RNCOS has released a new report predicting that the worldwide shipment of secure microprocessor contactless smart cards will grow at a compound annual growth rate (CAGR) of 24% from 2011 to 2013.
According to RNCOS, the increasing application of smart cards in various industrial sectors, including mobile payments, transportation and ID, coupled with rising awareness about their benefits has caused “continuous growth” in the smart card market during the past few years.
The report, entitled “Smart Card Market Forecast to 2012,” cites NFC technology as the “key factor” that will contribute to the future growth of the contactless smart card market. According to RCNOS, NFC will be supported by the widespread adoption of contactless transportation and payment systems.
Additionally, RCNOS has found that the EMEA (Europe, Middle East and Africa) region will represent the major share of smart card industry by the end of 2013. In particular, European countries like Spain and Germany are expected to witness a sharp rise in smart card usage in the transportation sector.
The report also includes analysis on the application of smart cards in various sectors and their future outlook, granting insight into the current market trends, industry drivers, and challenges to understand the market structure.