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World Contactless Smart Card Markets
Frost & Sullivan, Jan 2006
Multiple Benefits of Contactless Smart Cards Drive Demand
The rewards of using contactless smart cards are becoming evident as its use expands beyond transit and national IDs. The patronage provided by key sectors is driving other areas such as medical, emergency services, and even gaming to fulfill the need for security, convenience, and increased speed in their markets. Moreover, the potential of these other markets is growing, as success in certain segments has had positive spillover effects on other sectors. Projects such as transit and ID programs in Asia Pacific combined with the advances in U.S. payment markets are stirring up interest in the rest of the world where these applications have not been fully recognized.
This Frost & Sullivan research service provides a global and regional overview of the contactless smart cards market. In addition to providing total unit shipment and revenue forecasts, this study also provides detailed insights into the market’s competitive landscape.
Ironing out Issues from Consumer Rights Groups and Upgrading Infrastructure is Crucial to Manufacturers in this Market
Despite its diverse advantages, lack of adequate infrastructure in certain regions hinders contactless smart cards, while Europe, Middle East, and Africa's (EMEA) infrastructure in banking and payment sectors slow down uptake in remaining sectors, note the analysts of this study. Moreover, privacy concerns further bog down the development of this market in advanced countries, and manufacturers need to educate consumer rights and privacy groups on the use of biometric features for security needs.
Consumer rights groups have succeeded in raising valid privacy concerns in the use of contactless smart cards. Both national ID cards involving the government and the use of biometric features for safety needs need to be addressed by the relevant stakeholders/manufacturers to avoid consumer rights violations and to prevent potential law suits. In addition, manufacturers also need to focus on the transition period of migrating infrastructure in certain sectors including Europay, Mastercard and Visa (EMV) migration within EMEA. During this transition period, it is valuable to have readers and terminals that are able to serve both the old magnetic cards and new contact and contactless smart cards. Addressing these two issues will aid manufacturers in establishing a healthy marketplace with a strong growth rate.
Pressure from Government Authorities to Comply with Mandates Drives Growth of this Market
A combination of government mandates in Asia for government ID, and the U.S. waiver program deadline for e-passports in 2006 provide an impetus to this market. Moreover, mandates given by authorities such as the Department of Defense, federal authorities, and other government-related agencies also strongly drive the contactless technologies in all applications. The significant fall in the educational barriers of many developing nations has further compelled the growth of this market.
It has been a momentous year for contactless technology, as trends indicate that the industry took positive steps to create a sturdy launching pad, according to the analysts of this study. The impact of the fall in educational barriers is so high that many advanced nations are following the example of these developing countries, thus boosting the uptake of contactless smart cards.
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