IC Card Management System Market Size, Share, Growth, Global Industry Analysis by Type (Smart Door Lock, Fingerprint Readers, Fuel Management, and Others) By Application (Corporate and Government Buildings, Fuel and Gas Filling Stations, and Others) and Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 15 April 2024

IC CARD MANAGEMENT SYSTEM MARKET REPORT OVERVIEW

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The global IC card management system market size was USD 16930 million in 2021 and is expected to reach USD 32373.56 million in 2031, at a CAGR of 6.7% during the forecast period.

An IC card is an electronic authorization device that aids in the control and manipulation of data and the completion of financial transactions. It's a plastic credit card with an embedded microprocessor or integrated circuit (IC) chip that acts as a service token for storing and transferring data between users. For physical access to restricted places, hybrid smart cards containing memory and microprocessors are now commonly employed. Personal identity, authentication, data storage, and application processing are also provided.

IC cards allow the holder and third parties who want access to the card to be identified and authenticated in a secure manner. The chip's structure makes it tamper-proof, and it has enough computing power to secure the data it stores, encrypt it, and execute any instruction from a program with the established interface. It has the ability to save passwords, account numbers, secret keys, and personal data.

COVID-19 Impact: Cumulative Impact of Pandemic on Market Growth

The business for IC cards in the telecommunications and healthcare verticals is less affected than other verticals during the COVID-19 epidemic. The explosion of healthcare data poses new issues in terms of providing effective medical care while maintaining personal privacy. IC card management system solved these problems by allowing for secure data storage and distribution. Furthermore, rising healthcare spending is expected to drive smart card adoption in the healthcare industry.

LATEST TRENDS

"Increasing Demand from Healthcare to Foster Progress of the Market"

The explosion of healthcare data poses new issues in terms of providing effective medical care while maintaining personal privacy. For a long time, the banking industry has reaped the benefits of magnetic stripe card technology and has shifted to memory chip or microprocessor on card technology. Smart cards solved these problems by allowing for secure data storage and distribution. Furthermore, rising healthcare spending is expected to drive smart card adoption in the healthcare industry. However, fraud rates have risen steadily during the last decade, rising sharply owing to the growing demand for safe payments using smart cards.

IC CARD MANAGEMENT SYSTEM MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into Smart Door Lock, Fingerprint Readers, Fuel Management, and Others

The fuel management segment is expected to lead the market. IC card payments can be extended to other areas of the transportation business, such as car parking, washing, servicing, and fueling, due to their convenience. These factors are likely to foster market growth during the coming years. 

• By Application Analysis

Based on application, the market is divided into Corporate and Government Buildings, Fuel and Gas Filling Stations, and Others

The corporate and government buildings segment is expected to lead the market. Commuters benefit from IC cards in a variety of ways, including reduced travel time and improved service efficiency. They also assist governments and transportation agencies in collecting commuter travel statistics. Therefore, these factors can propel IC card management system market growth. 

DRIVING FACTORS

"Adoption of IAM Technology to Boost Industry Progress"

Multiple user identities and access rights are initiated, captured, recorded, and managed using cloud identity and access management (IAM) technology. All users are authenticated, authorized, and evaluated in accordance with business policies and their appropriate roles. Cost reductions and economies of scale are driving the adoption of cloud technology in enterprises. However, the benefits of cloud computing may be harmed by a lack of adequate security measures. Therefore, the market for IC card management systems is driven by a fundamental requirement for security solutions, particularly security for identity-related crimes.

"Rising Technological Advancements to Boost Market Growth"

Smart cards are being developed as a result of technical improvements in payment services to make payment alternatives easier and more convenient. A smart card is typically composed of plastic and contains an integrated circuit chip. Data is exchanged, stored, and manipulated via smart cards. Consumers benefit from them because they are reusable, perform secure transactions, give more security, and are more durable and dependable. Smart cards can be used to execute financial transactions in a variety of industries, including government, telecommunications, retail, financial services, transit, and entertainment.

RESTRAINING FACTORS

"High Cost and Expenditure to Impede Market Growth"

Smart cards have sparked a lot of attention among consumers in recent years due to the benefits they provide. However, one of the problems limiting the growth of the IC card management system market is their cost. Setting up smart cards for access control and other applications requires a large initial financial commitment. Smart cards necessitate readers who can decrypt encryptions and extract data to grant physical or logical access. Additional procurement expenditures are associated with the deployment of these readers.

IC CARD MANAGEMENT SYSTEM MARKET REGIONAL INSIGHTS

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"Technological Advancement to Fuel Industry Development in Asia-Pacific"

Asia Pacific is expected to dominate the IC card management system market share. China was one of the first countries to phase out checks in favor of contactless payments, which led to the development of digital cards. The country has implemented IC cards in a variety of industries, including transportation. Japan is also one of the world's most technologically advanced countries, and it has implemented smart cards in a variety of sectors to take advantage of their enhanced security protocols. The implementation of smart cards in the transportation industry across the country is driving the market under investigation. Smart cards have been used for transit in Japan for a long time, and demand is projected to increase in the coming years. Prepaid smart cards, such as Suica and Pasmo, have seen widespread use in the industry and are anticipated to continue to grow.

The majority of the world's IC card enterprises, and a large number of startups, are based in North America. The ITU (International Telecommunication Union) reports that the North American region is particularly proactive and committed to cybersecurity, in addition to having the highest adoption of cloud-based software services. The BFSI sector has seen the most adoption of cloud-based IAM in the region, and this trend is expected to continue, as credit card frauds and breaches accounted for a large portion of total identity thefts, according to the US consumer sentinel network.

KEY INDUSTRY PLAYERS

"Manufacturers Focus on R&D Activities to Strengthen their Position"

Several global and regional firms compete for market share in the IC card management system market, which is highly competitive. Despite the market's high barriers to entry for new participants, a number of newcomers have managed to achieve traction. Moderate/high product differentiation, increasing levels of product penetration, and high levels of competition characterize this market.

INDUSTRY DEVELOPMENT

Vodafone, Bundesdruckerei, and Giesecke+Devrient collaborated to create a new electronic ID function for smartphones in June 2020. The eSIM stores ID data in a simple and safe manner. It is a solution for all European smartphone models and manufactures.

List of Market Players Profiled

• Censtar (China)
• Prospect (London)
• Jun Internationals (U.S.)
• Sanki Petroleum Technology (China)
• OPW (U.S.)
• Samsung (South Korea)
• ASSA ABLOY (Sweden)
• Allegion (Ireland)
• Moxa (U.S.)

REPORT COVERAGE

The scope of the market research for the IC card management system is covered in this study. The market estimates in the report are based on a combination of secondary research, primary interviews, and in-house expert reviews. The impact of various social, political, and economic aspects, as well as current market dynamics, on the growth of the mounted reach mower industry, was examined to arrive at these market estimates.