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Banking and Financial Smart Card Market was valued at USD 3,574.4 Million in 2018 and is projected to reach USD 7,141.8 Million by 2026, growing at a CAGR of 9.25% from 2019 to 2026.
The Global Banking and Financial Smart Card Market report provides a holistic market evaluation. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Banking and Financial Smart Card Market Overview
The rise in frequency and complexity of data security threats is one of the major driving factors in the growth of the Banking and Financial Smart Card market. With the rise in the frequency and complexity of data security threats like unencrypted data, new technology without security, third-party services, hacking and unsecured mobile banking, there increases the need for the implementation of a data security solution which is responsible for the assurance that the user’s data, as well as assets, are well protected.
The cards and payments industry has undergone a digital transformation with the introduction of new payment methods such as EMV chips, personal identification number (PIN) cards, and mobile wallets. With a rise in the usage of these methods, there is a strong need to reduce fraudulent activities like identity duplication. Hence, a solution that will reduce security risks is required. The data available in intelligent cards is difficult to decode and can only be accessed using a PIN code which is extremely difficult to interpret and make the transaction more secure and counterfeiting more difficult, pushing the market for further growth in the forecast period.
The “Global Banking and Financial Smart Card Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as NXP Semiconductors NV, Identicard, Giesecke & Devrient (G&D) GmbH, Oberthur Technologies SA, Texas Instruments, Inc., Infineon Technologies AG, American Express Company, VeriFone Holdings, Inc., Atos SE and INSIDE Secure SA.
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