Global smart card sales are likely forecasted to exceed 9.6 Billion by 2012, as a consequence of growing application areas and advancing smart card technology.
Market research firm Global Industry Analysts, Inc. revealed that the worldwide sales of smart cards are expected to cross 9.6 Billion Units by 2012, reported PRweb.
Asia-Pacific, capturing approximately 56.4% of the international market in 2008, emerged as the biggest regional market in terms of shipments of smart card. Shipments of microprocessor cards made up for around 85.6% of the worldwide market in 2008.
Further, the regional shipments of smart cards in Asia-Pacific are expected to rise at a CAGR of 15.3% over the period 2008-2012. And the use of smart cards for security apps is projected to hit a CAGR of 29.1% during 2000-2010.
Global smart card shipments are growing due to emerging businesses in the highly dynamic world market, where the smart card utilization is extending to cover a broad range of applications across several markets. Smart cards are finding use in IT-based applications, wireless communications and several other commercial sectors due to increasing concerns over security, data privacy and fraud. The market is likely to grow remarkably in various other sectors, comprising contactless payment, NFC, ID and SIM cards.
Further, technological advancement pushed the smart card market. Now market players are also heading forward to make the products more advanced, as evident from the rising focus on the applications of smart cards and their fusion with different technologies.
In addition, new strategies being adopted by the manufacturers to combat the challenges from new entrants are also inducing a positive growth in the market.
The smart card companies are seeking to gain an initial shipping advantage in the nations having unexploited potential. Also, majority of these countries don’t have legacy system. Thus, it would be an easy task for the industry to execute contactless applications focused on next-gen converged applications.
According to a Research Analyst at RNCOS, “Thanks to the expansion of many applications across diverse fields, smart card market is growing at a fast pace. Smart card vendors are concentrating on inter and intra project collaboration and to shift towards the international platform for interoperability to tackle the issues of interoperability and standardization. This will enhance the awareness of smart cards also.”
Related Market Research Reports:
Global Smart Card Market Outlook
Global CCTV Market Analysis (2008-2012)
Global Biometric Forecast to 2012
