daily consumer purchases
Increasing consumer needs and purchases will stimulate the applications of smart card in the retail & gas sector in the forthcoming years. The card can be used as electronic wallets while the chip has funds in order to pay for purchases like cafeteria food, taxi rides, groceries and laundry services. Bank connections are not required due to the cryptographic protocols that the money exchange between machine and smart cards have.
In an effort to save time and provide easy access of customer service to consumer, the government has been making efforts to use technology. India’s sole supplier of piped natural gas and CNG, Indraprastha Gas Ltd., recently launched prepaid smart cards in order to provide the customer with digital options for payment.
Key market players in the smart card industry like Oberthur, Inteligensa Group, CPI Card Group, American Banknote Corporation, IDEMIA, Perfect Plastic Printing Corporation, Watchdata, HENGBAO and Goldpac Group have introduced advanced smart solutions. Further collaborations and strategic acquisitions will influence the business outlook considerably. Global smart card market size is anticipated to surpass USD 65 billion by 2025.
Author Name : Riya Yadav
North America airport security market to witness phenomenal gains over 2017-2024, technological advancements in the region to drive the growth
Given the current threats associated with cyber-attacks and potential damages to the aviation industry, airport security market is gaining tremendous traction of late. Of late, the aviation industry has been highly prone to threats relating to terrorism, smuggling activities, and other crimes, a factor that has highly driven the demand for strict security measures in this space. In response to this fact, the airport security technologies that offer enhanced security to the existing surveillance systems and better situational awareness are witnessing increasing adoption in the aviation industry. Furthermore, with the digital and connected solutions transforming the security landscape, companies are launching enhanced security systems to provide advanced surveillance and safety to the airports. Demonstrating a recent instance, Bosch, a leading supplier of security systems launched a Video Management System 7.5 software which has now allowed the security operators to have much faster access to video footage along with seamless management of space. Such product advancement trends are considered one among many factors that is underscoring the extensive developments prevalent in airport security market, which as per analysts generated revenue close to USD 9 billion in 2016.
China airport security market size, by technology, 2016 & 2024 (USD Million)
As per the recent research study, increase in the number of travelers and rising globalization trends have been the most pronounced factors contributing to rising growth of airport security industry. Development of new airports, owing to rising airline passenger, traffic has resulted in a tremendous demand for airport security systems. As per the estimates provided by the Centre of Aviation, currently more than 2,500 aviation projects are under operation, with Asia pacific solely spending USD 125 billion on airport construction. Developing economies in the region including India and China are experiencing rapid industrialization trends which have led to a massive increase in passenger traffic. The fad, in turn, has significantly led to rise in the demand for biometrics, full body x-ray scanners and other security technologies & processes at the airports which has fueled the airport security market size.
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Speaking of the advanced technologies and product developments pertaining to airport security market landscape, Smiths Detection, a leading airport security industry giant has recently launched the HI-SCAN 6040 CTiX checkpoint scanner. Reportedly, this scanner was developed to deliver higher levels of security, optimize checkpoint performance, and improve the operational efficiency. The new HI-SCAN 6040 CTiX is being incorporated at several airports across Europe, where it has allegedly enhanced security check to the airport baggage system. Other airport security industry giants are offering technologies such as thermal cameras, video analytics systems, motion sensors, and advanced surveillance that can help airport authorities to easily enforce security protocols. Axis Communications, RedXDefense LLC, IBM Corporation, Thales Group, and Siemens AG are some of the prominent names in airport security market that are bringing end-to-end product and solutions, enhancing the product spectrum of the airport security industry.
Considering the geographical aspects of airport security industry, although Asia Pacific is expected to be a major investment hub, experts claim North America to dominate the regional landscape in terms of revenue in the following seven years. Stringent regulatory compliances to reinforce airport security and mitigate terror attacks have been the key factors leading to robust adoption of airport security technologies.
Amidst the perpetually rising terror attacks pertaining to the aviation industry, it is rather overt for the global airport security industry to garner huge proceeds and developments in the coming years. Global Market Insights, Inc., projects the overall airport security market size to register a y-o-y growth rate of 7% over 2017-2024, crossing a valuation of USD 16 billion by 2024.
Author Name : Ojaswita Kutepatil