With the increasing applications of smart card in different industrial sectors and rising awareness about its benefits, the global smart card market has witnessed continuous growth during the past few years. Telecom sector uses the highest number of smart cards in the form of SIM cards as the penetration of mobile phones is increasing globally. Moreover, applications of smart cards in other industrial sectors like, transportation, public sector, and financial services are also surging on the back of benefits such as, high storage capacity, faster processing speed, and increasing security concerns.
According to our new research report “Smart Card Market Forecast to 2012”, global shipments of smart cards are estimated to grow around 10% in 2010 against 2009, whereas a major chunk of this market is captured by four companies namely Gemalto, Oberthur, Sagem Orga, and Giesecke & Devrient. As per our research, the number of smart card projects has seen a remarkable increase at a rapid pace worldwide, signifying the flexibility and robustness of the technology.
Furthermore, booming economy and strong demand for digital security is making the shift in demand for smart cards. It is projected that the global smart card market will post double digit growth (CAGR around 12%) during 2011-2013. In addition, liability associated with EMV (Euro pay, MasterCard, & VISA) standard is driving many banks to issue smart cards.
Our report has found that, increasing use of contactless technology across various segments including mobile payments, transportation, and the government IDs, will fuel the volume of contactless smart card shipment with a CAGR of around 24% during 2011-2013. At the applications front, financial services will witness rapid growth among other sectors like, telecom transport and public services. Rising online payment market through cards will be the main driver for growth in this sector.
The report provides an extensive research and prudent analysis of the global smart card industry. It provides an insight into the current market trends, industry drivers, and challenges to understand the market structure. The report has segregated the smart card industry in terms of applications and technology. The key players section of the report throws light on the business profile, strength, weakness, and market strategies of the leading industry players.