Wiseguyreports.Com Adds “Smart Card in Telecom– Global Market Share, Industry Analysis, Competitive Landscape, Strategies And Forecast To 2025”
A smart card is also known as a chip card or an integrated circuit card, which is typically a pocket-sized physical electronic authorisation device made of plastic with an embedded integrated chip used to gain and control access to a device. Smart cards in telecom can provide authentication, data storage, personal identification and application processing. Many sectors such as banking, transportation, financial services and insurance use smart cards for various purposes. Smart cards help an individual gain authorised access to secure premises of an organisation to maintain data security and confidentiality. Smart cards are very handy in applications for payments and transit like the subway.
The global smart card market in telecom had a valuation of $13.8 billion in 2017 and is expected to grow up to $21.57 billion by 2023 with a CAGR of 8.7 % for the forecast period of 2019-2025 as per a report by Markets & Markets. In the past decade or so, the technological world has had its fair share of security and privacy issues that gave way to advanced technology such as the smart card. Moreover, with the introduction of multifunctional cards, problem areas like storage, data breach and network system access have been improved.
Top Key Vendors:
Giesecke & Devrient
CPI Card Group
Watchdata Systems Co. Ltd
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Smart cards in telecom can be either contact-based or contactless. Contact based smart cards are ones which include a metal pattern of contacts which are electrically connected to the internal chip. Contactless cards, however, are powered by RF induction technologies and just need the right amount of proximity to an antenna to communicate. The most popular use of the smart card technology is the smart card in telecom or a sim card which provides a unique identity to each subscriber and provides network access and authorisation. There are many examples of well-known smart card in telecom market applications including DTH, E-commerce, Banking and Government ID. A very prominent example would be the Aadhaar card scheme in India which is a unique ID with biometric data stored in it customised for every individual.
The smart card market in telecom market in the Asia Pacific is estimated to witness a very exponential growth owing to the increasing demand in emerging economies such as India, Thailand, Malaysia and China. Banking transactions, digital payments, one-touch apps are very convenient and the application of it has been made popular by the countries implementing it to their day to day lives trying to move towards a more digital and cashless economy. For example, India had the BHIM or the UPI scheme made popular which is basically a unified digital payment system with a POS scanner.
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The extensive use of digital payment systems, wallets, basically one single smart card that could hold every data has been increasingly popular. The world is gradually shifting towards a digital era. Smart card in telecom is being provided to the consumers who are more than happy to accept this hassle-free, protected, technology. With Apple recently launching the Apple credit card system, there has been an uproar in the technological world especially the smart card in telecom sector.
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Source: EIN Presswire