Smart card is a type of a chip that is embedded with a computer chip and is used to store, process and transmit data. A USB smart card token is used for authentication of the data that it contains. The card asks for a PIN to verify the user’s identity before granting access to the on-card information. Smart cards consist of central processing units and memory units. Smart cards primarily act as a cost-effective way to store, manage, and maintain credentials of their users. This makes these products highly convenient for use in different applications.
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Smart cards is the only token technology that provides multi-application capability coupled with a multi-function form factor that is virtually omnipresent. The smart card technology provides one of the most trustworthy forms of authentication. Therefore, individuals and enterprises across the globe are adopting this technology at a rapid pace. Furthermore, due to numerous advantages offered by smart cards, they are increasingly being used in sectors such as health care, government IDs (e-passports), and retail. Thus, high ongoing adoption of smart cards across different industries is estimated to drive the USB smart card tokens market in the next few years.
USB Smart Card Tokens Market – Drivers and Restraints
A major driving factor for the USB smart card tokens market is the rising need for authentication solutions and increasing adoption of the token technology. Employees across various enterprises and students across universities are using smart cards for identity verification. Furthermore, the Government of the U.S. and several corporations have recently incorporated a contactless reader as an access point to their facilities.
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Some companies have also added a biometric component to this credential. Older systems deploy a simple proximity card system as the gatekeeper. However, as security concerns have become stronger and ISO–14443 standard systems have become inexpensive, the world is witnessing rapid adoption of smart cards. The smart card technology is currently being adopted by various regional governments under the Personal Identity Verification (PIV) standard. This, in turn, would result in increase in the number of suppliers and integrators of smart cards.
Moreover, vendors and companies that handle transactions such as Europay, MasterCard, and Visa can introduce multiple cost-saving techniques with the help of smart cards. This, in turn, is likely to help these companies enhance their market penetration and visibility..Niche markets are facing challenges in terms of security and less awareness about the smart card technology. Use of high-end SIMs in cohesion with LTE providers as well as NFC-enabled devices is likely to present growth opportunities to players in the smart cards sector in the near future. Players need to rapidly incorporate smart card-oriented software and services into their core business strategies to maintain and gain market share.