RNCOS has launched a new research report, “Smart Card Market Forecast to 2012,” predicting that the global smart card industry will post a compound annual growth rate (CAGR) of around 12% during 2011-2013.
According to the report, the major driver for the global smart card industry remains its application in the financial services, where smart cards are extensively used as banking cards, ATM and payment cards – especially in the Asia-Pacific region.
The research firm says it sees “huge opportunities” for payment card players in the near future due to rise in EMV migration, as only 20% of the cards already deployed in this segment are chip cards. RNCOS also sees contactless dual interface cards, which are particularly suited for fast payment in mass transit applications, as a major factor in spurring market growth.
In addition to financial services, other sectors like telecom, transport and public sector will provide sufficient room for smart card growth.
According RNCOS, Asia-Pacific and Africa are showing “impressive” growth in the adoption of smart card technologies with a wide 3G penetration, and will continue to boost the growth of the smart card market. More specifically, demand for mobile SIM cards has been growing at a double-digit rate in emerging markets such as China and India, boosting profits of smart card and chip vendors and freeing-up capital for the development of new technology.
Click here to access the report.