Lewes, DE -- (SBWIRE) -- 03/07/2016 -- Report forecast the global banking and financial smart cards market to grow at a CAGR of 9.74% during the period 2016-2020.

A smart card is a pocket-sized card with either an embedded integrated circuit called a microcontroller chip, which has an internal memory, or a secured memory chip. Smart cards are used mainly for security purposes for authentication, identification, data storage, and application processing. With an embedded microcontroller chip, smart cards store large amounts of data; carry out their own on-card functions such as decryption, data storage and management, digital signature calculations, and encryption; and interact quickly with a smart card reader.

In the banking, financial services, and insurance (BFSI) sector, smart cards are used as credit or debit cards, authentication cards for payments, fuel cards, access control cards, and high-security identification cards. They can be used as electronic wallets by loading the smart card with funds that can be transferred to a vending machine or an account using cryptographic protocols. The portability, ease of use, security, and convenience offered by banking and financial smart cards have led to the increased adoption of smart cards in the BFSI sector.

The report covers the present scenario and the growth prospects of the global banking and financial smart cards market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of banking and financial smart cards. Smart cards are used in banks of all sizes and government banks for identification, authentication, data storage, and application processing.)

The market is divided into the following segments based on geography:
- APAC
- Europe
- Latin America
- MEA

According to the report, strong need to reduce identity duplication is one of the major growth drivers of the market. With a rise in the rate of fraudulent activities that are occurring, a solution that will reduce security risks is required. The data available in smart cards is difficult to decode, and therefore smart cards have a higher adoption in the BFSI sector worldwide.

Further, the report states that the price of smart cards is remarkably high in regions where there are fewer vendors. At the same time, price wars in the market are increasing in regions where the market is fragmented. These price wars are resulting in a reduction in the cost of smart cards, which is adversely affecting small core players, as well as the revenue of the global banking and payment smart cards market.

Global Banking and Financial Smart Cards Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the Global Banking and Financial Smart Cards Market: Gemalto, Giesecke & Devrient, Morpho, and Oberthur Technologies.

Other Prominent Vendors in the market are: American Express, ARM, Bell ID, CardLogix, DataCard, HID Global, Infineon Technologies, MasterCard, Smart Card IT Solutions and Visa.

Market driver
- Strong need to reduce identity duplication
- For a full, detailed list, view our report

Market challenge
- Increase in price wars
- For a full, detailed list, view our report

Market trend
- Emergence of hybrid smart cards
- For a full, detailed list, view our report

Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

Spanning over 48 pages and 17 Exhibit "Global Banking and Financial Smart Cards Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market Overview, Market Landscape, Global banking and financial smart cards market, Market segmentation by technology, Geographical segmentation, Market drivers, Market challenges, Impact of drivers and challenges, Market trends, Five forces analysis, Key vendor analysis, Appendix.

For more information Visit at: http://www.marketresearchreports.com/technavio/global-banking-and-financial-smart-cards-market-2016-2020

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