Growing smart card market heralds new age of business techOctober 29, 2015
Between understanding employee behaviour and enforcing tight security measures, there are plenty of reasons to purchase smart ID card printers.
The market for these machines, and smart cards in general, is growing. In an age of cyberattacks, big data and cloud computing, it makes sense to use ID badges capable of communicating with other devices.
Demand for smart cards increasing
According to a report by Transparency Market Research (TMR), the global smart card economy is estimated to expand at a compound annual growth rate (CAGR) of 9.0 per cent over the next five years. By 2020, the market will have a valuation of $11.9 billion.
Businesses and government agencies in the Asia-Pacific (APAC) region are adopting smart card technologies at a faster rate than organisations across other parts of the globe. In APAC, the smart card market is predicted to grow at a CAGR of 10.1 per cent between 2015-2020.
For the study as a whole, TMR gathered data pertaining to multiple applications, smart card components and types of smart cards, including those with contact and contactless features. The research firm identified the following use cases:
- Health care
- Financial services
The advantages of smart cards
Smart cards use embedded chips to encrypt ID badge information and follow security protocols when exchanging data with radio-frequency identification (RFID) readers. Many ID badge printers enable people to produce cards with quick response (QR) codes, allowing personnel to verify card data online.
QR codes are particularly helpful when employees need to be wary of fraudulent IDs. By using a smartphone or tablet app capable of reading QR codes, administrators can compare data hosted on cloud-hosted databases with information embedded in the codes. It’s a simple measure that can lead to a range of benefits.
If you want to learn more about how our smart card printers can help your business, speak with PPC today.