India is emerging as one of the world’s fastest growing smart card markets, according to a new research report by RNCOS. With more than one billion in population and increasing modern application areas, India is anticipated to grow at a compound annual growth rate of approximately 15% during 2011-2014.
A number of government-run programs, like Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), e-Passport, and e-driving license, among others employ smart cards. Other potential areas for smart card applications include transit, EMV and loyalty card, and toll and parking smart cards.
The concept of chip-based smart cards is new in developing countries like India where most of the cards used are magnetic ones. The demand for mobile SIM cards has been growing at a double-digit rate, which has improved the profit margins of smart card and chip vendors.
The RNCOS report also covers other geographical regions, beside India, which are showing impressive growth in the adoption of smart card technologies. With the profiles of key players and recent developments, the research presents insight into the current market trends, industry drivers, and challenges which help understand the market structure.