For the past few years, the global smart card industry has been witnessing dynamic changes, which have created significant opportunities for the market players. New and attractive growth prospects are being observed in the market across the globe due to Euro pay, MasterCard, & VISA (EMV) migration, Long Term Evolution (LTE) deployment, and the government support. The entry of innovative smart card devices in the market will further strengthen its growth in the long run.
According to our research report "Smart Card Market Forecast to 2014", the global shipments of smart cards are estimated to have reached around 6.1 Billion units in 2011, growing around 11% over previous year. Factors, such as rising penetration of 3G, focus on payment transaction, and EMV migration will further increase the global smart card shipments, which are expected to post a double-digit CAGR during 2011-2014.
In the global smart card industry, contactless technology is the latest buzzword. Near Field Communication (NFC), mass transit projects and e-passports have been fueling demand for contactless smart cards. As per our estimations, the volume of secure microprocessor contactless smart card shipment is likely to grow at a CAGR of around 22% during 2011-2014.
Few companies, including Gemalto, Giesecke & Devrient constitute the major portion of the smart card market. Though telecom sector is still the major user of smart cards, financial services and healthcare segment are also expected to augment the rate of usage. The research report analyzed the smart card market in various countries, and observed huge demand for such cards in emerging markets like India due to a number of potential areas for applications.
The report, an upshot of a broad research and comprehensive analysis of the global smart card market, considered almost all key aspects of the market. It not only looked into the current market trends, but also analyzed their impact on the industry's future performance. With a focus on the competitive environment, it includes a SWOT analysis of the key market players. Overall, our research aims at providing clients with optimum knowledge and statistics on the industry.