Artificial Intelligence
Contactless Smart Cards Market to Reach $21.0 billion, Globally, by 2032 at 8.7% CAGR: Allied Market Research
The global contactless smart cards market growth is attributed to several factors such as the rise of IoT and connected devices, ease of use and convenience for consumers, and the growing digital payment ecosystem.
PORTLAND, Ore., Oct. 2, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Contactless Smart Card Market by Type (Memory, and MPU Microprocessor), Functionality (Transaction, Communication, and Security Access Control), and Industry Vertical (BFSI, Retail and E-commerce, Healthcare, Travel and Hospitality, Transport and Logistics, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global contactless smart card industry generated $9.4 billion in 2022 and is anticipated to generate $21 billion by 2032, witnessing a CAGR of 8.7% from 2023 to 2032.
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A contactless smart card (also known as a contactless RFID card) is a card that does not require physical contact with another cardholder to transmit data. A contactless smart card has a small chip embedded in an antenna that allows it to communicate with a compatible device, such as a card reader or access control system, by simply waving or tapping the card nearby. The use of contactless smart cards is becoming increasingly popular in a variety of contexts, including public transportation, building or event access control, and electronic payments. These cards provide a convenient and efficient solution for transactions and access permissions, as they can be processed quickly and easily without the need for manual input or swiping.
Prime Determinants of Growth:
The global contactless smart cards market growth is attributed to several factors such as the rise of IoT and connected devices, ease of use and convenience for consumers, and the growing digital payment ecosystem. On the other hand, high infrastructure cost, along with security and data theft concerns, and limited compatibility and infrastructure restricts market growth. On the contrary, integration with IoT and Mobile Devices to create profitable opportunities in the coming years.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$9.4 Billion
Market Size in 2032
$21 Billion
CAGR
8.7 %
No. of Pages in Report
419
Segments Covered
Type, Functionality, Industry Vertical, and Region
Drivers
Rise of IoT and connected devices
Ease of use and convenience for consumers
Growing digital payment ecosystem
Opportunities
Artificial intelligence (AI) integration
Restraints
High infrastructure costs, along with security and data theft concerns
Limited compatibility and infrastructure
COVID-19 Scenario:
The COVID-19 pandemic had a significant impact on the contactless smart cards market, reshaping consumer behaviors and accelerating trends that were already in motion. As health and safety concerns grew, people obtained touchless alternatives to traditional payment methods, leading to a surge in demand for contactless payments. This shift was driven by the convenience and reduced physical interaction that contactless smart cards offered. Businesses and governments worldwide promoted contactless transactions to minimize the potential spread of the virus through surface contact. Furthermore, the pandemic had prompted governments and businesses to implement measures that encourage the use of contactless payments. For instance, public transportation systems and retail outlets have promoted the use of contactless smart cards to reduce the risk of virus transmission. Budget-wise, the impact on the contactless smart card market has been largely positive. The MPU microprocessor segment to maintain its leadership status throughout the forecast period-
Based on type, the MPU microprocessor segment held the highest market share in 2022, accounting for nearly two-thirds of the global contactless smart cards market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would also cite the fastest CAGR of 9.4% during the forecast period. This is due to the integration of advanced technologies like biometrics and the growing demand for secure access control systems in corporate environments that are driving the adoption of these cards. The MPU microprocessor inside these cards is getting better and more powerful, which helps users to do more things, like store more information or perform more complex tasks. Thus, this factor creates market demand among end users. As the demand for contactless smart cards increases, companies that make these cards or the microprocessors inside them have a big chance to grow their businesses.
The transaction segment to maintain its leadership status throughout the forecast period-
Based on functionality, the transaction segment held the highest market share in 2022, accounting for more than three-fourths of the global contactless smart cards market revenue, and is expected to maintain its leadership status throughout the forecast period. Owing to the proliferation of smartphones with NFC (Near Field Communication) technology further promotes this functionality. Furthermore, the integration of contactless cards into various wearable devices, such as smartwatches, presents significant opportunities for market growth, which is driving the growth of the market. However, the security and access control segment is projected to manifest the highest CAGR of 12.0% from 2022 to 2032. Owing to the integration of biometric authentication with contactless access control cards is a growing trend, further bolstering security measures. As the world becomes more digitally connected, the demand for secure access control systems is set to rise, presenting opportunities for market growth.
The BFSI segment to maintain its lead position during the forecast period-
Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for more than one-fourth of the global contactless smart cards market revenue, and is projected to maintain its lead position during the forecast period. This is due to the rising demand for secure digital payment methods. The growing awareness of contactless technology’s benefits, such as faster transactions and reduced physical contact, has spurred adoption. In addition, the integration of biometric authentication with contactless smart cards is a notable trend, enhancing security. Further innovations, such as blockchain integration, enhance the transparency and security of financial transactions and are expected to create market growth opportunities. However, the media and entertainment segment is projected to manifest the highest CAGR of 14.8% from 2022 to 2032. Due to the increasing adoption of contactless payment solutions within this industry. With consumers seeking frictionless experiences, contactless smart cards enable quick and secure transactions for ticket purchases, concessions, and merchandise at events, cinemas, and theme parks.
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Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia Pacific held the highest market share in 2022, holding more than one-third of the global contactless smart cards market revenue, and is expected to dominate the market by 2032. The same region would also display the fastest CAGR of 11.1% during the forecast timeframe. Owing to the adoption of contactless payment cards and mobile wallets, driven by the need for fast and secure transactions. This trend is especially dominant in countries like China and India, due to the increase in digital payments in daily uses. In addition, in the realm of transportation, contactless smart cards have revolutionized how people access and pay for public transit services.
Leading Market Players: –
CardLogix CorporationCPI Card Group Inc. Giesecke+Devrient GmbHHID Global CorporationIDEMIAInfineon Technologies AGNXP SemiconductorsSony CorporationThalesWatchdataThe report provides a detailed analysis of these key players in the global contactless smart cards market. These players have adopted different strategies such as expansion, merger, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the contactless smart cards market forecast from 2022 to 2032 to identify the prevailing contactless smart cards market opportunity.Market research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the contactless smart cards market segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes an analysis of the regional as well as global contactless smart cards market trends, key players, market segments, application areas, and market growth strategies.By Functionality
TransactionSecurity and Access controlBy Industry Vertical
BFSIRetailHealthcareHospitalityTransportation and LogisticsMedia and EntertainmentOthersBy Region
North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)Key Market Players
Giesecke+Devrient GmbH., NXP Semiconductors., CARDLOGIX CORPORATION, Infineon Technologies AG, Sony Corporation, Watchdata Co., Ltd., CPI Card Group Inc., Thales, IDEMIA, HID Global Corporation
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
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Artificial Intelligence
atNorth Wins ‘Colocation Provider of the Year’ and ‘Digital Infrastructure Project of the Year’ at Industry Award Events
AtNorth recognized at the Electrical Review & Data Centre Review Awards and the Tech Capital Awards.
REYKJAVÍK, Iceland, May 24, 2024 /PRNewswire/ — atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider has today announced further acknowledgement in the industry as it wins two significant awards.
The business has been awarded the `Colocation Provider of the Year’ award at the Electrical Review & Data Centre Review Awards. atNorth has undertaken a significant expansion strategy in recent years, that has ensured that the business can offer high performance infrastructure at speed and scale. This award reflects the business’ growth journey as it continues to innovate and adapt to technological advancements and client requirements.
atNorth has also won the `Digital Infrastructure Project of the Year’ at the Tech Capital Awards for its work with client, Shearwater Geoservices. The global marine imaging and processing leader achieved a 92% reduction in CO2 output and an 85% reduction in cost by moving a portion of its UK HPC infrastructure to one of atNorth’s Icelandic data center sites.
Fueled by the abundant renewable power sources of the Nordics, atNorth`s services deliver performance and efficiency for high density workloads in a sustainable way that enables clients to decarbonize their IT footprint and reduce overall costs.
Winners are voted for by a panel of industry experts for both awarding bodies in a process that aims to recognize the outstanding achievements within the digital infrastructure industry.
“We are thrilled to receive these acknowledgments for our data center services”, says Eyjólfur Magnús Kristinsson, CEO at atNorth. “atNorth has experienced significant growth over the last couple of years and this industry recognition is a testament to our dedication to delivering excellence across the board. We are determined to continue decarbonizing the world’s most demanding workloads in an efficient, sustainable, and cost-effective way.”
The news follows atNorth’s announcements of colocation clients Crusoe, BNP Paribas and Advania. The business has also received recent recognition from multiple other awarding bodies including; the Datacloud Global Awards, the Energy Awards, TechRound’s Sustainability60 and the UK Green Business Awards.
About atNorth
atNorth is a leading Nordic data center services company that offers sustainable, cost-effective, scalable colocation and high-performance computing services trusted by industry-leading organizations. The business acquired leading High-Performance Computing (HPC) provider, Gompute, in 2023 enabling a compelling full stack offering tailored to AI and other critical high-performance workloads.
With sustainability at its core, atNorth’s data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments. The tailor-made solutions enable businesses to calculate, simulate, train and visualize data workloads in an efficient, cost-optimized way.
atNorth is headquartered in Reykjavik, Iceland and operates seven data centers in strategic locations across the Nordics, with additional sites to open in Helsinki, Finland and in Denmark in Q4 2024, as well as its tenth site ready for operation in Kouvola, Finland in 2025.
For more information, visit atNorth.com or follow atNorth on LinkedIn or Facebook.
Press Contact:Caroline BruntonKite Hill PR for atNorth+44 (0) 7796 274 [email protected]
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Artificial Intelligence
Titans of Tech: GP Bullhound releases its annual report on the European tech ecosystem
LONDON, May 24, 2024 /PRNewswire/ — Titans of Tech: Unrivalled era of A.I. led innovation for European Tech – No more excuses. GP Bullhound is proud to announce the release of its Titans of Tech 2024 report. For the tenth year in a row, GP Bullhound has released its annual Titans of Tech report, highlighting and analysing the growth trends in Europe’s tech ecosystem. This comprehensive analysis underscores the resilience and growth of Europe’s tech sector, setting the stage for a new era of innovation and investment.
Key takeaways from our report include:
The funding frenzy is over, but the new normal is very healthy: Funding levels have normalised, averaging €15Bn per quarter over the last year, which is ~50% higher than 2019.The value of the ecosystem is growing despite the failures: 14 new unicorns were created in the last 12 months. Europe and Israel now have 323 unicorns, up from 311 a year ago and 283 the year before. The ecosystem’s total valuation has grown to $1.2Tr, an ~11x increase in billion-dollar companies and a ~14x increase in aggregate valuation since our first report in 2014.Megarounds are fewer but larger and still accessible: Access to capital rounds exceeding $50 million has tightened, but investors remain interested in supporting innovators. The deal count dropped 68% over the last two years due to a focus on profitability and conservative planning. Only 17% of European unicorns raised capital in 2023, as 93% had already raised funds during the 2021-2022 bull market.Software innovation continues, shaping the way we live and work: Despite funding challenges, technological developments, especially in artificial intelligence, continue to drive automation and cost savings. European AI companies received over €11Bn in funding in the last year, with 36% of new unicorns being AI/ML businesses.Category leaders and geographies: This year, the UK and France lead the startup arena with three unicorns each. The UK’s unicorns are valued at $3.4Bn, with significant contributions from AI leaders Synthesia and Builder.ai. France’s trio reaches a collective valuation of $7Bn, highlighted by innovators like Mistral AI. Germany, Israel, and the Netherlands each added two unicorns, while Sweden and Italy added one unicorn each.Europe’s most promising startups: GP Bullhound has analysed more than 100 European startups for scale, velocity, and sentiment, and ranked the top 50 companies with the most potential to become one-billion-dollar companies. The top 10 include Agicap, Brevo, Typeform, Homa, AMBOSS, Akeneo, Form3, Flo Health, Aidoc, and ConnexOne.Manish Madhvani, Managing Partner at GP Bullhound, said: “After ten years of issuing our Titans of Tech report, we have witnessed the highs and lows of the European tech ecosystem. A year ago, the situation was less encouraging for the fundraising environment, with macro uncertainty and with businesses more focused on layoffs than on growth and innovation.
Today, against the backdrop of negative headlines, we have cemented the building blocks for the next wave of innovation. Funding levels have stabilised, and are amazingly 50% higher than pre bull market levels. With Europe’s maturing base of engineering talent and the world’s fascination in its potential productivity gains, artificial intelligence offers a unique opportunity to create global leaders in record time. There is no shortage of funding for the best entrepreneurs and companies, as evidenced by the record $220m seed round for Paris based H announced this week. What was noticeable about the round was the range of the investor syndicate : from strategics such as Amazon, Samsung and UI Path, household names such as Bernard Arnault, Eric Schmidt and Xavier Niel, and leading VC’s.Looking ahead, we expect the next few years to represent an era of unprecedented innovation in the European ecosystem. Innovation is flowing, vast amounts of capital are available for the strong and the talent pool is expanding. No more excuses Europe!”
Expert interviewsWhat does it take to build a billion-dollar company? What are the critical success factors for European tech? How to remain resilient in a challenging market and benefit from economic downturns? This year’s report features expert views from leading founders and CEOs, including Synthesia, Quantexa, SEON, Flo Health, Zappi and CoverManager.
Download full report: www.gpbullhound.com/articles/titans-of-tech-2024
EnquiriesFor enquiries, please contact: [email protected]
About GP BullhoundGP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 12 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.
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