Thursday 9 April 2015, Amsterdam
The new report recognizes the following companies as the key players in the Global Smart Cards Market: CardLogix Corp., Gemalto NV, Giesecke & Devrient GmbH, Morpho SA and Oberthur Technologies.
Other Prominent Vendors in the market are: Eastcompeace Technology, IRIS and Muhlbaeur.
Commenting on the report, an analyst from the report's team said: “An increase in the use of contactless ID cards, especially in the Government sector, is expected to contribute to the growth of the Smart Card market. The Public/Private sector is deploying smart ID cards to keep track of its records and provide information on employees to the accessing authority. The use of this type of ID card is expected to increase during the forecast period.”
According to the report, the main driver of this market is the use of smart cards in the BFSI sector. Over the past few years, the security of and the technology used in smart cards have evolved with increased functionalities and storage capacity. This results in increased interest from financial sectors and related corporates to deploy smart cards, leading to the growth of the Global Smart Card market.
Further, the report states that one major challenge in the market is the high cost involved in the deployment and replacement of smart cards. The cost of deploying smart cards is very high, and it also requires a robust network infrastructure, because of which the adoption is low in the APAC region compared to the Americas and the EMEA region.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.