Enjoy complimentary customisation on priority with our Enterprise License!
The EVM cards market size is forecast to increase by USD 1.34 billion at a CAGR of 7.53% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. Firstly, the need to comply with regulations mandating the adoption of EMV technology for enhanced security is propelling market expansion. Secondly, the advent of biometric EMV cards, which offer an additional layer of security through the integration of fingerprint or other biometric data, is gaining popularity. Lastly, the popularity of mobile payments and contactless transactions is driving the demand for EMV-enabled cards. These trends are expected to continue, as consumers seek secure and convenient payment solutions. Additionally, the ongoing digitization of economies and the increasing penetration of smartphones are creating new opportunities for market growth. Overall, the market is poised for strong growth in the coming years.
The market is witnessing significant growth due to the increasing adoption of credit, debit, and prepaid cards with advanced security technology. The market is driven by the integration of smart chip and contactless payment technology in cards for secure and convenient transactions. NFC mobile payments are also gaining popularity, enabling cashless transactions in the banking and financial services sector. The EMV chip card deployment in the e commerce industry has heightened security concern in Hong Kong, particularly regarding the vulnerabilities associated with traditional magstripe technology and the importance of safeguarding PIN code. Security is a major concern in the EMV card market, with dynamic authentication strategies, PIN, signature, and fraud alerts being employed to prevent data theft. The use of smart chips and cryptographic keys enhances security, while multifunction cards offer added convenience.
Furthermore, the market is expanding in various sectors such as Healthcare, Transportation, Entertainment, and Digitalization. Banking services and financial institutions are major contributors to the market growth. However, the market faces challenges from data theft and security concerns. Blockchain technology is being explored as a potential solution to enhance security and trust in EMV card transactions. Perfect Plastic Printing is a key player in the production of EMV cards, offering customized solutions for various industries. The market is expected to continue its growth trajectory, driven by the increasing demand for secure and convenient payment solutions.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The contactless segment is estimated to witness significant growth during the forecast period. The market encompasses various types of payment cards, including credit, debit, and prepaid cards, which incorporate advanced security technology such as smart chips and magnetic stripes. Contactless payment methods, facilitated by near field communication (NFC) and radio frequency identification (RFID) technologies, have gained popularity in the banking, telecom, healthcare, transportation, entertainment, and digitalization sectors. These technologies enable cashless transactions through smartphones and contactless EMV cards, offering convenience and security. However, with the increasing use of these cards, security concerns have emerged, particularly regarding data theft and hacking. To mitigate these risks, EMV cards employ cryptographic keys, X2 smartcard payments, and contactless authentication methods, such as PIN codes and signatures.
Furthermore, the financial sector and fintech industries, including PayPal, Google Pay, and Amazon Pay, have adopted these technologies to enhance security and authenticity in financial transactions. Despite these advancements, unencrypted data and fraudulent activities, such as identity duplication and counterfeiting, remain significant challenges. Encryption and encryption keys play a crucial role in safeguarding sensitive data and maintaining data security. The integration of blockchain technology and biometric authentication further strengthens the security of EMV cards.
Get a glance at the market share of various segments Request Free Sample
The contactless segment was valued at USD 1.57 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market encompasses various types of payment cards, including credit cards, debit cards, and prepaid cards. These cards employ advanced security technology, such as smart chips and magnetic stripes, to ensure authenticity and security during transactions. With the advent of NFC mobile payments, banking, telecom, healthcare, transportation, entertainment, and other sectors are increasingly embracing digitalization and cashless transactions. However, these advancements also bring about concerns regarding data theft and security. Smart chips and contactless payment methods use cryptographic keys and X2 smartcard payments for encryption and PIN codes for added security. The financial sector, fintech industries, and digital wallets like PayPal, Google Pay, and Amazon Pay, are adopting these technologies to enhance security and prevent fraudulent activities, identity duplication, and hacking.
Furthermore, mobile banking and unencrypted data are potential targets for cybercriminals, making data security a top priority. Blockchain technology, with its decentralized and secure nature, is being explored as a potential solution to mitigate these risks. Overall, the market is evolving to meet the demands of a cashless society while addressing security concerns.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The need to comply with regulations related to EMV is the key driver of the market. Contactless payment technology has revolutionized the banking and financial services sector by enabling faster and more secure transactions. With the increasing adoption of this technology, multifunction cards that support contactless payment, fraud alerts, and mobile payments are gaining popularity. The e-commerce industry and card present transactions are major contributors to the growth of this market.
Furthermore, financial institutions are investing heavily in contactless payment systems to enhance customer experience and reduce operational costs. Mobile payments are expected to dominate the market due to their convenience and ease of use. Despite the benefits, security concerns remain a challenge, and measures such as encryption and tokenization are being employed to mitigate fraud. Overall, contactless payment technology is transforming the way we make transactions and is poised to shape the future of banking and financial services.
The advent of biometric EMV cards is the upcoming trend in the market. Contactless payment technology has revolutionized banking and financial services, enabling faster and more secure transactions. This technology, which allows consumers to make payments by simply waving their cards near a reader, is gaining popularity in various sectors, including retail, transportation, and hospitality.
Furthermore, multifunction cards, which combine contactless payment technology with other features such as loyalty programs and identification, are also on the rise. In the e-commerce industry, contactless payment technology is being integrated into mobile wallets and apps for seamless online transactions. Fraud alerts and other security measures are being implemented to ensure the safety of these transactions. The contactless payment market is expected to grow significantly in the coming years, driven by increasing consumer demand for convenience and security.
The popularity of mobile payments is a key challenge affecting the market growth. Contactless payment technology has revolutionized banking and financial services, enabling faster and more convenient transactions. This technology allows consumers to make payments using their multifunction cards or mobile devices, eliminating the need for physical contact with payment terminals. The e-commerce industry and mobile payments have particularly benefited from this innovation, as it offers a seamless and secure shopping experience.
However, with the increasing adoption of contactless payment technology, there is a growing concern about security and fraud. Financial institutions are addressing this issue by implementing advanced fraud alert systems and encryption techniques to ensure the safety of customer data. The contactless payment market is expected to continue its growth trajectory, offering significant opportunities for innovation and expansion in the financial services sector.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AllCard Inc. - The company offers EMV cards under the Reloadable Card System Solutions.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Credit cards, debit cards, and prepaid cards have revolutionized the way we make transactions, with the global market for these payment methods expected to grow significantly due to digitalization and the shift towards cashless transactions. Two primary technologies drive these cards: security technology and contactless payment methods. Security technology includes smart chips and NFC mobile payments, which offer enhanced security features such as cryptographic keys and encryption. However, with increasing digital transactions comes an increased risk of data theft and security concerns. Data breaches, hacking, identity duplication, and fraudulent activities are major challenges for the financial sector. Banks, fintech industries, and tech giants like PayPal, Google Pay, and Amazon Pay are investing in advanced security measures such as blockchain and biometric authentication to mitigate these risks.
Furthermore, microchips with authenticity verification and PIN codes or signatures add an extra layer of security to traditional credit and debit cards. The transportation, healthcare, entertainment, and telecom industries are also embracing contactless payment methods, further fueling the growth of the market. However, the implementation of these technologies comes with its own set of challenges, including the need for secure data transmission and handling unencrypted data. In conclusion, the credit, debit, and prepaid cards market is poised for growth, driven by digitalization and the demand for cashless transactions. Security technology, including smart chips and contactless payment methods, is crucial to the success of this market but also presents unique challenges related to data security threats and fraudulent activities. The financial sector and tech giants are investing in advanced security measures to address these challenges and ensure the authenticity and security of transactions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
149 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.53% |
|
Market growth 2024-2028 |
USD 1.34 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.99 |
|
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 49% |
|
Key countries |
US, China, India, Canada, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AllCard Inc., ABCorp., ANY Security Printing Plc, Cardzgroup Ltd., CompoSecure LLC, CPI Card Group Inc., Fiserv Inc., Giesecke Devrient GmbH, Goldpac Group Ltd., Harland Clarke Corp., IDEMIA France SAS, IdentiSys Inc., M-Tech Innovations Ltd., Manipal Technologies Ltd., Perfect Plastic Printing, Tag Systems UK Limited, Thales Group, and Valid SA |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
