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Global Smart Card Market in the Government Sector 2016-2020 - Emergence of Multi-Application Smart Cards - Research and Markets

[May 10, 2016]

Global Smart Card Market in the Government Sector 2016-2020 - Emergence of Multi-Application Smart Cards - Research and Markets

Research and Markets has announced the addition of the "Global Smart Card Market in the Government Sector 2016-2020" report to their offering.

The report forecasts the global smart card market in the government sector to grow at a CAGR of 10.69% during the period 2016-2020.

With advances in technology, a number of vendors are offering multi-application smart cards. Multi-application smart cards are a combination of contactless and contact interfaces in a single card. They have shared storage and information processing and eliminate the need to carry multiple cards for different applications. By 2020, the government of India will implement the use of multi-application smart cards for national IDs and e-purses.

According to the report, with advances in technology, the number of incidences of identity fraud and forgery is increasing. There is a strong need for a solution that can prevent fraudulent activities. Smart cards have been intrduced to reduce duplication or imitation of an individual's identity. The data stored on smart cards is difficult to forge or decode because it is secured with a PIN. Even in cases of lost and stolen cards, the chances of data theft or identity duplication are very low. As smart cards offer high security and are reliable, many government organizations are implementing the use of smart cards for different purposes such as passports and driving licenses.

Further, the report states that the high initial deployment and replacement cost of smart cards in some regions is a major challenge for the smart card market.

Key vendors: