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An IC card is an electronic authorization device that provides data control and manipulation to safeguard financial transactions. The IC card management system is responsible for maintaining data security and providing appropriate authentication protocols. These cards have an integrated circuit chip responsible for storing and transmitting the data among users. According to Business Research Insights, the IC card management system market size was valued at USD 16930 million in 2021 and is anticipated to reach USD 26650 million by 2028 at a CAGR of 6.7% during the forecast period. IC cards require authentication to identify the cardholder and third parties to proceed with the transaction, ensuring high data security and avoiding cyber threats to confidential transactions.
Halted Manufacturing Processes Hampered the Industrial Development
The COVID-19 pandemic had a negative impact on various industries due to restricted operations and halted manufacturing units. IC cards are used in various verticals due to which the IC card management system is required in different industries. Strict restrictions imposed by the governments affected the demand for these systems and hampered the overall industrial growth. However, the demand for IC cards in telecommunication and healthcare is less affected due to continuous use and developments in healthcare infrastructure. In the telecommunication and IT sector, IC cards are used extensively to develop smart and secure technologies. These factors have positively impacted the leading companies' organizational growth.
Application of IC Cards:
Integrated cards are chip cards installed on the devices and used to provide high security to avoid threats and risks associated with financial services. Also, these cards are used in different business verticals. Most prominently, these cards are used in the banking and financial sector to provide high security to the transactions.
The security algorithms and authentication processes vary depending upon the transaction type and format. The IC card management systems are used in:
- Corporate and government buildings
- Fuel and gas filling stations
Below Mentioned are the Profiles of 5 Leading Companies Operating in the IC Card Management System Industry:
The leading companies operating in this industry focus on adopting advanced technologies and developing their business portfolio to propel growth. These companies operate in various verticals to strengthen their position.
1. Sanki Petroleum Technology (China)
Sanki Petroleum Technology is one of the leading competitors globally. The company is headquartered in Beijing, China. Its fuel dispensers are incorporated with smart chips to mentor the activities. The company calculates its services and accordingly maintains the records.
2. Censtar Science & Technology Corp. Ltd (China)
Censtar Science & Technology Corp. Ltd is one of the leading fuel dispenser companies in China. The company manufactures LPG, LNG, ATG, and CNG dispensing machines. It aims to globalize its brand by providing services globally.
3. Prospect (London)
The company was established in 1996 and is headquartered in London. It aims to provide highly advanced services to its customers and ensure growth in terms of productivity and profitability. The company has over 2,500 employees associated with it.
4. Jun International (U.S.)
Jun Internationals is headquartered in the U.S. and operates in the wholesale import and export sector. The company focuses on acquiring a leading position to enhance its business performance. Its motive is to provide customers with tech-friendly services and develop a secured business platform.
5. Samsung (South Korea)
Samsung was established in 1938 and is headquartered in Seoul, South Korea. The company operates in different business verticals, including electrical, telecom, consumer electronics, and others. The company is considered one of the leading brands and focuses on globalizing its services through advanced technologies.
Technological Development: A Boon for the IC Card Management System Industry
Industrial advancements and rapid developments in the healthcare and telecommunication sectors are anticipated to bolster industrial growth. Also, emerging technologies and developments in the cyber security and financing service sectors are projected to create lucrative opportunities for the leading market players. Furthermore, rising investment in R&D activities is projected to surge the demand for IC card management systems by incorporating high-end technological services to ensure data security and avoid financial risks.