Global Smart Cards Market in the Government Sector 2012-2016 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-26 08:09:01
The Global Smart Cards market in the Government sector is to grow at a CAGR of 6.48 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need for a tamper-free system. The Global Smart Cards market in the Government sector has also been witnessing the increasing use of contactless ID cards. However, the high initial deployment and replacement cost could pose a challenge to the growth of this market.
Contactless cards are more user-friendly than contact-based cards. Governments across the globe are increasingly deploying contactless e-ID cards to improve security in their respective countries. Countries such as France, Russia, Brazil, Indonesia, Poland, and Malaysia are expected to experience high adoption of contactless smart cards in the future. South Africa and Canada are also expected to experience an intensive adoption of smart ID cards. Instances like these are expected to contribute to the growth of the Global Smart Card market in the Government sector.
One of the major drivers is the increasing need for a tamper-free payment system. Generally, cards embedded with magnetic tapes only store information about end-users´ accounts. These cards can be easily tampered with, resulting in monetary loss or loss of data. However, smart cards store information that can only be accessed with a pin code, which is difficult to decode, thereby protecting end-users´ financial data.
One of the key challenges in the market is the high initial deployment and replacement costs. Regions such as South America and the APAC region have limited vendor penetration and very few local players. As a result of this, the market is controlled by a small group of vendors, leading to low competition. This low competition is thus leading to high initial deployment and replacement costs.
The key vendors dominating this market space are Gemalto N.V., Giesecke & Devrient GmbH, Morpho SA, and Oberthur Technologies.
Other vendors are Infineon Technologies AG, and NXP Semiconductors N.V.
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